MICHAEL N
Members of Nyabihoko SACCO have been urged to avoid multiple borrowing and instead embrace a strong culture of saving to improve their financial stability.
The call was made by Charles Barugahare, Chairperson of the Board of Nyabihoko SACCO, during the SACCO’s 20th Annual General Meeting held at Kanyampumo Church of Uganda in Kanyampumo, Kajara Sub-county, Ntungamo District.
Barugahare commended members for their commitment to increased savings and responsible borrowing during the 2025 financial year. However, he expressed concern over members who borrow from several financial institutions at the same time, noting that the practice strains incomes, increases interest burdens, and can result in loss of property when loans are not repaid. He encouraged members to remain loyal to their SACCO, assuring them of continued support and improved services.
He highlighted key achievements registered by the SACCO, including acquisition of a land title for its plot, conducting sensitisation meetings aimed at strengthening members’ saving culture, installation of CCTV cameras to enhance security at the premises, and timely loan disbursement to members.
Looking ahead, the SACCO plans to increase its membership from 1,306 to 1,500, raise the maximum loan limit from 15 million shillings to 20 million shillings, purchase a money-counting machine, and open an additional branch to expand services.
The SACCO Manager, Ignatius Muhanguzi, attributed the institution’s continued progress to unity and teamwork among members, as well as regular sensitisation meetings. He urged members to repay loans on time and avoid borrowing from multiple SACCOs. Muhanguzi also advised members using mobile SACCO services to keep their secret PINs confidential to safeguard their accounts.
Assistant District Commercial Officer Godfrey Nyakatukura applauded members for working together through the SACCO and encouraged them to take advantage of government programmes such as the Parish Development Model (PDM) and Emyooga to strengthen household incomes and boost savings.
The Guest of Honour, Dr Nelson Tugume, CEO of Inspire Africa Group in Rwashamaire, Kajara, who was represented by Ambrose Asiimwe Matsiko, encouraged members to fully utilise their land by planting more coffee, citing the rising market prices. He also discouraged farmers from selling coffee while still in gardens, and revealed that Inspire Africa Group is ready to support SACCOs through provision of fertilisers, manure, and farmer trainings for organised groups.
During the meeting, the SACCO recognised and rewarded best savers and disciplined loan users with gifts as a way of motivating members to uphold financial discipline and strengthen the culture of saving.
