Business

Kakoba-Mbarara Sacco to Get 100 Million Shillings Loan

By APN Reporter

Mbarara

The Microfinance Support Centre limited has finalized it its work plan
of supporting Kakoba-Mbarara Cooperative Savings and Credit Society
SACCO by approving a loan of one hundred million shillings for lending
its clients to promote business operations.

The Credit Officer Microfinance Support Centre Limited Mbarara Zonal
Office Mr. Abel Tukamubona revealed this at the annual general meeting
of Kakoba-Mbarara SACCO sitting at Kakoba division offices in Kisenyi
cell Mbarara municipality on Sunday February 25, 2018.

Tukamubona explained that the Microfinance Support Centre Limited can
facilitate individuals with loans but as a registered company with the
Uganda Registration Services Bureau usually above one hundred million
shillings which can’t be afforded by SACCO to facilitate agricultural
value addition chain in addition to giving information.

The meeting was chaired by Mr. Silver Magara whose term of office
ended by being succeeded by the founder number 001 Mr. Peregrino
Mwekambe who was voted unopposed with 92 votes as new chairperson and
the vice chairperson number 044 Ms Annah Mugaanga was also voted
unopposed with 84 votes.

The outgoing chairperson Kakoba-Mbarara SACCO Mr. Magara revealed to
the meeting that by end of 2017 the SACCO had increased its membership
by 29 percent from 187 mjembers to 241 members with the savings
increasing by 82 percent from shs 62 m= to shs 113 m=.

He said this was achieved through exercising transparent
accountability in ensuring value and safety for the money of the
members and team working spirit among the management and board
members.

The Assistant Commercial Officer Mbarara municipal council Mr. Donati
Mutaahi urged the new committees elected to work hard to ensure
transparency existing in the Kakoba-Mbarara SACCO is promoted and
sustained that will make the financial institution grow bigger with
more investments.

Best performing clients in borrowing, making savings were awarded with
various prizes and certificates as all members conceded to retain the
profit of shs 80 m= made by the Sacco to remain in the system to
enable those who want loans to get in time that will increase loan
portfolio.

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