KAMPALA, March 17, 2026 — Staff at Makerere University Kampala have pooled at least Shs 3.25 billion through their Savings and Credit Cooperative Organisation [ SACCO ] in just 14 months, underscoring strong savings mobilisation and growing member confidence.
The Makerere University Multi-Purpose Cooperative Society Limited, established slightly over a year ago with only 27 members, has since grown to a membership of 160 within the same period.
The cooperative, formed to enhance members’ livelihoods, has already made a notable impact, according to Vice Chairman Dr Muhammed Kiggundu Musoke.
“It has been offering affordable credit to members at interest rates significantly lower than those charged by other financial institutions. Members have improved their livelihoods, supported their investments, and some have achieved their professional goals,” Kiggundu said while addressing a hybrid Annual General Meeting held this week.
He added that the cooperative was found to be in excellent standing, with operations compliant with International Financial Reporting Standards for SMEs, the Cooperative Societies Act, and relevant Ugandan regulations.
“Operations are efficient and transparent,” he noted.
Kiggundu commended members for the impressive growth, observing that the society had expanded from handling a few hundred thousand shillings to managing a portfolio now valued at approximately Shs 3.25 billion. He described this as a reflection of collective effort, prudent management, and sustained member confidence.
The Cooperative’s Secretary, Prof. Winston Tumps Ireeta, highlighted the increase in membership to 160 as a testament to confidence in the quality of services provided.
Ireeta also revealed that the SACCO disbursed at least Shs 291 million in loans to members in 2025.
He emphasised that financial discipline and adherence to obligations have been central to the cooperative’s management, with strategies in place to ensure compliance.
The Treasurer, Prof. Juma Kasozi, noted that the society maintains strong liquidity, with at least Shs 1.6 billion invested with fund managers and insurance companies.
“These liquid investments provide a solid foundation to support loans, withdrawals, and operational needs. I encourage members to increase their savings and shareholdings in order to strengthen our financial base and enhance lending capacity,” he said.
Kasozi further informed the annual general meeting [AGM] that the major challenge in 2025 stemmed from disruptions in payroll deductions.
“Before this setback, payroll deductions generated over Shs 50 million per month. Due to temporary disruptions, this fell to Shs 20 million per month,” he explained.
He added that discussions with the payroll management team had been successful, and full deductions are expected to resume soon.
Despite these challenges, Kasozi affirmed that the cooperative remains financially stable, citing strong liquidity, robust investments, sound loan recovery mechanisms, and a continued commitment to member welfare.
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