KABALE, March 12, 2024 – In a bid to serve its members better, Lyamujungu Cooperative Financial Services Limited [ Lyamujungu SACCO] plans to construct a new building to host its head office in Nyakasharara parish, Kaharo Sub-county in Kabale district.
According to Dicky Byamukama, the General Manager of the Cooperative, members resolved during the 37th annual general meeting [AGM] held on March 18, 2023, to construct the head office but also mark the SACCO’s 40th anniversary on August 16, 2024.
However, Byamukama said the celebrations have now been cancelled by the Cooperative’s Board of Directors so that the Shs 150 million meant for the event can be used to construct a new building for the head office. The construction project is expected to cost Shs 400mln.
“The board meeting held on January 27, 2024, halted the 40th-anniversary celebrations for the Cooperative and now the money for that activity will be spent on other activities, especially construction of a modern building for our head office,” he said.
He said the new head offices will accommodate the large number of staff but will also manifest the growth and resilience of the Cooperative over decades.
He added: “Lyamujungu SACCO is one of the famous SACCOs in southwestern Uganda but its head office building is in a dilapidated state, the reason why the Board of Directors decided that at least we construct a modern building reflecting the tremendous growth we have recorded over the years.” He he said the new structure will have a big banking hall to serve members better.
He said it is the board’s responsibility to guide the growth of the Cooperative and now will seek members’ support on the construction of the head office only, given that the previous AGM had resolved to also celebrate the Cooperative’s 40th anniversary this year.
“Everything is set, the board has held meetings with the contractor, negotiations have gone well and the contractor has already given us the bill of quantities and the plan. We are just waiting for the members’ approval,” he said, adding that the Cooperative will hold its next AGM on March 16, 2024, where members are expected to approve the additional funds for the new head office building.
He appealed to the members to remain loyal to their Cooperative so that it continues growing strong. “Fellow cooperators I want to tell you that Lyamujungu Cooperative Financial Services SACCO is here to stay and as management, we are dedicated to serving our members,” he said.
Talking to this reporter, Stanley Abomugisha, the Cooperative Chairman retaliated that they would now celebrate the SACCO’s golden jubilee after finishing constructing the new head office building.
He said construction works at the head office site will not jeopardise service delivery.
“The construction will not in any way jeopardize the service delivery at the SACCO. I promise that we shall continue offering excellent services to our members irrespective of the ongoing construction at the head office,” Abomugisha said.
Meanwhile, Lyamujungu SACCO plans to extend its services to greater Kigezi covering districts of Kisoro, Rubanda, Rukungiri, Rukiga, Kanungu, and some parts of Kampala.
The SACCO started in 1984 as a church saving group with just 16 members. It was named after the first white missionary to visit Lyamujungu village in Nyakasharara parish, Kaharo Sub-county in Kabale district.
Currently, the Cooperative has 36,000 members, Shs 8 billion share capital, Shs 10bln in total savings, and Shs 18.5bln loan portfolio.
The SACCO has eight branches and five outreaches scattered in the three districts of Kabale, Rukiga Rubanda, and Rwentobo trading centre in Ntungamo district.
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