SHEEMA, December 25, 2024 – Mushanga Savings and Credit Cooperative Society (SACCO) Limited has rewarded 440 loyal members with Christmas gifts in a festive ceremony held at the SACCO’s main branch in Nyamufumura, Sheema Municipality.
During the event, General Manager Gorden Nankunda shared that the recipients of the gifts had participated in the Christmas Bonanza draw, dubbed “Ekiterekye Kya Christmas”.
According to Nankunda, the winners received a variety of prizes, including 60 heads of cattle, 188 goats, 163 hens, and 441 crates of soda, among other items.
He explained that over the course of the one-month quiz, the SACCO managed to raise Shs 7.6 billion, which helped prevent liquidity challenges during the festive season. “This is our way of giving back to our members through the annual quiz, which encourages saving. This token of appreciation reflects the institution’s gratitude for its members’ unwavering support and contributions to its growth,” Nankunda said.
He also noted, “The funds we raised have enabled us to provide cash to our members during this season, when withdrawals tend to exceed savings. Despite this, we were able to save Shs 7.6bn during the quiz.”
He urged members to avoid excessive spending over the holidays, as he forewarned of the financial challenges that will arise after the festive season. “Christmas is not the end. Life continues, with children returning to school and businesses needing to thrive. The habit of reckless spending must stop. Otherwise, I wish you all a Merry Christmas and a prosperous New Year in 2025,” Nankunda said.
Gerevase Bafaki, the SACCO Chairperson encouraged SACCO members to adopt a saving culture for the sake of development. “What we have is the result of our savings. I urge everyone to continue saving so that every person near Mushanga SACCO can have an enterprise and achieve prosperity,” Bafaki said.
Vianne Muhwezi, one of the members, called on the board and management to consider transforming Mushanga SACCO into a bank. “Mushanga SACCO has thrived for many years, so let us support its transformation into a commercial bank. We should not remain a SACCO; we need to evolve,” Muhwezi said.
He also expressed gratitude for the rewards, noting that the prizes, including cows, goats, chickens, and soda, helped members celebrate the holiday season despite the dividends they receive during the annual general meetings. “Some of us weren’t sure we’d be able to celebrate Christmas, but with the SACCO’s support, we are able to. This is another form of profit we’re receiving,” Muhwezi added.
Happiness Barigye, another member, thanked Mushanga SACCO for its support of women and youth. “We cannot speak ill of Mushanga SACCO because it has given vulnerable groups like us a voice. Women’s groups have been supported to start small household projects like piggery and poultry, where we’ve earned good money to care for ourselves and our families,” Barigye said.
She also praised the SACCO for providing school fee loans, a service commercial banks do not offer without requiring collateral. “I’ve received loans here, and I’ve been able to support my family and win a cow today,” Barigye remarked.
Adam Muhangi encouraged fellow members to mobilise others to join Mushanga SACCO to foster development. “Now that the chairman has assured us that funds are available, it’s crucial that we encourage others who haven’t joined to save and take loans from Mushanga SACCO, just as we have done,” Muhangi said.
He continued, “I’m thrilled to win a cow and a goat each year from this SACCO. This is possible for everyone who saves and repays their loans, allowing us to benefit from the Christmas Bonanza prizes.”
“I am grateful to Mushanga SACCO for rewarding me with a goat and a crate of soda today. I encourage them to continue offering excellent financial services to our members,” said Joseph Mugyenyi, another member.
Background
Mushanga SACCO was established in 1969 and registered as a Co-operative Society in 1981. The SACCO operates 12 branches and serves over 50,000 members, with a share capital of approximately Shs 10bln, a loan portfolio of about Shs 34bln, total savings of about Shs 20bln, and total assets of approximately Shs 37 billion.
Other SACCOs in the western region that rewarded their esteemed members during this Christmas season include Jubilee SACCO (Bushenyi), Kigarama People’s SACCO [Sheema], Issia SACCO [Ibanda], Igara Buhweju SACCO [Kyamuhunga], Rushere SACCO [Kiruhura], EBO SACCO [Mbarara], and Bunyaruguru People’s SACCO [Rubirizi], among many others.
https://thecooperator.news/mushanga-sacco-board-members-re-elected-at-agm/
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