NICHOLAS A
Rukungiri Commercial Officer, Keith Ainebyoona, has urged individuals engaged with financial institutions to actively support their SACCOs by mobilizing more members, saving, purchasing shares, borrowing responsibly, and ensuring timely loan repayments.
Speaking at the 7th Delegates Annual General Meeting of Rukungiri Farmers SACCO, held at Hotel Riverside in Eastern Division, Rukungiri Municipality, Keith emphasized that SACCO mobilization is not solely the responsibility of its leaders but also of its members, as they are the rightful owners.
He pointed out key setbacks faced by SACCOs, such as loan defaults, often caused by members taking multiple loans and failing to utilize them as initially planned.
Keith encouraged Rukungiri Farmers SACCO members to leverage the institution for personal growth by prioritizing sectors like education, agriculture, and trade, which foster development.
Kukunda Patricia, an official from Stanbic Bank and the event’s guest of honor, commended Rukungiri Farmers SACCO for its contribution to Ugandan empowerment. She noted its role in poverty reduction by enabling individuals to save and access credit for economic progress.
She also urged SACCO authorities to focus on community transformation by tackling the persistent challenge of poverty in Uganda.
Denis Kamwehanga, the SACCO Board Chairperson, revealed that their SACCO currently has 1,200 members, a loan portfolio worth 1,337,693,127, share capital of 236,707,783, cash at hand amounting to 4,960,000, and total savings of 1,247,524,786.
He acknowledged challenges such as loan defaults, a low number of active savers, inadequate share capital, and liquidity constraints.
Patience Atuhaire, the SACCO General Manager, outlined their key targets, including increasing membership by at least 25%, achieving a 20% growth in savings, expanding the loan portfolio by 25%, and keeping the cost-income ratio below 60%.
The meeting also appointed members of the vetting committee, including Herbat Mugabe, Mary Natukunda, and Kyomuhendo Peace Asiimwe, to oversee the selection of future SACCO leaders.
