EDITOR
Ntungamo Resident District Commissioner (RDC) Byarugaba Isaiah Kanyamahaane has urged Ugandans to adopt a strong saving culture as a means to drive rapid economic growth in communities.
Speaking at the annual general meeting of Ntungamo Development SACCO held at Embassy Tours in Ntungamo Municipality, RDC Kanyamahaane emphasized that some SACCO members tend to spend money on luxury ventures before prioritizing savings.
He commended the leadership of Ntungamo Development SACCO for aligning with government efforts to eradicate poverty at the household level.
Ntungamo District Commercial Officer, Seth Niwagaba, advised members to increase their shares, describing them as crucial pillars for the sustainable growth of SACCOs. He equated shares to key factors of production, such as land, which require urgent attention.
The SACCOs Supervisor for Western Uganda, Benon Musinguzi, lauded Ntungamo Development SACCO for upholding accountability and transparency principles he identified as essential for the growth of SACCOs nationwide. He noted that the institution’s strong leadership has contributed to its financial stability and success within the district.
Board Chairman Namanya Joshua reported an increase in membership, attributing the growth to active recruitment efforts. He cautioned guarantors to thoroughly examine loan forms, terms, and the financial status of principal borrowers before signing, emphasizing their responsibility in ensuring loan repayment compliance.
SACCO Manager Agaba Boaz expressed gratitude to the board, staff, and members for their unity and commitment, stating that Ntungamo Development SACCO is expanding rapidly with ambitions of becoming a bank. He also announced the successful installation of Msacco, a digital platform that allows members to deposit, repay loans, and withdraw savings remotely.
Agaba encouraged members to mobilize more people to join the SACCO, ensuring continued growth and prosperity.
