Buhunga SACCO Holds 22nd Annual General Meeting, Reports Growth and Challenges 

Rukungiri: Buhunga SACCO on March 8, held its 22nd Annual General Meeting (AGM) at its headquarters in Karisizo Trading Centre, Buhunga Sub county, Rukungiri District. 

Founded in 2003, the SACCO currently has 5,813 members, a loan portfolio of over UGX 3 billion, and savings amounting to UGX 3.1 billion. This year, the SACCO reduced its interest rate from 2.85% to 2.5% to benefit its members. 

According to Jackson Byamukama, the SACCO’s Board Chairperson, the institution has secured a storage building to accommodate its operations and has opened three outreach branches to extend services closer to its clients. These branches are located in Rutooma Kihanga, Bugando in Rurehe Sub county, Mitooma District, and Rwenshaka Trading Centre in Ruhinda Sub county. He emphasized that the SACCO’s goal is not to make profits but to provide financial services that help fight poverty in the community. 

Despite its achievements, Buhunga SACCO faces several challenges, including low liquidity compared to the high demand for credit, stubborn loan defaulters, inactive member accounts, unreliable power supply, and erratic weather changes that have affected some clients. Additionally, many members have not increased their shares to the required minimum of three.

CUE IN…BYARUHANGA//RR//ENG

General Manager Alex Rutakomberwa reported that the SACCO made a higher profit this year, increasing from UGX 69 million to UGX 100 million. However, he raised concerns about loan defaulters who deliberately fail to repay, warning that this could affect the SACCO’s operations. He also encouraged members to embrace a stronger saving culture for financial stability. 

CUE IN….RUTAKOMBERWA//RR//ENG

Rukungiri District Commercial Officer Caroline Atuheire and Assistant LCV Chairperson Santrina Nahwera advised the public to practice financial discipline. They cautioned against unnecessary expenditures such as excessive alcohol consumption, engaging in reckless behavior, and spending on luxury items. They urged people to prioritize saving before making expenditures.