Kayunga Resident District Commissioner (RDC) Jimmy Nsimbi Mugwanya has urged members of Tonta Kayunga District SACCO to embrace a savings culture, use loans responsibly and repay them promptly to strengthen the cooperative and improve household incomes.
Mugwanya said access to affordable credit, coupled with sound investment decisions and financial discipline, could help members meet essential household needs, including school fees, food, clothing and healthcare.
He noted that the government’s grassroots development programmes are intended to improve livelihoods and accelerate Uganda’s economic transformation.
Mugwanya emphasised the importance of regular saving, urging SACCO members to deposit money into their individual accounts consistently rather than relying solely on borrowing.
He said responsible borrowing and timely loan repayment would help strengthen the SACCO’s financial position and enable it to extend credit to more members.
Daniel Omalinga Oslon, the national secretary of Tonta SACCO, said the organisation had established groups to engage in income-generating activities, including cocoa and coffee farming and beekeeping, to help members address their economic challenges.
Oslon said each member was required to save at least Shs2,000, although members were free to save more depending on their financial capacity.
He added that the SACCO offers loans at an interest rate of 10 per cent.
However, Oslon said mobilising new members and encouraging regular savings remained challenging because some members lacked jobs and stable sources of income.
He appealed to the government to support the SACCO, particularly by helping economically disadvantaged members participate in its programmes and develop sustainable sources of income.
The SACCO’s initiatives are aimed at promoting a savings culture, expanding access to credit and supporting productive activities that can improve household incomes.
Strengthening members’ financial discipline, expanding income-generating opportunities and addressing barriers to participation will be important in enabling the cooperative to serve more people and contribute to economic development in Kayunga District.