Hakashenyi SACCO celebrated two decades of remarkable growth and service during its 20th Annual General Delegates Meeting (AGM) at Kicumbi Primary School on Saturday 15th March, 2025. The event began with a visit to the newly constructed Head Office, where delegates and guests commended the management for its commitment to strengthening the SACCO’s infrastructure.
The Chairman of the Board of Directors, Mr. Mugambagye Julius, welcomed the attendees and expressed gratitude for the SACCO’s resilience despite various challenges. “We thank the Almighty for enabling us to thrive, and we are proud to have registered 2,601 new members in the 2024 financial year,” he stated. However, he also acknowledged the loss of 20 members and led a moment of silence in their honor.
He highlighted the SACCO’s operational strength, which includes a workforce of 33 staff members under the leadership of General Manager Mr. Mubangizi Deo. With five branches and five outreach centers, the SACCO continues to expand its financial services across Kabale and Rubanda districts.
Among the key achievements in 2024 were the continued construction of the Head Office, timely loan disbursement to active members, an increase in membership, extensive training programs, and a reduction in the loan portfolio at risk from 7% to 1%. “We are committed to maintaining a low-risk loan portfolio and adopting a more efficient core banking system to facilitate mobile banking,” Mr. Mugambagye added.
Mr. Kagundu Edison, the Chairperson of the Supervisory Committee (SUPCO), presented an assessment of the SACCO’s financial health, highlighting a consistent reduction in the Portfolio at Risk (PAR) to below the industry benchmark of 5%. “Regular branch visits by SUPCO, the Board, and top management have significantly improved service delivery,” he noted.
While celebrating increased loan repayment rates and enhanced security across branches, he also pointed out challenges such as network issues at branches along the Uganda-Rwanda border, system inefficiencies in handling dormant accounts, and liquidity constraints in certain seasons. He recommended adopting a more efficient core banking system, strengthening legal processes for loan defaulters, and increasing mobilization of savings and shares.
Delegates shared personal testimonies of the SACCO’s impact, with Mr. Kevin Ainebyona stating, “Hakashenyi SACCO has transformed my financial status, and I encourage others to join and benefit.”
The AGM also included the election of new Board, Supervisory, and Vetting Committee members, conducted under the supervision of the District Commercial Officer (CDO). The voting was done through a democratic lining-up process, and the winners were officially announced. In her remarks, the CDO commended the SACCO’s commitment to financial growth and urged members to embrace a culture of saving and investment. “Through initiatives like the Parish Development Model, SACCO members can build lasting legacies for future generations,” she emphasized.
General Manager Mr. Mubangizi Deo expressed appreciation to the participants, staff, and development partners for their contributions. “I thank our staff for their tireless efforts and pledge to work even harder to ensure the continued progress of Hakashenyi SACCO,” he said.
The AGM also honored outstanding performers of the 2025 financial year, with the top three members receiving mattresses as a token of appreciation.
A keynote address was delivered by the Chairperson of the General Managers’ Reunion of SACCOs, who commended Hakashenyi SACCO for its outstanding performance. “Financial institutions face challenges, especially in loan repayments, but SACCOs are embracing technology to improve efficiency and security,” he observed. The General Manager of Stanbic Bank, among other partners, also addressed the gathering, reinforcing the importance of financial discipline and innovation in the SACCO sector.
In his closing remarks, Mr. Mugambagye Julius expressed heartfelt gratitude to the delegates, guests, development partners, and government officials for their continued support. “We deeply appreciate the Government of Uganda for creating a conducive environment for SACCO operations and recognize the unwavering support of our local leaders,” he said.
As the meeting adjourned, he rallied members with the SACCO’s guiding motto: “Together we can.”
