Nyakibale SACCO Approves New Services and Calls for Increased Savings

Rukungiri: Delegates of Nyakibale Development SACCO have approved a number of new services and policy changes aimed at improving service delivery and strengthening the institution.

The proposals and recommendations were presented by the Board Chairperson, Fortunate Akanyihayo Rukundo, during the 20th Annual General Meeting held at Riverside Hotel in Rukungiri Municipality on March 21.

Among the key proposals approved is the introduction of SACCO agents in different areas. These agents will help members to open accounts and carry out transactions using the MSACCO platform, reducing the need to establish costly branches and conduct frequent outreach programs.

The SACCO also resolved to embrace technology by introducing system-generated receipts to reduce paperwork. Members were further encouraged to use the MSACCO platform more often to cut transport costs associated with visiting branches.

Delegates approved an increase in the annual burial insurance contribution from UGX 5,000 to UGX 6,000 for individuals and UGX 12,000 for joint accounts. The amount will be deducted once from members who own five shares and above.

In addition, members agreed to receive 10% of share capital as dividends and a 16% patronage bonus for those with five shares and above. The SACCO also set its maximum liability at UGX 1.5 billion.

On environmental conservation, members with land or licenses were encouraged to plant between 2 to 10 trees every year. The SACCO also plans to distribute fruit tree seedlings during the next rainy season in August.

The SACCO will continue profiling dormant members and encourage them to reactivate their accounts.

Presenting the supervisory report, the SUPCO Chairperson, Cornelius Byarugaba, highlighted several challenges affecting the SACCO. He noted that loan defaults remain high, with 892 members in arrears in 2025 compared to 813 in 2024, an increase of 79 defaulters.

He also pointed out low usage of the MSACCO platform, with only about 38% of members actively using it in 2025 despite ongoing awareness campaigns.

Dormant accounts also remain a concern. In 2025, the SACCO recorded 3,530 dormant accounts, representing 30% of its total membership of 11,762.

Financially, as of 31st December 2025, Nyakibale SACCO had savings of UGX 8.14 billion, a net loan portfolio of UGX 16.04 billion, share capital of UGX 2.47 billion, and a surplus of UGX 1.80 billion.

The Guest of Honour, Methods Mureebe Muharuka, urged members to save more and increase their share capital in the SACCO. He emphasized that saving is not only for the rich but a discipline that helps individuals prepare for emergencies and improve their livelihoods.

He further advised members to adopt a saving culture before spending, warning that individuals without savings are vulnerable.

Muharuka also called upon SACCO leaders to strictly follow policies in areas such as loan management, accounting, and human resource management to ensure smooth and effective operations.