By Chris Mugasha
BUSHENYI: Despite the global economic shockwaves, Kyamuhunga People’s SACCO (KYAPS) has defied the odds by posting over Shs3.2Billion as profits made during the year 2025.
The SACCO has seen its performance growing from a profit of Shs1.9Billion made in 2024 to Shs3.2Billion.
At their 27th end of year annual general meeting which was held at Kyamuhunga Catholic Parish’s social centre in Bushenyi district on Saturday, the Board chairman Paul Kahiigi Turyamureba reported that the year 2025 has been volatile explaining that the collapse of the tea industry which is the SACCO’s backbone has been one of the SACCO’s major setbacks.
KYAPS with a membership of about 59000 members runs 10 branches which include Kyamuhunga, Katerera, Rutookye, Ishaka, Rubaare, Biguli, Kihihi, Mwenge, Mbarara City and Kashenshero. Some of these branches operate from tea growing districts.
Kahiigi said the collapse of the tea industry has left many people including their members in financial difficulties and this has resulted into defaulting on their loans.
“The collapse of tea and other economic challenges have forced many people outside the money economy and as a result every year more people are getting poorer leading to the increase of loan defaulters,” Kahiigi reported. Out of the 59000 members/accounts, about 11000 members are active.
Kahiigi said their efforts to mobilize and sensitize people on the issue of savings has been bogged down because many people don’t have what to save since they are not earning.
“We failed on our target because a profit of about Shs1.5billion that would go to our members go to banks where we borrow the external loans to beef up our loan portfolio,” Kahiigi said.
The KYAPS General Manager JohnBosco Atwijukire explained that, “we have set aside money for all categories like young women/ladies but they are not responding well because they fear to borrow and invest. Some people are comfortable in their poverty positions,” he said. Atwijukire however congratulated the members for the growth registered across all their Key Performing Indicators.
During the meeting, members like Ruth Ndyanabo and Edson Mande from Mwenge branch recommended that the SACCO increases sensitization seminars to train the members on financial literacy and insurance schemes but Atwijukire said, “people now expect money inform of allowances even when you invite them for such trainings/workshops to empower them with financial knowledge.”
Kahiigi hailed government for the tax waiver policy it extended to SACCOs since 2017 noting that over the years a total of Shs4billion that would have gone to corporation tax has been saved.
He informed members how they are engaging government on the issue of SACCOs having multiple and conflicting regulatory agencies. “Our appeal to government is to have a single regulator that understands the norms and practices of SACCOs so as to grow the entire SACCO industry as a whole without singling out a few SACCOs,” he said.
He told members that, “our beloved President Yoweri Kaguta Museveni who is also a member of KYAPS, heard the cry of SACCOs and intervened by halting threats from the Bank of Uganda. He guided that bank of Uganda should simply monitor the operations of SACCOs but not regulating SACCOs.” End.
