Hamlet Herbert Turyahirwa, the NACOBA Sacco Vice Chairmarn, submits during Saturday’s AGM at Silver Springs Hotel in Bugolobi
Namilyango College Old Boys Savings and Credit Cooperative Society (NACOBA SACCO) grew its asset base by 12 percent to Shs4.45 billion in the 2025 financial year from 3.98bn, and paid out a total of Ugx 350m in interest to its members against Ugx 300m in 2024, according to the SACCO’s annual report presented at its 11th Annual General Meeting (AGM).
The AGM, held at Silver Springs Hotel in Bugolobi over the weekend, brought together members to review the SACCO’s performance for the year ended December 31, 2025, adopt audited accounts and discuss future investment strategies.
According to the report presented by board chairman Denis Owor Obonyo, the SACCO’s total assets increased from Shs3.98 billion in 2024 to Shs4.45 billion in 2025, driven by growth in members’ savings, share capital and investments.
Membership also expanded by eight percent from 572 to 619 members after 49 new members joined during the year, while only two exited the SACCO.
According to Lwanga Mawanda, NACOBA Sacco Treasure, members’ savings rose by 11 percent from Shs 2.61 billion to Shs2.9 billion, while the loan portfolio grew by four percent from Shs1.31 billion to Shs1.36 billion.
However, total income before savings interest expense declined by seven percent from Shs782.4 million in 2024 to Shs730.6 million in 2025.
The SACCO attributed the decline to slower economic activity during the election period, which affected land sales and borrowing by members.
“We observed varied performance in our land sales. While we sold out the remaining 24.5% of the Nakasajja Phase 1 estate during the financial year under review, progress at the Kalagi-Bunyiri Estate was slower due to the economic stress preceding the presidential elections,” the report noted.
The SACCO also launched the Kalagi-Bunyiri phase 1 Estate project in Mukono District, comprising 99 plots, of which 22% had been sold by the close of the financial year. However, encouragingly Management reported that 50% the estate has since been sold by AGM date and thus positioning the project for improved returns in 2026.
Members are set to earn a 12.07% annual return on savings (11.52% in 2024), with the executive committee proposing an interest payment of Shs.350 million (2024: Ugx 300m) to qualifying savers.
The board also proposed a dividend payout of Shs52.3 million (2024:Ugx 49.9m) to shareholders, representing 10 percent of total share capital and share premium worth Shs.523 million.
Looking ahead, the SACCO plans to diversify investments into strengthening debt recovery measures, recruit more members and roll out a new strategic plan covering the period 2026 to 2031.
The SACCO also intends to intensify legal action against persistent loan defaulters after reducing non-performing loans from Shs.209 million to Shs.185 million during the year.
In addition, NACOBA SACCO launched a new Management Information System aimed at improving efficiency and service delivery to members. The members will be in position to access their savings and loan statements as well as applying for loans and saving withdraws at their convenience.
Chairman Denis Obonyo said the SACCO remains committed to safeguarding members’ funds while pursuing sustainable growth.
“I am proud of what our SACCO has accomplished despite the challenges we faced. We appreciate the trust and loyalty of our members and look forward to working together to strengthen our brand and secure a sustainable future,” he said.
While the election-related economic slowdown weighed on interest income and real estate sales during the year, NACOBA SACCO’s continued growth in assets, savings, membership and investments underscores the strength of its business model and members’ confidence in the institution.
With new investment avenues, improved technology systems and a fresh strategic plan on the horizon, the SACCO is positioning itself to capitalize on emerging opportunities and sustain its upward trajectory.
For members, the healthy returns on savings and dividends are further evidence that the cooperative remains on solid footing despite a challenging operating environment.
