NEWS- Rukungiri Farmers Sacco in Rukungiri Municipality has consistently maintained a positive steady growth with key performance indicators showing that the organisation is premiering for greatness in coming years.
This was disclosed by Rukungiri Farmers Sacco Board of Directors Chairman Agaba Andrew who was represented by his Vice Kwehangana Denis, while giving a communication at the 6th Delegates Annual General Meeting which took place at Hotel Riverside in Rukungiri Municipality.
Agaba said that the 7 member Board has strived to ensure that the Sacco set the financial needs of its members and is strategically positioned to ensure that the shareholders benefit from quality services.
In his report, the chairman pointed out that the membership of Rukungiri Farmers Sacco hss grown from 1106 in 2023 to the current 1200 as of December 2024 with shares worth Ugx 236.7 million compared to Ugx 64.7 million they had in 2023 and a loan portfolio of Ugx 1.3 billion compared to Ugx 847.7 they had in 2023 and savings worth Ugx 1.2 billion compared to Ugx 800 million they had in 2023.
Agaba said that the loan portfolio has been increased by 58% though some members still fail to service their loans on time while savings growth is at 94%, while share capitalization has grown by a whopping 254% due to loyalty of the members who agreed to plough back their dividends into share accumulation.
Despite these achievements, the Sacco however faces challenges of financial stability because of low savings, members defaulting on loans to the extent of waiting for Court action and low share acquisitions.
However, the Sacco is strengthened by partnership with other institutions like Stanbic Bank, Microfinance Support Center, Future Link Technologies, Centenary Bank, Uganda Cooperative Finance Services and sister Saccos who give them invaluable guidance and support.
Agaba said that as Board, they are optimistic about the future and believe that with continued collaboration, Rukungiri Farmers Sacco will achieve even greater milestones in 2025 financial year as they are committed to address the fore mentioned challenges, optimize resource utilization efficiently and ensuring the continued growth and stability guided by their mission, vision and motto.
While speaking at the event as the Guest of Honor, the Stanbic Bank – Rukungiri Branch Ms Patricia Kukunda encouraged the Rukungiri Farmers Sacco to use Stanbic digital banking services and promised continued funding in order for the members to fight poverty because Stanbic has learnt that Ugandans develop faster when they work in financial groups.
