RONALDO N
The Kanungu District Commercial Officer, Mr. Twinamatsiko Dan, has urged SACCOs to improve loan recovery if they want to make profits. He made the remarks at the annual general meeting of Kinkiizi East Taxi Operators Owooga SACCO that was held today, 9th April 2026, at Christ the King Church in Kanungu Town Council, where members had gathered to reflect on the performance of the SACCO.
According to Dan, many SACCOs are facing a challenge of poor loan recovery, where members take loans and fail to pay within the agreed time frame, which affects the development of the SACCO. He therefore urged SACCO leaders to put more emphasis on loan recovery, noting that SACCOs are built on profits made from loans.
Additionally, Dan emphasised the importance of increasing share capital and registering new members, revealing that in doing so, the SACCO will be able to grow financially. Moreover, Dan challenged members to embrace saving if they want to improve their livelihoods.
However, Dan acknowledged that there is another major challenge of multiple borrowing, which has increased loan defaulting. He also warned money lenders against confiscating people’s property, stressing that as authorities, they are aware and ready to take action.
Meanwhile, Ainebyoona Kenneth, the chairperson of the SACCO, cited that despite some challenges like loan defaulting, poor saving culture, poor follow-up, and lack of technical personnel, the SACCO has registered improvements in terms of income, loan portfolio, renting an office, recruiting a secretary, and getting external auditors.
Members resolved to submit the list of loan defaulters to the office of the RDC and CDO for further action and to impose a fine of 2% on every loan that is not paid as per the schedule.
