INTERN STUDENT
Nyabihoko SACCO marked its 19th Annual General Meeting at Kanyampumo Church of Uganda, celebrating key achievements and recognizing outstanding savers with gifts.
In his report, Chairperson Charles Barugahare highlighted the progress made in the 2024 financial year, including the addition of 83 new members, bringing the total membership to 1,242. The SACCO also acquired a new computer and motorcycle, mobilized members to keep their accounts active, and strengthened coordination with government and non-government organizations such as the Uganda Savings and Credit Union (USCU), the Microfinance Support Centre, and the Ntungamo SACCO Union.
Despite these successes, Barugahare pointed out challenges such as delayed loan repayments, inactive accounts, and cases of members selling off property after failing to settle their loans. He also noted a low saving culture among members.
Looking ahead, Nyabihoko SACCO plans to intensify sensitization and mobilization efforts, increase the loan limit from UGX 100,000 to UGX 200,000, introduce customer appreciation events, and raise the dividend policy from 30 to 50 shares. Barugahare also expressed gratitude to the government for granting the SACCO a seven-year tax holiday.
During the meeting, members elected Hassan Kyagera as the new Vetting Chairperson, replacing the late Muyambi Slivero. The General Manager, Ignatius Muhanguzi, encouraged members with less than seven shares to increase their investments so they could participate in future AGMs. He also emphasized the need for local council leaders to coordinate with SACCO staff on loan notifications and urged members to boost their savings, both individually and in groups.
The best saving members were recognized with gifts, including Tushemeriwe Beatrice, Kambendyaho William, Grammar Primary School Kanyampumo, and Katooma Peer Group.
Ndibarema Wa Baitwababo, Chairperson of the Ntungamo SACCO Union and Nyakyera Farmers’ SACCO Ltd, commended Nyabihoko SACCO for successfully holding the AGM. He stressed the importance of all SACCOs adhering to the National Cooperative Act governing microfinance institutions in Uganda. He also called for proper loan documentation, issuance of loan completion certificates, and responsible use of borrowed funds to enhance SACCO profitability. Additionally, he proposed a delegate system to represent members in AGMs to reduce costs associated with transport and meal expenses.
Hon. Bata Kamateneti, the Woman MP for Ntungamo District, who was unable to attend due to the President’s visit to the Ankole region, contributed UGX 500,000 to the SACCO. Twamuhabwe Wilson Kandidi also pledged a photocopying machine and a safe, though he was unable to attend the event.
