The Uganda Cooperative Savings and Credit Union has commended president Museveni for extending the income tax exemption for Savings and Credit Cooperative Organisations (Saccos) and ordered the Bank of Uganda (BoU) to halt directives and threats targeting Saccos across the country.
Speaking at the 26th annual general meeting of Muntuyera Sacco Ltd held at St Mark’s Kitunga church of Uganda yesterday, Collins Nyangaro who heads Uganda Cooperative Savings and Credit Union (UCUSCU) Western Region noted that the waiver was intended to strengthen Saccos and urged members to remain calm, maintain professional conduct and save for sustainable growth.
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Nyangaro expressed relief and renewed focus on development saying that it will enhance saving culture among Sacco members.
He hailed Muntuyera Cooperative Savings and Credit Society for transforming people’s livelihoods because they access resources.
Muntuyera Sacco board chairman Rev Benson Nahoora was happy to inform members that the Sacco is steadily growing every year with increased share capital and members from3376 to 4746 members.
Rev Nahoora highlighted future plans including the Muntu Sacco Tuhwerane scheme to assist members during funerals and sensitize and mobilize members.
The manager Muntuyera Sacco Kwarisiima Agnes noted that the Sacoo will invest in members’ education and financial literacy programs and expand community development initiatives to support more beneficiaries in the community.
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Kwarisiima hailed the board, staff and members for supporting Muntuyera Sacco in all branches of Katojo, Ruyonza and Rwashamaire the main branch.
Other speakers were Ndibarema wa Bitwabaabo the chairman Ntungamo district Sacco Union and Aryanyijuka Ezra the district commercial officer, Kimera Hezekia Kyumya and Rev Canon James Ndyanabo Rutaraka.
