Masindi Teachers’ SACCO share capital grows

MASINDI– The share capital for Masindi Teachers’ SACCCO increased to Shs 65 million in 2022 from Shs 56mln in 2021, according to Joseph Rukundo, the outgoing SACCO chairperson.

Rukundo disclosed the share capital figures during the SACCO’s 16th annual general meeting [AGM] which was held on Saturday at the Education Hall in Masindi town.

According to Rukundo, the SACCO made Shs 76mln profit in 2022 compared to Shs 58mln realised in 2021.

He said the loan portfolio has also increased to Shs 423mln currently from Shs  378mln in 2021.

“As we came to office, the SACCO had an external loan of Shs 100mln from Microfinance Support Center [MSC] but this has been dully cleared. The SACCO has since then developed the self sustaining model where we have so far operated for eight months without any external financing. For the last eight months, we have been  disbursing on average Shs 70mln per month both normal and quick our customers’ needs are all met,” explained Rukundo.

Rukundo also noted that their membership has increased from to 746 from 685.

Presenting her report, Gladys Tusiimire the SACCO’s secretary manager decried the lack of commitment by members to meet their obligation, competition from other money lenders, defaulters who increase the rate of arrears, poor saving culture where members save purposely for loans, and delayed salaries for civil servants as the main challenges affecting the performance of the SACCO.

“Members you should pay your loans in time and give others opportunity to access funds. You should also think of more savings than borrowing,” appealed Tusiimire.

Elections

The SACCO held elections on Saturday in which Jackson Katusiime was elected as the new board chairperson, deputised by Charles Byaruhanga while Aloysius Chandiga was elected treasurer.

On the supervisory committee Charles Businge was elected as the chairperson, while Perry Aheebwa and Jonathan Musekura were elected as members.

Giving his inaugural speech, Katusiime the new board chairperson, called for for unity, teamwork and enhanced saving, if the SACCO is to grow to greater heights.

Masindi Teachers’ SACCCO is a registered with the Registrar of Cooperatives. It started operations on December 16, 2005.

https://thecooperator.news/west-nile-teachers-sacco-grapples-with-low-savings/

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