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MADFA SACCO starts pre- AGMs in Bunyoro Sub-region

MASINDI, March 6, 2024 – Masindi District Farmers Association Savings and Credit Cooperative Organisation [MADFA SACCO] yesterday started holding pre-Annual General Meetings [pre-AGMs] in different districts in Bunyoro ahead of the main Annual General Meeting slated for March 21, 2024.

Speaking to theCooperator, Amelia Nakazibwe, the Business Development Manager MADFA SACCO said they have 20,000 members spread out in the districts of Masindi, Kiryandongo, Hoima, and Kikuube.

“It’s hard to host them once. To ensure transparency and accountability we host pre- AGMs. They elect representatives who represent them in the main AGM. This also helps to reduce the cost of the AGM,” she explained to theCooperator.

According to Nakazibwe, MADFA SACCO is a member-owned financial cooperative which was started in 2005 by smallholder farmers in Masindi as a village savings and loans association [VSLA] out of the need for financial services.

The SACCO has been enlisted among the big SACCOs in Uganda  to be supervised by the Bank of Uganda [BoU] under the provision of section 110 [c] of the Tier 4 microfinance institutions and money lenders Act of 2016.

BoU intends to regulate and supervise all SACCOs with Shs 1.5 billion and above in savings, and Shs 500 million in share capital, even though this move is being opposed by SACCO leaders, saying SACCOs operate a unique business model based on cooperative principles and values.

“Our SACCO is incredibly dedicated to its members and our target clients are smallholder farmers, commercial farmers, traders, community based institutions, community based organisations, women and youth,” she said.

She added that other services provided by the MADFA SACCO include financial literacy and extension services.

“Our aim is to improve the people’s livelihood and also empower them economically. We have been able to grow because we base too much on accountability, honest, respect and transparency,” she explained.

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