Cooperatives across Uganda have been urged to increase their savings and continue buying shares in the Cooperative Bank if they are to strengthen and develop both the bank and their own societies.
The call was made by Ivan Asiimwe, General Secretary of the Uganda Cooperatives Alliance and Chairperson of the Board of Governors for the Cooperative Bank.
Asiimwe urged cooperatives to “strongly support the Cooperative Bank through buying shares and improving savings,” saying those actions will spur development for the bank and for member cooperatives.
“As designed by law, the Cooperative Bank must operate within the framework of Uganda’s Constitution and the Cooperative Societies Act (Cap 107 A & B),” Asiimwe said, calling on cooperatives to get fully involved in supporting and enhancing growth through the bank.
Asiimwe thanked President Yoweri Museveni for what he described as consistent cooperation and support for cooperatives. He singled out recent government policy decisions that he said protect cooperative operations, including the withdrawal of proposed taxes on Savings and Credit Cooperative Organizations (SACCOs) and the prevention of account freezes by the Uganda Revenue Authority.
He also welcomed the move to give cooperatives a single regulator and a unified legal framework, noting that oversight arrangements similar to those applied to banks would aid cooperative development.
Asiimwe emphasized the importance of prioritizing women in cooperative initiatives, saying women are often neglected and face particular financial challenges that, if unaddressed, could have negative long-term impacts.
He urged cooperative associations to introduce and scale programs that empower women and other community members with development-focused initiatives.
“As cooperatives invest in savings and ownership of the Cooperative Bank, they will not only safeguard their financial future but also unlock broader development opportunities for their members and communities,” Asiimwe said.
The Cooperative Bank, founded to serve the needs of Uganda’s cooperative movement, has been positioned by leaders as a vehicle for member-driven finance and local development, with cooperative support seen as essential to its success.
