Buganda Kingdom has called on Savings and Credit Cooperative Organizations (SACCOs) to stop delaying loan disbursements to their members, warning that such delays undermine members’ ability to effectively use borrowed funds.
The appeal was made by the Minister for Agriculture, Trade, Commerce, Livestock, and Fisheries in the Buganda Kingdom, Amisi Kakomo, during the annual general meeting of Essuubiryo Zambogo SACCO held at the Buganda Royal Institute of Business and Technical Education in Kakeeka, Mengo on Saturday.
Kakomo noted that many SACCO members face difficulties due to delays in accessing loans, particularly when funds are needed for time-sensitive activities.
“A person may apply for money intending to plant crops, but the funds are released after the rainy season has already passed,” he said, urging SACCO leaders—especially within Buganda—to streamline processes and ensure timely access to credit.
The Buganda Kingdom Minister for Youth, Sports, and Talent Development, Robert Serwanga, also attended the meeting and announced the new board of directors for the SACCO. While several members from the previous board retained their positions, new members were also appointed.
The board, which is reconstituted every four years, will continue to be chaired by Joseph Balikuddembe Ssenkusu, deputized by Ssul Sseremba. Other board members include Douglas Mukasa as treasurer, Steven Lukenge as secretary, along with three additional members, bringing the total to seven.
Serwanga emphasized the importance of ensuring that members who save and invest in shares receive returns on their money. He also called for firm action against defaulters who fail to repay loans on time, warning that such practices can lead to the collapse of cooperative societies.
In his remarks, Chairperson Joseph Balikuddembe Ssenkusu thanked members for their continued support over the past four years and pledged improved service delivery. He encouraged members to increase their shareholding, suggesting that each member should aim to purchase at least one share every month.
Ssenkusu further urged members to embrace technology to simplify financial transactions. He explained that instead of traveling from rural areas to Kampala to deposit money physically, members can conveniently send funds using digital platforms.
Prince Edward Frederick Walugembe, who attended the meeting, encouraged young people to join the SACCO, emphasizing that it was originally established to benefit youth and should be fully utilized by them.
During the meeting, a resolution was passed awarding members a dividend of Shs 700. Members who excelled in utilizing various SACCO services were also recognized.