From 139 Members to 15,000, Sacco Records Over Shs18bn in Loan Value

Adjumani Town Council Savings and Credit Cooperative Organization (Sacco) has recorded impressive growth, celebrating a major milestone during its 16th Annual General Meeting (AGM) held on Saturday.

Established in 2007 with just 139 members and a loan portfolio of Shs 7.7 million, the SCco has since expanded to 15,000 members with a loan value of Shs18.2 billion by 2024.

As part of the celebrations, members commissioned three brand-new tractors valued at Shs510 million to boost commercial agriculture among members and potential clients.

The acquisition was made possible under a cost-sharing arrangement, with the Sacco contributing 40 percent and the government funding 60 percent.

Speaking during the event, Sacco Chairperson Lawrence Mangapi hailed the remarkable journey and growth of the Sacco.

“When we started this Sacco, we had limited resources and few members, but through commitment and strategic leadership, we have expanded steadily to become one of the strongest financial institutions in the region,” Mangapi said.

Mangapi also highlighted infrastructure development, pointing to the completion of a Shs371 million banking hall in 2020, which he said has greatly improved service delivery to members.

Additionally, Sacco management announced a revision of borrowing interest rates to 2 percent for new loans, although the new rate will not apply retroactively to existing borrowers.

Adjumani Deputy Resident District Commissioner (D/RDC) Emmanuel Okware, who officiated the commissioning, applauded the Sacco members for their dedication and growth.

“The government is committed to supporting SACCOs like Adjumani Town Council Sacco, as they play a critical role in extending affordable credit facilities with friendly repayment terms to ordinary Ugandans,” Okware stated.

Patrick M. Maku, the Sacco manager, emphasized the organization's dedication to promoting inclusive leadership and tailoring financial products to meet the diverse needs of its members.

“Our goal is to empower members to start businesses, lead projects, and build better futures for their families through accessible and member-friendly financial solutions,” Maku said.

Another Sacco representative, Gloda Rijoo, reiterated the Sacco’s focus on promoting financial inclusion for marginalised and underserved groups.

Meanwhile, Ben Anyama, the Adjumani District Local Council vice chairperson, stressed the importance of Saccos in Uganda’s broader economic agenda.

“As Uganda marches toward middle-income status, Saccos remain indispensable vehicles for grassroots economic transformation. They are the backbone of our communities,” Anyama said.

Saccos continue to play a vital role in Uganda’s economic and social development, particularly in rural and underserved communities where access to formal financial institutions remains limited.