MUSHANGA SACCO POSTS PROFITS WORTH UGX 2.3 BILLION IN 2022 FY

By Wilber Muhwezi Kasibante
In Bushenyi

Mushanga sacco located in Ankole sub region and head quartered in Nyamufumura Sheema district posted profits worth 2.3 billion shillings in 2022 financial year.

According to the general Manager Gorden Nankunda the expenses took ugx 540 million shillings and the rest ugx 1.76 billion shillings is the balance profit.

This was revealed today 1st April 2023 during the 41st annual general meeting held in Nyamufumura Sheema district.

The general Manager noted that they have introduced health insurance service whereby each member pays ugx 20,000 shillings for 4 months to carter for member’s treatment.

He noted that they have been losing many members because of illnesses that are treatable.

He further said that they got money from master card foundation and other agencies to give loans to youth and women at a very low interest rate. He called upon women and youth to come to the 12 branches of Mushanga to get loans and develop themselves.

The chief guest Rose Mary Nyakikongoro who is the woman MP for Sheema district assured members of the sacco that she will mobilize members of parliament not to allow a new tax being developed by the minister of finance.

She noted that sacco’s are on tax holiday for 10 years which will expire in 2027 therefore there is no need of introducing a new tax on sacco’s.

She added that the PDM money should have been channeled to competent sacco’s like Mushanga because poor people walk long distances to excess commercial banks.

On that point she noted that a district like Buhweju in Ankole doesn’t have a commercial bank therefore people have to move to districts like Ibanda, Sheema, Bushenyi or Mbarara which is very expensive.