SHEEMA, January 14, 2025 – Establishing and nurturing financial institutions in Uganda is essential for increasing employment opportunities for the citizens, according to Prof. Ephraim Kamuntu, the Senior Presidential Advisor on Manifesto Implementation and Economic Affairs.
Kamuntu made these remarks on Saturday in Sheema South Constituency during the unveiling of the new logo for Shuuku Cooperative Savings and Credit Society Limited [Shukku SACCO]. The SACCO was also celebrating the acquisition of a new double-cabin pickup truck, aimed at easing transportation for SACCO leaders and employees.
Speaking at the function, Shuuku SACCO Chairman, Stephen Bongonzya, commended the Uhuru Institute for Social Development [TUI] for their input in designing the new logo, explaining that competitors had manipulated the previous one. “I want to thank the Uhuru Institute for Social Development, with whom we have spent nearly a year developing this impactful logo that provides us with identity and independence in the cooperative business,” Bongonzya said.
He further expressed gratitude for TUI’s ongoing partnership, particularly through the Coop360 Network owned by the institute. “They have supported us in training our delegates, conducting a medical camp in the area, and introducing us to the new digital tool, The Coop Profiler, which has helped us better understand our members through Know Your Customer [KYC] procedures.”
Kamuntu, who also serves as the patron of Shuuku SACCO, Kitagata SACCO, and Bugongi SACCO, stressed that institutions such as SACCOs, schools, hospitals, and factories play a crucial role in retaining Ugandans within the country by providing employment to the young people.
“I want to challenge leaders to build institutions that matter, where people can work and transform their lives, instead of sending them to places like the United Arab Emirates, where some face horrendous treatment, including having body parts removed and being returned home in body bags. For instance, if I had not started Shuuku SACCO, where would the 49 staff members mentioned here be today? We must appreciate those who start such institutions,” he remarked.
Currently, Shuuku SACCO boasts a membership of 13,931 people, a share capital of Shs 3.1 billion, savings totalling Shs 8.5bln, and a loan portfolio of Shs 16.2bln, operating across seven branches and one outreach.
Kamuntu attributed the SACCO’s remarkable growth to its visionary leadership. “The key to this SACCO’s success is good governance. A good leader with a shared vision ensures sustainability and development. Members must elect knowledgeable leaders. And to the leaders here, knowledge alone is not enough—you must also be trustworthy. Integrity and discipline are essential,” he advised.
He also urged the SACCO leadership to register the new logo under copyright law to protect it from infringement. “You need to register the logo for copyright so that if anyone copies it, you can sue them and claim compensation,” Kamuntu said.
Reflecting on the SACCO’s progress, Kamuntu pointed out that when Shuuku SACCO was formed in 1998, it had just 20 members. “Now, you have 13,000 members. I am confident that you will even reach a share capital of a trillion,” he added.
Kamuntu encouraged SACCO members to continue saving for further development. “The cornerstone of any SACCO’s development is saving, borrowing, and recovery,” he stated, urging borrowers to repay loans, as defaults lead to higher interest rates for everyone.
Boaz Bigira, Mayor of Shuuku Town Council, urged those who have yet to join the SACCO to do so, citing its potential to improve their livelihoods. “I urge those who have not joined to do so, as it will significantly improve their quality of life,” Bigira said.
Leonard Okello, Chief Executive Officer of TUI, congratulated Shuuku SACCO on this milestone, encouraging all SACCOs to uphold cooperative values and principles for the movement in Uganda to continue flourishing.
“We at TUI are delighted and excited to see Shuuku SACCO launching its new brand logo and manual. This is a testament to the success of those cooperatives that operate according to cooperative values and principles. Those that don’t, often face difficulties and collapse,” Okello explained.
He emphasised the importance of integrating ICT solutions into cooperative operations to stay competitive. “We cannot afford to have cooperatives that act as if there is no competition. In Uganda, both local and international companies are competing in the same market. For cooperatives to remain competitive, they must have efficient business systems and reliable data in place,” Okello added.
“We thank Shuuku SACCO for their patience and for giving us the opportunity to be part of their journey. We look forward to seeing Ugandan cooperatives compete not only locally but also nationally, regionally, and internationally,” he concluded.
https://thecooperator.news/hundreds-throng-shuuku-sacco-headquarters-for-free-medical-checkups/
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