By Wilber Muhwezi Kasibante
MUSHANGA SACCO LTD LAUNCHES MOBILE LOANS, AGENCY BANKING AND MAKES 3BN PROFITS
By Wilber Muhwezi Kasibante [MK]
In Sheema
www.mknewslink.com——
Mushanga sacco ltd headquartered in Sheema with branches across Ankole yesterday afternoon launched two new products among many others it already has.
The products are Mobile loans that are offered on mobile phones and Agency Banking that is implemented through agents situated in mainly urban areas.
According to the general manager Mushanga sacco, Mr. Nankunda Gorden the two products in one will help to ease Banking services within their area of coverage.
The products will be implemented by Future link Technologies an IT company located in Uganda.
The board chairperson of the sacco Mr. Gilvas Bafaaki told the AGM that in 2025, the organization made 3 billion in profits and members resolved to invest 40% and take home 60%.
He added that the AGM which is a supreme body managing the saccos approved to open 2 more branches to make them 14.
The chief guest who is also Ruhama East MP elect in Ntungamo district Hon.Kahiima Mugabe hailed Mushanga sacco staff, board and members for growing the sacco rapidly.
He advised members of the sacco to take the children to schools and have different sources of income.
CHIEF GUEST AT THE 44TH AGM HON. MUGABE KAHIIMA
He also promised to lobby fellow MPs to maintain tax holiday on saccos for ten years since the current one ends next year.
He also promised to give in his input to extend Bank of Uganda directive to manage saccos in the which is now at six months to be extended further.
GM MUSHANGA SACCO
STAFF AND GUESTS
SOME OF THE DELEGATES
HEAD OF IT OF MUSHANGA SACCO
On behalf of Management Mushanga SACCO LTD, Iam delighted to present to you this edition of the Golden Jubilee Magazine. Congratulations to the shareholders, Board of Directors, Staff, Partners and all stakeholders upon this un precedented achievement. Dear readers, 50 years of excellent service is a no mean achievement. Therefore, celebrating and writing together what we have experienced is worth it since some organizations have not lived to celebrate their 1st birth day. Looking at our humble beginning in 1969 to what we are now, the Lord’s Name should continue to be glorified. Article after article will be giving numerous information about Mushanga SACCO which we shall not exhaust in writing. However, I will give a highlight on the background, achievements, challenges and the future prospects among others. Having started in 1969 and registered as a Co-operative Society, later 1981 we boost of a number of Successes. Most of our strategic objectives have been achieved and some exceeded by far. Majorly, membership, Savings, share capital, Loan Portfolio growth and others as will be seen in the graphs. We have opened eleven branches in order to extend services nearer to our people. We are proud to have constructed head office at Nyamufumura trading centre. Kigarama branch in Kanyeganyegye trading Centre was also built by Shareholders. We thank aBi Trust for the 150M push given to us on Head office construction. A SACCO that started with no single staff apart from the SACCO Treasurer Mr. Kiriwali Bonifance who was a Cashier, Loans officer and Manager is now managed by 87 staff, 33 security guards and 11 support staff. These are directly employed. One of our senior personnel who mentored me Mr. Ndyahikaki Bernard recently retired at an age of 60 years. We have also given indirect jobs to our shareholders like youth who engage in Boda Boda business and other shareholders who start small scale industries. We were ranked among the fastest growing medium sized companies at a colourful ceremony held at Hotel Africana Uganda and we were the only Sacco among other companies. Other Successes include quality services, selected to be regulated by Bank of Uganda, continuously reducing our lending rates, having a strong Management Information System that supports digital banking to mention but a few. Like any other organization, our road to success has not been straight. Competition with other financial players, saving culture of some of our clients which has not been good, the credit risk, security risk, inflation, and others have not been easy. I thank the Board and staff for managing the mentioned challenges. Dear readers, we are doing our best to keep Mushanga Sacco growing from strength to strength and hence remain the Microfinance giant in Uganda. In the next five years, we expect our Sacco to have 50,000 shareholders, loans worth 40Bn, Shares worth 12Bn, savings worth 22Bn. This will be possible given the trend we have had for the last five years. We shall remain indebted to our partners aBi, MSC, UCA, UCCFS, UCSCU, APROCEL and Future link Technologies. To all commercial officers of Greater Bushenyi, our appreciation is endless. The office of Registrar of Co-operatives in Uganda, you have made our journey so smooth. I invite all those not yet our Shareholders to join us so that we exploit this vast experience for our Socio economic transformation. To my fellow staff, let you not spend a single day without empowering a client. Let’s cherish professionalism, integrity, team work, unity of purpose and quality service. We strive to be the preferred institution serving a growing, prospering membership with in Ankole Region as we offer customer focused quality services. ‘BIIKA OGUZE’ NANKUNDA GORDEN GENERAL MANAGER