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Richard Niwenyesiga, the Deputy Director of Science, Technology, and Innovation at the Uganda Investment Authority, has urged savings and credit organizations in Rukungiri to broaden their focus beyond traditional saving and borrowing activities.
Speaking at the headquarters of Kebisoni SACCO in Kebisoni town council, Rukungiri district, Niwenyesiga encouraged them to explore income-generating projects such as establishing manufacturing plants or factories.
Niwenyesiga mentioned the ongoing development of the industrial park in Rukungiri, with the local government providing land in Bwambara for the project. He assured that efforts would be made within the Uganda Investment Authority to facilitate Kebisoni SACCO’s establishment of a manufacturing plant in the industrial park.
Additionally, Niwenyesiga advised Kebisoni SACCO to prioritize submitting proposals to move forward with their plans.
Advine Ainembabazi, the General Manager of Kebisoni SACCO, disclosed that the SACCO has 8,065 members, with savings totaling 3,739,609,732 Ugandan Shillings, a share capital of 2,251,069,666 Ugandan Shillings, and a loan portfolio of 9,361,920,261 Ugandan Shillings.
Rev. Fr. Emmanuel Safari, the Chairperson of the SACCO board, highlighted challenges such as loan defaults and inadequate liquidity hindering the SACCO’s performance. He emphasized the importance of responsible loan usage to mitigate default risks.
Calorine Atuhaire, the Commercial Officer of Rukungiri district, advised members to use loans judiciously, emphasizing the need for improved sensitization by SACCO authorities to ensure members understand loan terms and usage, thereby minimizing inconveniences.
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