NEWS- Kanungu District LC 5 Chairperson Eng Sam Arinaitwe Kajojo has expressed happiness at the progress made by Kinkizi Development Finance Services in the past year which shows commitment and hard work.
Eng Arinaitwe Kajojo made the remarks yesterday while speaking at the 21st Annual General Meeting for Kinkizi Development Finance Services also known as KIDEFISE which was held at Kanungu District Headquarters Playgrounds in Kanungu Town Council.
The LC 5 Chairman asked the Board of Directors of Kidefise to think strategically for further development and expansion since it has the opportunity to tap on government programs and also asked the Board of Directors to look critically into issues raised by shareholders so that they can be answered and keep members satisfied .
Earlier, the Chairman of Kinkizi Development Finance Services Atuheire Innocent reported that they increased their membership from 7,725 to 8,982 which is saw 1,257 new members join the Sacco and have maintained their branches in Kanungu Town Council, Kambuga Town Council, Butogota Town Council and Mpungu Sub County.
Atuheire said that KIDEFISE now has a total share capital of Ugx 1.8 billion with Ugx 1.3 billion savings and a total loan portfolio of Ugx 4.6 billion while Ugx 380 million is fixed in Centenary Bank.
He however said that due to fall in tea prices, many members have defaulted on loan payment which has affected Sacco business coupled with unfavourable weather conditions which affected the agricultural sector and members who continue to borrow from other financial institutions which becomes hard for them to pay.
While speaking at the same event Kanungu Town Council Mayor, Godfrey Karabenda who represented the Minister for ICT and National Guidance Hon Dr Chris Baryomunsi reiterated that Saccos were initiated by President Yoweri Kaguta Museveni to ensure that soft loans are extended to local people to work on their developmental activities.
During the function, members who participated in the annual Christmas promotion by buying shares were given gifts which included a cow, wheelbarrow, chicken, hoes and pangas.
