EDITOR
The Uganda Cooperative Savings and Credit Union has applauded Yoweri Kaguta Museveni for extending the income tax exemption for Savings and Credit Cooperative Organisations (SACCOs), a move aimed at strengthening the cooperative sector and promoting financial inclusion.
Speaking at the 26th Annual General Meeting of Muntuyera SACCO Ltd held at St Mark’s Kitunga Church of Uganda, UCUSCU Western Region leader Collins Nyangaro welcomed the directive and called on the Bank of Uganda to halt regulatory threats and directives targeting SACCOs across the country.
Nyangaro noted that the tax waiver is intended to boost SACCO growth, enhance the savings culture, and provide a more stable environment for members to grow their investments. He urged members to remain calm, uphold professionalism, and continue saving for sustainable development.
He commended Muntuyera SACCO for its significant contribution to improving livelihoods by enabling members to access financial resources for personal and business development.
Board Chairman Rev. Benson Nahoora reported steady growth in the SACCO’s performance, revealing an increase in membership from 3,376 to 4,746, alongside a rise in share capital. He also outlined future initiatives, including the “Muntu SACCO Tuhwerane” scheme, which will support members during bereavement, as well as intensified sensitization and mobilization efforts.
The SACCO Manager, Kwarisiima Agnes, emphasized plans to invest in member education and financial literacy programs, while expanding community development initiatives to reach more beneficiaries. She praised the continued support from the board, staff, and members across branches in Katojo, Ruyonza, and the main branch in Rwashamaire.
Other speakers at the event included Ntungamo District SACCO Union Chairman Ndibarema wa Bitwabaabo, District Commercial Officer Aryanyijuka Ezra, Kimera Hezekia Kyumya, and Rev. Canon James Ndyanabo Rutaraka, all of whom commended the SACCO’s growth and encouraged continued unity and participation among members.
