By ALEX PITHUA

Akaa-Zeu Community Development Cooperative Savings and Credit Society management has commended its members for embracing saving culture boosting operations.

The SACCO started operation and was registered in 2022 under Cooperative Society Act Cap.112 (as amended 2020) on 1st October 2022 with registration number P.22220/RCS.

With its office located in Zeu Trading Centre, Zeu Sub-county, Zombo district under the stewardship of a committed team under leadership of professor Edward Kumakech, the delegates are observant of a booming prospect.

The SACCO made tremendous membership of over 400, spanning West Nile districts of Zombo, Nebbi, Pakwach, Arua, Moyo and Adjumani respectively with a Net worth of shs 800 million up from initial capital of shs 100 million from Oct 2022.

Speaking during the second Annual General Meeting (AGM) for 2024 on Saturday at Zeu Community Centre, the leadership expressed optimism that they will have 1000 members by 2028 which will drive their financial muscles to over shs 1billion.

Professor Edward Kumakech, Chairperson Board Members in a sideline interview with our reporter revealed that within two years in operation, Savings raised from shs 100 to shs 740 million, Shares, shs 60million to shs 137million, loans shs 800million with repayment of over 600shs and dividend of shs 25million respectively.

Prof. Kumakech acknowledged that members have diversify business by saving with government treasury bond shs 120million with annual gain of shs 17million per annum, unitrust for daily interest while others invested in goat rearing under “Sumba goat” rearing scheme where they are practicing crossbreeding boer goats breed with local breeds.

“I want to thank the members/delegates for prompt repayment of loans in 2024, the community are good people and our members who have borrowed loans have not run away.” Prof. Kumakech stressed

He encouraged members to control their borrowings and refrain from multiple loans syndrome.  

The Keynote speaker, the member of parliament for Ora county, Zombo district, Lawrence Biyika Songa, in his message has implored prioritizing transparency, accountability and fairness in the SACCO governance practices.

“trust and confidence can be built among members by working together and embracing innovation.” MP Songa remarked.

The resident district commissioner for Zombo district, Festus Ayikubua, who attended the AGM applauded the SACCO’s leadership for concentrating on nurturing the rural farmers on saving which align with government’s efforts of alleviating poverty in households.

“I commend the brain behind this initiative and initial members of the SACCO on top of nurturing the community on savings and financial discipline you ‘re creating employment for the youth.” Ayikubua

The institution has set varieties of simple loan types favorable to their clientele such as; emergency loan, education loan, business loan, Agri-business loan, institution loan, house improvement loan, and group loan respectively.

LC III Chairman Zeu sub-county, Pimundu, observed that the establishing the SACCO headquarter in the area is impacting positively on annual local revenue of the sub-county, “we have collected shs 80 million up from shs 60million the previous years.

He adds that he believes if the SACCO consolidates its operation with sensitization to local population statuesque will improve in rural communities.

Zombo district commercial officer, Lamec Ulum, confirmed, the SACCO has complied with law and has been registered with the district and mandated by the cooperative cooperative society of Uganda.

Ulum cautioned the SACCO leadership from gambling with management of the SACCO advising them to adopt clear human resource policies and legal requirements.

“Have revised Cooperative Act, file all annual returns and members’ particulars to be submitted to the Ministry of cooperative.” Ulum urged SACCOs leaders

The commercial asserted that at least four SACCOs which were opened before in Zombo district collapsed, adding that he is pleased to see this new SACCO has fulfilled a number of requirements.

Partners such as Stanbic bank and Centenary bank who attended the AGM, where observant existence of this SACCO gives them a way to reach remote areas with financial services.

The Manager Centenary branch Paidha, Winniefred Laker, observed that it is pertinent to cooperate with commercial banks to keep in business adding that they have good preposition for SACCOs.

Bernard Odur, business banker, Stanbic Bank, Arua branch advised the delegates to refrain from allowing errant borrowers who may plunge their institution to financial losses.

“Support the SACCO and don’t bring it down.” Odur

Structure of Akaa-Zeu Community Development Cooperative Savings and Credit Society;

Board of directors, Supervisory committee, Finance committee, Human resource committee, Loan committee, management.