Residents urged to embrace SACCOs as MADFA opens 7th branch in Nakaseke
He added that the SACCO is licensed by the Bank of Uganda and that members' deposits are protected under the Deposit Protection Fund of Uganda.
Nakaseke: Residents of Ngoma Town Council in Nakaseke District have been urged to embrace Savings and Credit Cooperative Organizations (SACCOs) to improve savings and access affordable credit following the opening of the Masindi District Farmers Association (MADFA) SACCO branch in the area.
The call was made by Samuel Kyalimpa, the Nakaseke District Commercial Officer, while officiating at the opening of the MADFA SACCO Ngoma Branch on Tuesday.
Kyalimpa noted that Ngoma Town Council has no commercial banks, making the new SACCO branch an important financial institution for residents. He encouraged the community to save regularly and borrow responsibly to improve household incomes and support sustainable development.
“Other areas have banks, but since MADFA has opened a branch here, residents should make good use of it by saving and borrowing responsibly for development,” Kyalimpa said.
He also challenged the MADFA Board to work closely with existing cooperative societies in the district to expand membership, noting that members have been travelling long distances to Masindi and Kiboga to access financial services.
Nicholas Oyoma Sunday, the MADFA SACCO Ngoma Branch Manager says the opening of the new branch is a response to long-standing requests from residents who have been travelling long distances to access financial services.
Oyoma said members from Ngoma have been trekking to Kijunjubwa in Masindi District for SACCO services, a challenge that has now been addressed with the establishment of the new branch.
“The community has been appealing for the opening of the branch in their area, and we want to thank MADFA for considering their request. Members have been trekking long distances for services, but now they have been relieved, and we want to assure them of better services.”
He added that the branch will bring financial services closer to residents, making it easier for members to save, access loans, and benefit from other SACCO products without the burden of travelling long distances. ‘’The branch is expected to boost financial inclusion and support economic development in Ngoma Sub-county and the surrounding communities,’’ he added.
Shamirah Nalumega, the Deputy Mayor for Ngoma Town Council welcomed the new branch but acknowledged that rebuilding public confidence in SACCOs remains a challenge after many residents lost millions of shillings to fraudulent savings schemes.
Nalumega, who is also a MADFA member, said despite mobilizing people to join the SACCO, many remain hesitant because of previous experiences with collapsed SACCOs.
Meanwhile, Ronald Muwanga, the LC I Chairperson of Kiruli Zone, urged MADFA to intensify financial literacy campaigns to help borrowers use loans productively and improve repayment.
“Residents still have wounds after being scammed by Najjembe SACCO. You should assure us that our money is safe and continue sensitizing members on financial discipline because some borrow money and divert it to unintended projects,” Muwanga said.
Responding to the concerns, Bob Muzoora, the MADFA Chief Executive Officer assured residents that their savings are secure.
Muzoora said MADFA started as a Village Savings and Loan Association with only 30 members in 2005 and has since grown to more than 26,000 members.
He added that the SACCO is licensed by the Bank of Uganda and that members’ deposits are protected under the Deposit Protection Fund of Uganda.
He explained that as a member-owned SACCO, MADFA will hold a pre-Annual General Meeting (Pre-AGM) for Ngoma members before the general AGM.
Muzoora said the SACCO’s mission is to improve livelihoods by supporting farmers and strengthening cooperative societies. He revealed that MADFA has partnered with Kigumba Cooperative College, enabling children of members to study at the institution on a half bursary.
Musa Mulondwa, the Nakaseke District MADFA Delegate thanked the Board for establishing the branch, saying it will save members the burden of travelling to Kijunjubwa Town Council and Masindi District for banking services.
“Members have been trekking long distances to deposit, withdraw money and acquire loans, but now we are relieved because we have a branch here. MADFA is here to stay, and I assure residents that it has been serving members well in other areas,” Mulondwa said.
Joseph Bazaale Aliguma, the MADFA Board Chairperson said the Ngoma office becomes the SACCO’s seventh branch, joining branches in Masindi, Kiryandongo, Buliima in Hoima District, Kijunjubwa, Hoima City and Kikuube District.
He said the expansion is intended to bring financial services closer to communities and thanked Nakaseke District leaders for allowing the SACCO to establish operations in the area.
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