Ruwenzori Diocese SACCO posts strong growth in 2024
The performance was announced during the SACCO’s Annual General Meeting [AGM] held recently at its headquarters
FORT PORTAL CITY, April 11, 2025 – Ruwenzori Diocese Savings and Credit Cooperative Society Limited [RUDI SACCO], a church-founded financial institution based at Kabarole Hill in Fort Portal City, recorded remarkable financial growth in 2024.
The performance was announced during the SACCO’s Annual General Meeting [AGM] held recently at its headquarters.
Board Chairperson, Perez Mwebesa, revealed that the SACCO registered a surplus of Shs 53.54 million in 2024, which was more than double the Shs 21.4mln recorded in 2023, reflecting a 150 percent increase in surplus earnings.
He attributed the growth to enhanced financial performance and prudent management practices.
“Our loan recovery rate rose from 85 percent in 2023 to 89 percent in 2024, while the loan portfolio expanded from Shs 1.07 billion to Shs 1.2 billion,” Mwebesa stated.
Share capital increased from Shs 132.14 million to Shs144.8 million and member savings grew from Shs 835.5 million to Shs 1.14 billion.
SACCO membership also increased from 4,788 in 2023 to 5,184 in 2024. However, Mwebesa acknowledged that loan repayment delays continue to impact the SACCO’s liquidity.
“Although recovery rates have improved, a considerable portion of loans remains overdue, leading to increased costs related to debt recovery,” he said. He also noted that a weak saving culture among some members continues to limit the SACCO’s ability to lend and earn profits.
Challenges in a competitive sector
Edson Baryaremwa, Chairperson of the SACCO’s Supervisory Committee [SUPCO], highlighted the challenges posed by competition in the microfinance sector.
“The SACCO sector is highly competitive. Some clients, after defaulting, leave and join other financial institutions. This makes it difficult to maintain our market share,” Baryaremwa explained.
Future plans
Looking ahead, Mwebesa outlined several strategic plans, including opening a new branch in central Fort Portal City. The SACCO also intends to boost its marketing efforts throughout the Rwenzori region using church structures, with support from the Bishop and SACCO members.
Loan products will be repackaged to appeal to more members, and strategies for improving loan recovery will be enhanced.
Another notable initiative is the introduction of a bereavement fund, supported by annual contributions from members. This fund will assist in covering funeral expenses for deceased members or their immediate relatives.
“We shall continue benchmarking with successful institutions to adopt best practices and ensure sustainable growth,” Mwebesa added.
New board appointed
Perez Mwebesa was re-elected as Board Chairperson, with Twoli Bagamba as Vice Chairperson. Rhoda Byaruhanga Kemigisa retained her position as Treasurer, while Rev. Sarah Kakyo was elected as Board Secretary.
Other members of the board include Appolo Kamara, Violet Night, and Rev. Ivan Twinomujuni. Rt. Rev. Reuben Kisembo and Rev. David Tumwesigye serve as ex-officio members.
On the Supervisory Committee, Edson Baryaremwa was re-elected Chairperson, with Rev. Mariam Amanyire and Rev. Peruth Kajumba as members.
Rt. Rev. Reuben Kisembo, Bishop of Ruwenzori Diocese, commended the SACCO leadership for their dedication and pledged continued support.
“I have been mobilising for the SACCO and will continue to do so. Although founded by the Church, this SACCO is open to everyone. It offers a platform for people to come together and improve their livelihoods,” Kisembo said.
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