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Bukwo SACCO applauds Fanaka Finance for offering affordable financing

BUKWO, November 21, 2023 – The management of Kapsukwar Savings and Credit Cooperative Society in Bukwo district has hailed Fanaka Finance Limited for offering appropriate and affordable loans to their cooperative, enhancing members’ livelihoods and the bankability of the cooperative.

Sarah Chelangat, the manager of Kapsukwar SACCO, remarked recently during a leadership and management refresher training organised by The Uhuru Institute for Social Development [TUI], Fanaka Finance, and Liberty Insurance at their head office in Bukwo district.

She attributed the success of their SACCO to the numerous tailored loan packages that range from Kilimo for farmers, Sokoni for market vendors, and Piki for motorcycles, among other packages that aim at supporting the locals financially.

“Before partnering with Uhuru, our members used to practice faming at the subsistence level, but now, through access to the Kilimo loan services from Fanaka Finance, our members cultivate between 5 and 10 acres of land, resulting in increased production,” Chelangati said.

She added that the members have agreed to deliver at least two bags of maize at the end of every season in the form of their savings.

“Out of 189 active members, we collect 375 bags of maize each at Shs 85,000, making Shs 32,139,000 every season,” she said.

The manager also believes that the financial freedom extended by Fanaka Finance has reduced the levels of gender-based violence against women in Bukwo since most women no longer rely on their husbands for survival.

In a related development, Clevas Mayek, Chairman of the Board of Directors of Kapsukar SACCO, also appreciated the Uhuru Institute for Social Development for organising a retooling meeting, which he believes will act as a restart for the cooperative.

“They usually come at a time when we have some challenges, but trust me, their training fixes the challenges in a short while,” Mayek said.

Chairman of Kapsukwar SACCO, Clevas Mayek says some of the money he used to build his house was a loan from Fanaka Finance Limited (Photo by Chrispus Mubale Muke).

However, not all is rosy with the Kilimo Loans; the cooperative is faced with natural disasters that affect agriculture, ranging from droughts to market instabilities.

“Much as some of our members were hit by the long dry spell, they have been patient with our [members of Kapsukwar] loan repayment,” Mayek said.

David Kitiyo Ngania, the treasurer of the cooperative society, asked Fanaka Finance Limited to provide more financial services, including asset financing and crop insurance.

He also requested the Fanaka Finance Limited and TUI TO offer them benchmark studies from other successful cooperatives.

In a rejoinder, Samuel Ongom , the Acting Team Leader of Fanaka Finance Limited, pledged more services and appreciated the people of Kapsukwar for utilising the fund in an appropriate manner as per their plan.

“They are concerned about their members credit history, driving towards bettering it and hence supporting the growth of Fanaka Finance,” Ongom said.

Delivering the training, Lenard Okello, the Chief Executive Officer of TUI, which owns Fanaka Finance Limited, advised the members of Kapsukwar SACCO to stick to the internationally agreed principles and values that govern cooperatives in order to deliver it to their members and the entire community.

“Honesty and openness to your members are the only smooth ways to successfully run a cooperative,” Okello said.

Fanaka Financial Limited, was started in 2016, with the aim of offering affordable and appropriate loan services to cooperative societies and their members allover Uganda.

https://thecooperator.news/bukwo-maize-farmers-aim-at-value-addition/

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