NEWS- Kanungu District Chairman for Production and Marketing Joshua Rukundo who is also the Nyanga Sub county has asked shareholders of Kinkizi Agency for Development Cooperative and Savings Credit Society Ltd to love their Sacco and put trust in their leaders.
Rukundo made the remarks March 12th 2024, while speaking at 17th Annual General Meeting which took place in Kihihi Town Council where he called upon shareholders to buy more shares in order to have a strong Sacco and reminded them that the Sacco has got the Saving and Credit sides but in most cases, shareholders look at credit only and therefore emphasized that shareholders should have a saving culture.
According to the Chairman, Yafesi Karuhogo Ntungwa, Kinkizi Agency for Development Cooperative and Savings Credit Society Ltd, Yafesi Karuhogo Ntungwa, was transformed into the Sacco in 2006 and currently has a total of 1,984 members with a total of Ugx 138.7 million share capital and Ugx 160.3 Loan Portfolio and Ugx 55.8 savings while Ugx 23.8 is in fixed deposits.
Karuhogo said that in the past year, the Sacco has managed to build confidence among the shareholders and this is evidenced by continued registration of new groups and continued to register new members.
Kinkizi Agency for Development Cooperative and Savings Credit Society Ltd, works in partnership with CIC Insurance Company and all loans are secured and also works with Uganda Cooperatives Alliance and Uganda Microfinance Support Centre.
He however said that some members continue to default on loan payment which has resulted in poor performance despite the fact that the Sacco still has limited loanable funds compared to what members demand.
The Manager, Niwagaba Boaz told members to increase their shares to over 50 saying that whoever does it will be entered into a draw to win gifts as a way of recapitalizing the Sacco.
