Mugabe R
Mr. Mugarura Henry, the Chairperson of the Board of Rwenshaka SACCO and recently appointed overseer of SACCOs and the Parish Development Model program (PDM) in the Office of the President, reassured members of Rwenshaka SACCO to utilize their SACCO without hesitation or bias.
In an interview with our reporter, Mugarura Henry responded to the decision made during the 1st Annual General Meeting of Rwenshaka SACCO held on March 9, 2024, at Rwenshaka market ground, where members surprisingly passed a vote of no confidence against their Vice Chairperson and treasurer, demanding their immediate resignation.
Mugarura Henry emphasized that the decision to remove them was aimed at addressing concerns raised by some members, but acknowledged their effective service, which resulted in the SACCO making significant profits and achieving high loan recovery rates.
Established in 2003 in Ruhinda Sub County, Rukungiri District, Rwenshaka SACCO collapsed after its 19th Annual General Meeting. However, on December 27, 2022, a team led by Mugarura Henry, with the support of authorities, initiated a revival campaign and found only 263,200 in its coffers.
As of March 27, 2024, the revival team discovered 263,200 in the safe, with a loss totaling 196,438,555. Since then, Rwenshaka SACCO has attracted 494 new members who contributed shares worth 45,180,000, deposited 104,319,600, disbursed loans totaling 334,770,000, recovered loans amounting to 76,324,200, and generated a profit of 11,211,300.
Hellen Kabajungu, the Chairperson of LC3 Ruhinda Sub County, acknowledged as the primary mobilizer for the SACCO’s revival, expressed delight at its stability, and urged for continued strong support.
Muhwezi JohnBosco, the Principal Lecturer at Bishop Stuart University Mbarara, expressed relief at the resurgence of their SACCO, noting that they had previously felt hopeless.
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