Rukungiri: Buyanja SACCO has approved four new loan products aimed at expanding access to affordable financial services for its members and the wider public.
The new loan products were approved on February 28, during the SACCO’s 22nd Annual General Meeting (AGM) held at Kabale University Rukungiri Campus in Nyakina Buyanja Sub-county.
The newly approved loans include the Youth Loan (Eminyeto Kwetungura Loan), a Salary Loan for employees whose employers bank with the SACCO, an Overdraft Facility for institutions that bank with the SACCO, and an Emergency Loan (Loan Yebigwererezi) for members facing urgent needs.
During the meeting, members also approved an increase in interest rates on both compulsory and voluntary savings from 3 percent to 5 percent per annum. According to the SACCO Chairperson, Canon Yosiya Twirire Biharwe, the change is intended to benefit shareholders through improved returns.
Members further approved the disposal of SACCO motorcycles due to the high costs of maintenance and operation. Priority to purchase the motorcycles was given to staff members who had been using them.
The AGM also resolved that beginning in 2027, members who do not actively save, fix deposits, buy shares, or take loans will only receive dividends and not the patronage bonus.
In response to the growing demand for loans, members approved a resolution allowing the SACCO to borrow up to UGX 3 billion when the need arises.
Canon Twirire noted that despite the SACCO’s growth, several challenges remain, including weak saving culture among some members, low borrowing by the targeted poor, multiple regulatory requirements, limited capital to meet loan demand, loan defaults, delayed repayments especially by salaried employees and dormant accounts.
The chief guest, Stephen Bongonzya, who also serves as Vice Chairperson of Uganda Cooperative Savings and Credit Union, urged SACCO delegates to act as ambassadors by encouraging members to save regularly and strengthen the SACCO.
Meanwhile, the Buyanja SACCO General Manager, Olive Nayebare, called upon the public to join the SACCO, noting that its loan products are offered at affordable interest rates.
As of 31st December 2025, Buyanja SACCO had a total membership of 17,737, share capital worth UGX 3.85 billion, savings of UGX 9.74 billion, a loan portfolio of UGX 18.36 billion, and 3,260 loan borrowers. The SACCO recorded a surplus after tax of UGX 978.9 million, with total assets valued at UGX 21.6 billion.
