HOIMA, April 2, 2025 – Journalists in Hoima and Kikuube districts are excited after the official launch of the Hoima Media Savings and Credit Cooperative Society Limited, a SACCO expected to enhance their livelihoods.
The launch of the SACCO, which took place on Saturday at Kolping in Hoima town, attracted businessmen, politicians, and well-wishers, who raised Shs 60 million in cash and pledges.
According to the Chairperson of the SACCO, Chris Nkalu, a talk show host at Radio Hoima, Shs 22 million was received in cash, while Shs 40 million was pledged.
He commended those who contributed funds to the SACCO, stating that it has provided the 225 members with a strong foundation, and the SACCO will begin offering loans this April, having been registered with the Registrar of Cooperatives last year.
Nkalu noted that in order for a member to access a loan, they must have saved money with the SACCO for six consecutive months. He added that members are also required to save Shs 20,000 every month to instill a culture of saving among members.
“I am honoured to stand before you today [last Saturday] as we officially kick-start the economic transformation of the Hoima media fraternity. This milestone marks the beginning of a new era in our journey towards financial empowerment,” Nkalu said.
He continued, “We are not just launching a SACCO; we are building a community, a family, that is united by a shared vision of financial freedom and prosperity. Our vision is to be the leading SACCO, providing quality and affordable financial services to our members. Our mission is to mobilise funds in order to provide affordable financial services for the promotion of the socio-economic welfare of our members.”
Nkalu also mentioned that the SACCO expects to receive Shs 100 million pledged by President Yoweri Museveni some time ago. “We appreciate this generous support and will ensure that we coordinate effectively with the greater Masindi and Kibaale clusters so that these resources are utilised efficiently,” he said.
Jonard Asiimwe, the Executive Director of Jonard Conglomerate Investments Limited and former parliamentary candidate for Hoima East Division, commended the journalists for their decision to form a SACCO, adding that it would strengthen their financial standing.
“Financial institutions, such as banks, are often difficult to approach for our needs, but with a SACCO, financial matters are much easier to handle,” he said.
Asiimwe, who pledged Shs 30 million in support of the SACCO, emphasised the importance of prioritising transparency and accountability, stating that these values would ensure the growth and survival of the SACCO.
“Do not borrow money for leisure, but borrow to invest in your future. Many of us are growing older and need to prepare for our retirement. This SACCO can help us achieve that goal. Journalists have been marginalised for too long, and it is from the foundation of this SACCO that you can liberate yourselves financially,” he said. He also urged the managers of the SACCO not to lose sight of its vision.
The Minister of State for Public Service, Grace Mary Mugasa, challenged media practitioners in the Bunyoro Sub-region to maintain financial discipline and repay any loans taken, as the SACCO’s survival depends on this. “If members borrow money from the SACCO and default, the SACCO will collapse,” she advised, as she contributed Shs 2 million to the SACCO.
Pius Wakabi, the MP for Bugahya County, who contributed Shs 1 million to the SACCO, said it has the potential to lift journalists out of poverty but also urged them to maintain professionalism in their reporting as the political campaigns for the upcoming general elections approach.
Amlan Tumusiime, the Kikuube Resident District Commissioner and Patron of the Hoima Media SACCO and Hoima Media Association, encouraged the members to adhere to the rules governing the SACCO to ensure its growth and success.
https://thecooperator.news/shs-20mln-raised-as-sheema-journalists-launch-sacco/
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