Adjumani Town Council SACCO unveils new offices
ADJUMANI, October 16, 2023 – Adjumani Town Council SACCO days ago commissioned a new office block worth 220 million and declared total assets worth Shs 1. 2 billion.
Patrick Ocaya, of Exodus Certified Public Accountants said the share capital of the SACCO has grown from Shs 486 million in 2021 to Shs. 636mln in 2022, representing 23.6 percent.
He said, “The member’s savings grew from Shs 4.4bln in 2021 to Shs 5.7bln in 2022 and by end of December 2022, cash in the bank and at hand had increased to Shs 2.3bln compared to 1.8bln recorded in 2021.
Godfrey Mangeni from Microfinance Support Centre [MSC] hailed the SACCO, describing it as the best performing SACCO in West Nile Sub-region and the whole of Northern Uganda.
“We are proud of this SACCO, Adjumani town Council SACCO is a reference SACCO in West Nile and Northern Uganda, and we shall continue to provide all the necessary technical support to ensure the SACCO grows more,” Mangeni said.
According to Mr Lawrence Managapi, the board chairperson of Adjumani Town Council SACCO, the membership has grown from 3,000 to now 11,000 members with a space of five years.
“Our members grew very fast due to our strategy of working with Village Savings and Loan Associations [VSLA] we also offered them very conducive savings environment, we grouped them in 10 members and offered them very small interest rates.”
He said, “If it was not due to covid-19 pandemic, the members of the SACCO would have grown more, because during covid-19 many of our clients who were engaged in business had their business affected but we did not leave them alone, we kept on offering financial literacy.”
Peter Taban Dada, the Resident District Commissioner of Adjumani hailed the SACCO for the tremendous growth but called for more people to join the SACCO so that they can fight poverty.
“I am just wondering why the SACCO only has 11,000 people yet the population of Adjumani is over 400,000 including refugees. Where are the rest of the people saving? This was a deliberate government’s effort to ensure poverty eradication,” he said.
Adjumani town council SACCO Started in 2007
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