Lucky Patrick
The Busaiga Savings and Credit Cooperative Organization (SACCO) has recognized over 10 members for their exemplary savings and increased shareholding in the SACCO throughout 2023.
Clovis Nyakana, a standout member, was awarded a heifer for his outstanding contribution to share purchases, totaling 1.8 million shillings, with each share valued at 10,000 shillings.
Other distinguished members who received goats include Kantu Samuel, Mugabo Charles, Leo-land Mugabo, and Kizza James Senoga, among others. Additionally, top savers utilizing MSACCO were Kasumba Gerald, Musana Robert Baguma, and Sharif Muhammad.
The growth of Busaiga SACCO
During the 22nd Annual General Meeting held at the SACCO premises in Busaiga, Harugogo Sub-County, Kabarole District, the manager, Kusemererwa Masitula, emphasized the importance of recognizing high-performing members as a means of motivating others.
Kusemererwa also expressed the SACCO’s goal of expanding its membership beyond the current 3,700 members to ensure growth in savings and shares.
She highlighted the significance of increased savings and shares in eliminating the need for commercial bank loans to sustain SACCO operations.
Furthermore, Kusemererwa disclosed that the SACCO recorded profits exceeding 400 million shillings in 2023, with optimistic projections of surpassing 600 million shillings in the current year. Muganyizi Herbert, a member of the Supervisory Committee, revealed that the SACCO possesses shares valued at 300 million shillings, encouraging members to bolster the SACCO’s development by acquiring more shares.
Kabango John Mugume, the Kabarole District Commercial Officer, urged members to borrow responsibly and adhere to repayment schedules, emphasizing timely repayment to facilitate equitable access to loans for all members.
He highlighted the detrimental effects of delayed loan repayment, including communication disruptions due to overdue payments
