INTERN STUDENT
Muntuyera Cooperative Savings and Credit Society Ltd. held its 25th Annual General Meeting (AGM) today at Kitunga High School in Rwashamaire Town Council, Kajara, Ntungamo District.
Benson Nahoora, the board Chairperson, expressed gratitude to all attendees and extended a warm welcome to Sacco committee members, the District Commercial Officer of Ntungamo, and the Guest of Honour. He introduced Yoramu Muzahura, the Head Teacher of Muntuyera High School Kitunga, as the new patron of Muntuyera Sacco.
Highlighting the Sacco’s achievements in the 2024 financial year, Benson noted the successful opening of a new branch at Ruyonza Trading Centre–Rushenyi, the acquisition of a motorcycle, a computer, a laptop, and a photocopier, and the organizing of educational workshops for all Sacco members. Membership grew from 2,276 to 3,514, and the Sacco provided gifts to educational institutions that bank with them.
Despite these successes, Benson acknowledged challenges, including insufficient funds for loans and delays in loan repayments, which have affected the Sacco’s financial surplus.
Looking ahead to 2025, Benson outlined future targets, including developing recently acquired land in Rwashamaire, securing a contract with an insurance company for cash-in-transit services, purchasing additional furniture for staff, renovating the Katojo branch to meet banking standards, intensifying member training at branch levels, reducing interest rates on school fees and home improvement loans from 2.5% to 2%, and increasing the condolence policy from UGX 150,000 to UGX 500,000 in the event of a member’s death.
In her report, General Manager Agnes Kwarisiima introduced the 11 staff members working at Muntuyera Sacco, including those in Katojo and Ruyonza branches. She highlighted new programs introduced, such as the Sure Pay system for school fees payments, online banking (Msacco), and Ekyiterekye, an annual Christmas event. Membership has increased from 2,595 to 3,376, with share capital rising to UGX 137,083,786 alongside increased member savings. However, Agnes urged members to prioritize prompt loan payments, citing concerns over more than 30 individuals who had defaulted by December 31, 2024, negatively impacting the Sacco’s performance.
Treasurer Samuel Habimaana commended the best-performing members in savings and fixed deposits, recognizing individuals and institutions such as Canon Eva Kagimba, Lule Herbert, Rwashamaire High School, Rev. Mwesigwa Cranmer, and Kitondo United Group. The Sacco is projected to generate profits of UGX 344 million. Members also resolved to establish a maximum liability insurance cover of UGX 1 billion.
The vetting committee, led by Rev. James Ndyanambo Rutaraka, identified challenges such as delays and a lack of commitment among members in leadership participation. During the meeting, Rev. Cranmer Mwesigwa was elected Vice Chairperson of the vetting committee, Tumushabe Frank was appointed as Treasurer, and Kimera Kyumya Hezekiah was elected Chairperson of SUPCO, replacing the late Chris Rwehururu, who passed away last year.
Yoramu Muzahura, the newly appointed patron and Head Teacher of Muntuyera High School Kitunga, encouraged members to actively engage in saving, maintain active accounts, and increase their share ownership in the Sacco. He also urged members to invite friends to join and benefit from the Sacco’s services.
Godfrey Nyakatukura, the Ntungamo District Commercial Officer and Guest of Honour, emphasized the importance of AGMs in assessing the Sacco’s financial performance, educating members about savings, and motivating loan holders to comply with repayment standards. He praised the role of Saccos in providing accessible financial services to communities, noting that they offer better opportunities for loans and savings compared to larger banks.
Godfrey also urged members to clear their debts on time to maintain the Sacco’s financial stability and encouraged active participation in AGMs and educational workshops to stay informed about the Sacco’s operations.
