Kidefise Sacco chairperson Board addressing members at the 22nd annual general meeting

The Chief guest while giving his remarks!

The Managing Director of Pearl Capital Partners Uganda, Dr Edward Isingoma Masiko has called on managers of Cooperative Savings and Credit Society to maintain complaint systems in their day-to-day operations in order to be able to serve the people and remain operational.

Dr Isingoma Masiko made the remarks March 28th 2025, while speaking as the Guest of Honor at the 22nd Annual General Meeting of Kinkizi Development Finance Services Cooperative Savings and Credit Society Ltd (Kdefise) which took place at Kanungu District Headquarters in Kanungu Town Council.

Dr Isingoma Masiko noted that when the Sacco on on the path to growth it encounters more challenges and risks and this calls for strategic planning and internvations to ensure that that it remains afloat in order to meet the needs of the shareholders and avoid crashing.

He asked the Kidefise Sacco management to put in place a proper procedural of a succession plan that will ensure that the Sacco remains in operation with stability and attract more members to boast its shareholding, Savings and Capital base.

Savings is the core foundation of the cooperative movement and therefore members must ensure that it is sustained because if there are no savings there won’t be funds to loan out to the members that brings in profits, coupled with a strong share capital base” Dr Isingoma said.

He however noted that he was happy that Kidefise Sacco shareholders have exhibited the true virtues of cooperation and have agreed to ensure that their institution has managed to survive the turmoils associated with infighting that destroy their survival.

Dr Isingoma Masiko appreciated the Kidefise Sacco management for introducing the ‘Delegates System’ for member representation on future Annual General Meetings which will help minimise time and resources.

Earlier, the Kinkizi Development Finance Cooperative Savings and Credit Society Ltd Board of Directors Chairman Innocent Atuhaire pointed out that the Sacco which started in in 2002 with 62 members has grown to have 10,064 sharehold members by the end of December 2024 and in during the last financial year 1,082 new members joined the Sacco.

Atuhaire said that by the end of 2024 Kinkizi Development Finance Cooperative Savings and Credit Society Ltd had a total share capital of Ugx 2.05 billion, voluntary savings worth Ugx 1.5 billion and a loan portfolio of Ugx 5.7 billion  and made a profit of Ugx 1.3 billion which has enabled the members to get Ugx 5,211 per share.

He also disclosed that during the year, the Sacco is in final touches of completing the construction of Loans Office Block, and bought 2 Motorcycles and fixed Ugx 700 million in Centenary Bank and improved the system of giving loans within a short time and increased their staff to a total 25 people.

He however noted that the fall of tea prices, which is the major income generating activity in Kanungu District hss affected the Sacco operations in Butogota and Mpungu growing areas coupled with unreliable weather conditions.

He also pointed out that some members are stretching themselves due to multiple borrowing from other Saccos and commercial banks and end up with defaulting their loans and this is coupled with poor record keeping by members who fail to give correct information to the Sacco Credit Officers.

He however revealed that the Sacco intends to carry out massive education and sensitisation of shareholders on the Sacco products and financial management in order to attract members to borrow Sacco funds.

During the meeting, the Sacco General Manager Tumuhimbise Deus announced introduction of new credit policy that reduced the interest rate, creation of Kidefise Sacco Bataka Scheme and creation of AGM Delegates System all which are aimed at strengthening the Sacco operations.

According to Kidefise Sacco Secretary Twebaze Hebert, the Sacco has fully operational Headquarters and a Branch in Kanungu Town, Kambuga, Butogota, Kambuga and Mpungu branches, a Mini Branch in Kihihi Town Council and outreaches in Rutenga, Nyakabungo, Katete, Nyamirama, Bugongi, Rubimbwa, Kihembe, Buhoma and Ruhiija Trading Centers.

ARIAL VIEW OF KIDEFISE SACCO HEAD OFFICE BLOCK UNDER CONSTRUCTION