In a significant development, Buyanja Sacco held a 22nd Annual General Meeting today at Kabale University’s Rukungiri Campus in Nyakeina Buyanja, focusing on the transformative effects of the ten-year tax waiver, the tax that is supposed to be paid by the Sacco’s in Uganda which is set to conclude next year. The waiver, approved by President Museveni, has been instrumental in the Sacco’s growth and operational enhancement.
At the meeting, Chairman Can. Twirire Bigairwe Yosiya expressed gratitude for the governmental support, acknowledging how the tax exemption has allowed the organization to expand its services. “This initiative has greatly contributed to our ability to meet the needs of our members,” he stated.
Cue in Yosiya on Tax waiver
However, Chairman Yosiya also highlighted challenges faced over the past year, such as limited capital to fulfill growing loan demands, loan defaults, and issues regarding dormant accounts. In response to these challenges, members approved new loan products, including a youth loan and salary loans for employees of member companies.
Buyanja Sacco aims to be a self-sustaining cooperative that addresses the socio-economic needs of its members in South Western Uganda. Currently, it boasts a membership of 17,737, up from 14,174, marking a remarkable 25% growth. The Sacco’s financial performance is commendable, with total savings reaching 9,743,280,967 billion UGX and share capital at 3,850,278,369 billion UGX, leading to total assetsvalued at 21,602,492 billion UGX.
The Sacco operates its main branch in Buyanja, alongside branches in Rukungiri and Karunoni, as well as outreach services in Rwashamire, Kiyenje, and Kashenyi.
The chief guest Mr. Stephen Bangonzya, Vice Chairman of the Uganda Cooperative Savings and Credit Union (UCSCU), spoke praising the tax waiver, emphasizing its role in the Sacco’s success and stability hence thanked the President Museveni who approved it. He encouraged ongoing collaboration between the Sacco and government entities.
Cue in Mr Steven explaining
General Manager Nayebare Oliver expressed her gratitude to the members for their unwavering support, urging them to save more to reduce reliance on external loans. The meeting concluded on a hopeful note, reflecting a shared commitment to continued growth and sustainability.
Cue in Oliver speaking
Conclusively, the Sacco rewarded the best performers across all branches including best savers, mobilizers both members and staff for their great support towards the Sacco growth.
