FORT PORTAL CITY, March 27, 2026 — Ruwenzori Diocese Savings and Credit Cooperative Society Limited [RUDI SACCO], a church-founded financial institution based at Kabarole Hill in Fort Portal City, registered a decline in performance in 2025, largely attributed to falling cocoa prices in Bundibugyo District.
The performance was revealed during the SACCO’s Annual General Meeting [AGM] held on Saturday at its headquarters.
Board Chairperson Perez Mwebesa said the drop in cocoa prices triggered increased withdrawals by members, reduced savings, and weakened loan recovery.
“In the year 2025, the SACCO made a surplus of Shs 33.23 million, indicating a 38 percent reduction compared to 2024 when we made a surplus of Shs 53.54 million,” Mwebesa said.
He explained that the decline in cocoa earnings affected members’ ability to save and repay loans, leading to liquidity challenges that limited the SACCO’s capacity to disburse loans.
“Poor saving culture and limited share capital are also challenges affecting us because we do not have enough money to lend to members. I call upon members to increase their share capital,” he added.
He said the loan recovery rate also reduced from 89 percent to 85 percent.
Despite the downturn, Mwebesa noted that the SACCO registered notable growth in key areas. Share capital increased from Shs 144.79 million to Shs 220.14 million, the loan portfolio grew from Shs1.248 billion to Shs 1.363 billion, and member savings rose from Shs1.142 billion to Shs 1.381 billion.
The Bishop of Ruwenzori Diocese, Rt. Rev. Reuben Kisembo, urged members to strengthen their saving culture and increase share capital.
He also encouraged both management and members to embrace digital and online banking to improve efficiency.
Future plans
Mwebesa identified loan recovery as one of the SACCO’s critical challenges and said management plans to strengthen enforcement mechanisms.
“We shall engage bailiffs to work alongside a law firm to enhance enforcement, reduce defaults, and restore confidence in our lending operations. Improving loan recovery will directly boost our liquidity and financial resilience,” he said.
He added that the SACCO will intensify mobilisation efforts to encourage all churches within the diocese to open accounts with RUDI SACCO, with support from the Bishop and the diocesan secretary.
Proposed SACCO merger
Meanwhile, a proposal is underway to merge Anglican SACCOs across the Western region into a single, stronger financial institution.
Steven Nuwagaba, a financial consultant representing the Bishop of Ankole Diocese at the AGM, said Anglican bishops in the region had agreed in principle to the merger.
“Merger and transformation is the way to go. This will help us increase profits and grow faster,” Nuwagaba said.
He noted that discussions are still ongoing and called on members to support the initiative.
“When we unite, we become stronger. There are fears that SACCOs will lose their assets, but they will retain ownership, with some resources consolidated into the larger SACCO,” he explained.
Nuwagaba added that the Anglican Church also aspires to establish its own bank in the future.
“This may take time, but it is possible for the Church of Uganda to have its own bank,” he said, adding that a merger would create jobs, increase savings, and accelerate growth,” he said.
Mwebesa said the board will develop a framework to guide the merger process, including conducting due diligence and feasibility studies, harmonising policies and governance structures, and aligning financial systems and member services.
The framework will also involve obtaining regulatory approvals and integrating operations, staff, and technology. The AGM resolved that the board spearheads this process.
Fort Portal City Principal Commercial Officer Michael Karwani cautioned that the merger would require extensive sensitisation and consultations among stakeholders.
“The merger idea is viable, but it requires comprehensive engagement and benchmarking with stakeholders at different levels to ensure its success,” Karwani said.
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