Ntungamo, Uganda – Ntungamo Resident District Commissioner (RDC) Isaiah Kanyamahaane challenged Ugandans to cultivate a savings culture to fuel rapid economic growth within their communities.
Speaking at the Ntungamo Development Sacco’s annual general meeting at Embassy Tours in Ntungamo Municipality today, Kanyamahaane stressed that some Sacco members tend to prioritize luxury spending over saving. He commended the Sacco’s leadership for supporting government efforts to eradicate household poverty.
Ntungamo District Commercial Officer Seth Niwagaba urged members to increase their shareholdings, emphasizing their crucial role in the Sacco’s sustainable development. He likened shares to essential factors of production, such as land, requiring immediate attention.
Benon Musinguzi, the supervisor of SACCOs in Western Uganda, praised Ntungamo Development Sacco for prioritizing accountability and transparency, key principles for growth. He attributed the Sacco’s wealth accumulation and strong performance to its capable leadership.
Board Chairman Joshua Namanya reported an increase in membership following recent recruitment drives. He cautioned guarantors to thoroughly vet loan applications, terms, and the borrower’s financial situation before signing, emphasizing their responsibility to ensure loan agreement adherence.
Ntungamo Development Sacco Manager Boaz Agaba thanked the board, staff, and members for their unity and support, noting the Sacco’s rapid development toward becoming a bank.
Agaba revealed the Sacco’s implementation of MSacco, a system allowing members to deposit, repay loans, and withdraw savings remotely. He urged members to actively recruit new members to further the Sacco’s success.
End.
