Lyamujungu SACCO Marks Milestone: 50,000 Members, Shs40 Billion in Assets

Lyamujungu SACCO, established in 1984 under a tree in Lyamujungu Village, Kabale District, has evolved into a major financial player, now boasting 50,000 members and Shs40 billion in assets. This remarkable expansion from its humble beginnings with just 16 members underscores the vital role of Savings and Credit Cooperative Organisations (SACCOs) in fostering financial inclusion and empowering communities.

Government support, particularly through the Microfinance Support Centre and initiatives like Emyooga, has been instrumental in Lyamujungu SACCO’s journey towards self-sustainability. Emmanuel Mbowa, Zonal Manager for the Microfinance Support Centre’s Kigezi Sub-region, noted that while SACCOs are achieving financial independence through share capital, continued funding is crucial to extend their reach.

The SACCO’s growth is also evident in its expanded infrastructure, with operations now spread across nearly 10 branches and eight outreach centres, bringing financial services closer to more people. John Bosco Kwasibwe, the SACCO’s main branch manager, highlighted this expansion as a key factor in its success.

Beneficiaries like Harriet Tukahirwa and Amon Ahibisibwe have attested to the SACCO’s positive impact on their lives. Access to loans has enabled them to invest in income-generating ventures, grow their businesses, and create employment opportunities, thereby improving their household incomes and overall livelihoods.

Lyamujungu SACCO’s success story, coinciding with Uganda’s 64th independence anniversary, serves as a powerful example of how locally driven financial institutions can drive economic development and sustainable growth, particularly in rural areas.

Read more at: https://nilepost.co.ug/news/376681/lyamujungu-sacco-grows-to-50000-members-assets-reach-shs40bn