Shuuku SACCO elects new leaders at 26th AGM

SHEEMA, March 25, 2025 – Stephen M. Bongonzya, the Vice-Chairperson of Uganda Cooperative Savings and Credit Union Limited [UCSCU], has been re-elected unopposed as the Board Chairperson of Shuuku SACCO for the next four years.

Bongonzya was re-elected on March 19, 2025 during the 26th Annual General Meeting [AGM] held at Brethren Gardens in Shuuku Town Council, Sheema South Constituency.

According to Eliab Kamahega, Chairman of the Vetting Committee, before being re-elected, Bongonzya was vetted alongside other candidates vying for various Board positions.

“With the help of technical personnel, we verified the applications of all the candidates, and I can confirm that they were thoroughly vetted. Now, it is up to you, the delegates, to vote them into office,” Kamahega told the delegates at the AGM.

However, Kamahega noted that some SACCO members seeking elective positions did not meet the required criteria, and were therefore disqualified by the Vetting Committee.

“We fulfilled our role and discovered that some candidates were unqualified to serve on the Board and the Supervisory Committee [SUPCO],” he said. “This is not the first time such issues have arisen, and I encourage the new Board to address this challenge moving forward.”

Naboth Mutuhe was also re-elected as the SACCO treasurer, while the election for Vice-Chairperson was closely contested between Levi Bugembe [former Vice-Chairperson] and Benon Mugarura [Chairman of the Loans Committee]. Mugarura emerged victorious with 140 votes, while Bugembe secured 108 votes. The election was supervised by Sheema District Commercial Officer, Kafurember Asasira.

The re-elected nine-member Board comprises: Stephen M. Bongonzya – Chairman; Benon Mugarura – Vice-Chairman; Naboth Mutuhe – Treasurer; Jolly Ahairwe Kwoshaba – Member; Ronald Kakuru – Member

Others are: Alex Nareeba Betonda – Member; Douglas Tinka – Member; Flavia Ainembabazi – Member; and Andrew Besigye Muboona – Member

The delegates also elected the Supervisory Committee (SUPCO), which includes: Edidah Atuhaire; Davis Natwijuka; and Julius Mugyenyi

In his remarks, Bongonzya expressed gratitude for the democracy shown by the delegates in electing the next leadership for Shuuku SACCO.

“We want to thank you, the delegates, for fulfilling your role. This election has demonstrated the love you have for your SACCO, and there is no one here claiming they have been wronged. The transparency displayed today is commendable,” Bongonzya said.

He promised to support the Board of Shuuku SACCO fully, stating that he would serve diligently and follow the SACCO’s strategic plan.

“This is the transparency we always require. We will work as a team to ensure the prosperity and strong leadership of Shuuku SACCO. In the next four years, we aim to present to you a transformed Shuuku SACCO, guided by our strategic plan,” Bongonzya said.

Meanwhile, Dr. Sylvester Ndiroramukama, the CEO of UCSCU, urged Shuuku SACCO members to increase their shares in order to facilitate the SACCO’s growth.

“I have divided your total shares of Shs 3.5 billion by approximately 10,000 members and found that, on average, each member holds about Shs 225,000. This is quite low for a SACCO like Shuuku SACCO, which has shown impressive development. If you can increase your shareholding every month, collectively, you could amass about Shs 1.6 billion, which would increase liquidity and reduce the need for external borrowing,” Ndiroramukama explained.

He also urged both the Board and members to avoid the issue of loan defaults, which he warned had led to the collapse of many SACCOs across the country.

“Loan defaults reduce dividends for members and eventually cause your financiers to withdraw their support,” he cautioned.

Asasira, the Sheema District Commercial Officer, also advised the new Board to increase their share capital to remain competitive with other SACCOs in the district.

“Now that you’ve been elected, I encourage you to survey the performance of other SACCOs in terms of share capital,” Asasira said.

Emmy Ronald Tumusiime, Chairman of the Sheema SACCOs Union, called on the new Board to safeguard the confidentiality of SACCO matters.

“There is a tendency for SACCO discussions to be shared outside meetings, often in bars or at home. I urge you to keep SACCO matters within the SACCO, and if you have concerns, address them with the relevant parties,” Tumusiime stated.

He added, “I once feared Shuuku SACCO, but now I see that Bugongi SACCO, where I’ve been re-elected as Chairman, has some of the best policies. For one to qualify as Chairman, you must have Shs 3.5 million in shares, and after this term, the threshold will increase to Shs 4.5 million. A delegate must also hold Shs 1.5 million in shares. Shuuku SACCO members, I urge you to increase your shareholding if you want to remain competitive.”

Background

Shuuku SACCO Limited was founded by its members in 1997 in Shuuku Subcounty (Shuuku Town Council, Sheema South Constituency) with the goal of providing affordable financial services and fostering cooperative development to help improve the members’ living standards.

Currently, the SACCO has 13,931 members, total assets of Shs 15.01 billion, total share capital of Shs 3.15bln, total savings of Shs 8.46bln, a gross loan portfolio of Shs 16.23bln, external loans of Shs 5.43bln, and total dividends of Shs 533.91 million – a significant decrease in surplus due to loan defaults, compared to Shs 769.67mln in 2023.

The SACCO operates seven branches: Kishabya, Nyeihanga, Rwanyamukinya, Bugamba, Nyamukana, Kabwohe, and Mbarara.

https://thecooperator.news/hundreds-throng-shuuku-sacco-headquarters-for-free-medical-checkups/

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