Last Updated on: 11th October 2023, 10:16 pm
Adjumani I Adjumani town council SACCO has commissioned their new magnificent office structure worth shs220 million. The SACCO also declared shs12 billion in total assets for this year.
According to CPA Patrick Ocaya of Kampala-based Exodus firm who audited the Adjumani town council SACCO, the share capital of the SACCO has grown from shs. 486 million in 2021 to shs636 million in 2022, representing 23.6%.
“The members’ savings have grown from shs 4.4 billion in 2021 to shs5.7 billion in 2022 and by December 2022, closure of the financial year, members’ cash in the bank and at hand increased to shs2.3 billion compared to shs1.8 billion recorded in 2021,” he noted.
Godfrey Manyeni from Microfinance Support Centre hailed Adjumani Town Council SACCO, describing it as the best performing SACCO in West Nile and the whole of Northern Uganda.
“We are proud of this SACCO, Adjumani Town Council SACCO is a reference SACCO in West Nile and Northern Uganda, and we shall continue to provide all the necessary technical support to ensure the SACCO grows more,” Manyeni promised.
The Regional Manager of Uganda Cooperatives Savings and Credit Union (UCSCU) observed that, if all the members of the SACCO were very active and saving money, the SACCO would be ranked the best in the country, perhaps second best.
“I want to encourage every one of you, if you know the SACCO has not impacted your life, either you are a defaulter or you don’t save, if you are a member having one motorcycle, plan to have two, if you are a farmer having one acre, borrow money and have two or three acres, that is the impact we are talking about,” he added.
According to Lawrence Managapi, the board chairperson of Adjumani Town Council SACCO, the membership of the SACCO has grown from 3000 to 11,000 members within a space of five years.
“Our members grew very fast due to our strategy of working with village Savings and Loan Associations (VSLA) we also offered them a very conducive savings environment, we grouped them into 10 members and offered them very small interest rates.
“If it was not due to covid-19 pandemic, the members of the SACCO would have grown more, because during COVID-19 many of our clients who were engaged in business had their business affected but we did not leave them alone, we kept on offering financial literacy,” he added.
Peter Taban Data, the Resident District Commissioner of Adjumani hailed the SACCO for its tremendous growth but challenged the SACCO to encourage more people to save with them.
“I am just wondering why the SACCO only has 11,000 people yet the population of Adjumani is over 400,000 including refugees, where are the rest of the people saving? This was a deliberate government’s effort to ensure poverty eradication.”
Adjumani Town Council SACCO started in 2007.