Simpson M
Members of the Rubabo Political Leaders Enyooga SACCO have been advised to make timely loan repayments to ensure the cooperative’s growth and success. This message was delivered by Madam Caroline Atuhiire, the Senior Commercial Officer of Rukungiri District, who was the guest of honor at the SACCO’s 3rd Annual General Meeting (AGM) held at the former Kebisoni headquarters.
Madam Caroline emphasized that loan default is a major issue affecting SACCOs in Rukungiri and across Uganda, as it hinders cooperative growth and liquidity. She urged members to repay their loans promptly to maintain the SACCO’s financial health. Timely repayment will enable the SACCO to continue operating and support its members.
Edward Byamukama, the Chairperson of the Rubabo Political Leaders Enyooga SACCO, also highlighted challenges faced by the SACCO, including loan defaults due to poor planning. He noted that some members borrow money for unproductive purposes, which negatively impacts the SACCO’s finances. Byamukama encouraged members to pay back their loans on time to maintain access to future loans and keep money circulating within the SACCO, thus fostering economic growth.
He also warned against multiple borrowing, which is a leading cause of loan defaults, and stressed the importance of maintaining good credit records, as this is a crucial factor for financial institutions when issuing loans.
In recognition of their outstanding performance, Gerald Ainembabazi from the Nyakishenyi Leaders Tukorenamani Association and Jovanice Tumwesigye from the Ihunga Political Association were presented with gifts as tokens of appreciation.
