Here is first female Chairperson of Muhame Financial Services
SHEEMA, March 31, 2026 – Medias Kyatuhaire Matsiko has made history as the first woman to be elected Chairperson of Muhame Financial Services Cooperative Limited, marking a significant milestone in the SACCO’s 25-year journey.
A retired head teacher of Masheruka Girls Secondary School and former Vice Chairperson, Matsiko was elected during the SACCO’s 25th Annual General Meeting [AGM] held recently at Meyaz Gardens in Kabwohe, Sheema Municipality.
The election, conducted by secret ballot to ensure transparency following reports of alleged vote-buying, saw 278 delegates cast their votes. Matsiko secured 168 votes, defeating former board chairman Edson Mubangizi Katego, who polled 110 votes after serving for six years.
The newly elected board comprises Matsiko as Chairperson, Kafeero Wilson Mbone as Vice Chairperson, Enock Natwijuka Kagwa as Treasurer, alongside Cissy Kyomuhendo Rubaruho, Yasin Tibesigwa, Sistone Nuwagira, Annet Arinaitwe, Mellon Rutaiga, and Nkazirwe Santamaria.
In another closely contested race, Mbone polled 140 votes to edge out Catherine Kitarisibwa Freedom, who garnered 136 votes, to become Vice Chairperson.
Delegates also elected members to the SUPCO board, where Francis Muhereza and Titus Tindamanyire Tusiime retained their seats, while Rhonus Ainembabazi defeated Juliet Tusiime to represent female members.
Commitment to inclusive leadership
In her maiden speech, Matsiko emphasised unity, mentorship and collective responsibility in steering the SACCO forward.
“I will always remember this day in my life,” she said. “I thank the delegates for trusting me to lead you. I will not carry you on my back; rather, we shall walk this journey together.”
Reflecting on her leadership journey, she credited the board and staff for mentorship, noting that their support gave her the confidence to stand for the top position.
A member since 2000, Matsiko pledged to champion gender inclusivity within the SACCO, where women currently constitute 28 per cent of the membership.
“Now that you have elected me as Chairperson, I will advocate for increased participation of women in Muhame SACCO, with a target of at least 50 per cent by the end of my tenure,” she said.
Smooth transition and policy debates
Outgoing chairman Rev. Can. Robert Kankiriho expressed satisfaction with the institution’s progress as he handed over leadership.
“I am pleased to leave Muhame Financial Services at a time when it is steadily progressing. I hand over a vibrant and strong SACCO,” he noted.
However, the AGM was marked by robust debate, with delegates unanimously rejecting two key proposals from the outgoing board: a new dividend policy and expansion of the SACCO’s area of operation.
The proposed dividend policy sought to retain earnings every second year to build institutional capital and reduce reliance on external borrowing. While the board argued that such measures would attract financiers, including the Mastercard Foundation, members opposed the move, citing the importance of annual dividends for household needs such as school fees and investment.
Similarly, plans to expand operations beyond Greater Ankole were rejected over concerns about potential loan defaults from distant members.
General Manager Amon Namara said management would continue to refine the proposals and sensitise members on their long-term benefits.
Delegates also recommended that Mugarutsya and Butare service centres be upgraded to fully fledged branches.
Government guidance and regulatory concerns
The AGM was attended by key government officials, including Assistant Registrar of Cooperatives Robert Waiswa Mpakibi and Denis Kateeba Kugonza, representing URA Commissioner General John Rujoki Musinguzi.
Mpakibi urged the new board to prepare for the challenges that come with growth, noting that management approaches must evolve as the institution matures. He also encouraged the SACCO to support emerging cooperatives under programmes such as Emyooga and the Parish Development Model [PDM].
On behalf of the Uganda Revenue Authority [URA], Kugonza commended the SACCO for its tax compliance, revealing that it has contributed Shs 4.12 billion in tax revenue over the past eight years.
He reiterated that the government has no plans to tax SACCO dividends directly, warning that such a move could undermine member development.
Namara called for a streamlined regulatory framework, advocating for a single regulator with a clear understanding of SACCO operations to improve efficiency and coordination.
He also urged staff to maintain professionalism, reminding them that members remain the ultimate stakeholders.
Strong financial footing
Established in 1998, Muhame Financial Services has grown into a leading financial institution in the region. The SACCO currently operates nine branches and three outreach centres, serving 49,200 members.
Its financial position remains strong, with total savings of Shs 27.20 billion, share capital of Shs 10.41bln, a loan portfolio of Shs 52.61bln, and total assets valued at Shs 57.54bln. For the current financial year, the SACCO has declared dividends amounting to Shs 3.43bln.
As the new board begins its two-year term, attention will focus on sustaining this growth while navigating the demands of an increasingly complex financial landscape.
https://thecooperator.news/muhame-financial-services-sacco-seeks-govt-support/
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