Namilyango College Old Boys Savings and Credit Cooperative Society (NACOBA SACCO) has grown its asset base by 12 percent to Shs4.45 billion in the 2025 financial year.
According to the SACCO’s annual report presented during its 11th Annual General Meeting (AGM) held at Silver Springs Hotel in Bugoloobi, total assets increased from Shs3.98 billion in 2024 to Shs4.45 billion in 2025, driven by growth in members’ savings, share capital and investments.
The AGM brought together members to review the SACCO’s performance for the year ended December 31, 2025, adopt audited accounts and chart the institution’s future investment strategy.
Board Chairman Denis Owor Obonyo said the SACCO continued to register steady growth across key performance indicators despite prevailing economic headwinds.
Membership grew by eight percent from 572 to 619 members during the year, with 49 new members joining the cooperative while only two exited.
Members’ savings rose by 11 percent from Shs2.61 billion to Shs2.9 billion, while the loan portfolio expanded by four percent from Shs1.31 billion to Shs1.36 billion.
However, total income before savings interest expense declined by seven percent, falling from Shs782.4 million in 2024 to Shs730.6 million in 2025.
The SACCO attributed the decline to slower economic activity ahead of the general elections, which affected both land sales and borrowing by members.
“We observed varied performance in our land sales. While we sold out the remaining 24.5 percent of the Nakasajja Phase I Estate during the financial year under review, progress at the Kalagi-Bunyiri Estate was slower due to the economic stress preceding the presidential elections,” the report noted.
During the year, NACOBA SACCO launched the Kalagi-Bunyiri Phase I Estate project in Mukono District, comprising 99 plots. By the close of the financial year, 22 percent of the plots had been sold. Management reported at the AGM that sales had since risen to 50 percent, positioning the project for improved returns in 2026.
In line with the SACCO’s improved financial position, members are set to earn an annual return of 12.07 percent on savings, up from 11.52 percent in 2024. The Executive Committee proposed an interest payout of Shs350 million to qualifying savers, compared to Shs300 million paid out in the previous year.
The board also proposed a dividend payout of Shs52.3 million to shareholders, up from Shs49.9 million in 2024. The dividend represents 10 percent of total share capital and share premium valued at Shs523 million.
Looking ahead, NACOBA SACCO plans to diversify its investment portfolio into government securities, strengthen debt recovery mechanisms, recruit more members and implement a new strategic plan covering the period 2026 to 2031.
The SACCO also intends to intensify legal action against persistent loan defaulters after reducing non-performing loans from Shs209 million to Shs185 million during the year.
As part of efforts to improve operational efficiency and member experience, the cooperative launched a new Management Information System that will enable members to access savings and loan statements, apply for loans and process withdrawal requests remotely.
Obonyo said the SACCO remains committed to protecting members’ funds while pursuing sustainable growth.
“I am proud of what our SACCO has accomplished despite the challenges we faced. We appreciate the trust and loyalty of our members and look forward to working together to strengthen our brand and secure a sustainable future,” he said.
Despite election-related economic pressures that weighed on interest income and real estate sales, NACOBA SACCO’s continued growth in assets, savings, membership and investments highlights the resilience of its business model and the confidence members continue to place in the institution.
With new investment avenues, enhanced technology systems and a fresh strategic plan on the horizon, the SACCO appears well-positioned to capitalize on emerging opportunities and sustain its growth trajectory.
