Summary:
Minister Musasizi emphasized the government’s dedication to strengthening SACCOs through initiatives like the Parish Development Model (PDM), GROW, and the Emyooga Program.
RUBANDA: The Minister of Finance (General Duties), Henry Musasizi, has reaffirmed the government’s commitment to supporting Savings and Credit Cooperative Organizations (SACCOs) as a cornerstone of rural financial inclusion and economic growth.
Speaking at the Annual General Meeting of Kihanga Mparo Co-operative Saving and Credit Society LTD at Nyamweru Seed School, Rubanda District, Minister Musasizi emphasized the government’s dedication to strengthening SACCOs through initiatives like the Parish Development Model (PDM), GROW, and the Emyooga Program.
He highlighted the government’s allocation of funds to the Microfinance Support Center for lending to organized groups and SACCOs, particularly those in agriculture and value addition, at an annual interest rate of 8%.
Minister Musasizi urged Kihanga Mparo SACCO members to leverage these programs for business expansion and improved livelihoods. He also announced ongoing efforts to integrate the Uganda Microfinance Regulatory Authority (UMRA) into the Ministry of Finance to enhance SACCO regulation and oversight.
He commended SACCO members for choosing regulated financial institutions over exploitative money lenders and encouraged them to mobilize more members to strengthen cooperative finance.
Reviewing Kihanga Mparo SACCO’s financial report, he noted impressive growth: total assets rose from UGX 3.4 billion in 2023 to UGX 5.36 billion in 2024, while loans to members increased from UGX 125.16 million to UGX 641.12 million. Shareholders’ funds grew from UGX 945 million to UGX 1.29 billion, and member savings reached UGX 2.65 billion. Retained losses decreased from UGX 1.69 billion to UGX 1.43 billion, reflecting improved financial performance.
Minister Musasizi praised the SACCO for its role in socio-economic development by providing affordable loans, supporting entrepreneurs, improving education and healthcare financing, and boosting agricultural productivity.
He also launched the ‘Kihanga-Mparo SACCO Limited’ Water Supply and Sanitation Loan Product, offering loans at 1.5% monthly interest on a reducing balance to improve water access in Nyamweru Sub-County.
CUE IN MINISTER MUSASIZI……ON GOV’T COMMITMENT……ENG//