Ugandans have been called upon to make saving a priority if they are to achieve lasting financial success.
The appeal was made by Lydia Musinguzi, a renowned financial consultant and entrepreneur, during the Kasangati Divine Center Members SACCO Annual General Meeting (AGM) held in Nangabo, Kasangati Town Council, Wakiso District.
“Even the journey of 1,000 kilometers starts with a step. People should not be worried to start their savings journey with whatever amount they have. There is no way one can accumulate wealth without saving.” Dr. Musinguzi told members.
Kibalama Tonny, Senior Cooperatives Officer from the Ministry of Trade Industry and Cooperatives, urged the SACCO to maintain ethical standards and compliance to avoid the pitfalls that have led to the collapse of other financial institutions.
He noted that what grows SACCOs is not just a large membership, but the spirit of saving and buying shares that strengthens equity, enabling the cooperative to lend to members as and when they need help.
“There is a need to empower focal areas like the vetting committee to undertake due diligence on new members, so that we can ensure member quality and sincere intentions toward the cooperative. The growth of the SACCO depends not only on membership but on the commitment of those few.” Kabalama assured members of government support to help them grow.
The Ugandan government is keen on cooperatives because they are seen as vital for driving economic growth, particularly in the agricultural sector, and for improving the livelihoods of its citizens.
Cooperatives offer a mechanism for increasing production, productivity, and value addition, which are crucial for transforming Uganda into a middle-income country. They also play a role in mobilizing savings, increasing access to credit, and facilitating activities along production value chains.
This has been the SACCO’s inaugural AGM since its inception in 2024, celebrated a year of rapid growth, digital transformation, and deeper community impact. The SACCO offered dividends of 10% to members who had bought shares by 30th June 2025.
The Kasangati Divine Members SACCO affiliated to Divine Life Transforming Ministries international also unveiled an ambitious 2025/2026 strategic plan focusing on sustainable expansion, financial empowerment, and robust risk management.
Accelerated Growth.
Board Chair Albert Yiga highlighted the SACCO’s successful onboarding of digital banking systems, including Mobis and Stanbic’s Flexipay, which have streamlined transactions, improved record-keeping, and accelerated reconciliation.
“Members are now experiencing faster service delivery, enhanced accountability, and greater confidence in the integrity of their financial records,” Yiga said.
In just one year, the SACCO managed to expand above 100% rate from 30 to 315 active members, opened a second branch in Kasangati, and strengthened its presence in the community.
General Manager Elizabeth Tukashaba emphasized the SACCO’s commitment to developing tailor-made products for women and youth. The HerBiz Booster initiative, she said, has already supported over 110 women entrepreneurs with affordable capital, business training, and opportunities to increase income and food security.
The Divine Education Loan has also enabled more than 50 children from member families to return to school through flexible, low-interest financing.
The SACCO conducted financial literacy campaigns, community mobilization drives, and governance training for its executive committee to enhance compliance, ethical leadership, and sound management.
Muwonge Tom, the Kasangati Town Council mayor, hailed the church and the SACCO leadership for setting the pace by venturing into initiatives that not only empower the community spiritually but also support the financial wellness of its members.
Looking ahead, Yiga announced that the SACCO aims to grow membership to at least 1,000 by the end of 2025, raise Return on Equity from 13% to 20% through cost-cutting and digitalization, and introduce dividends and patronage refunds.
Patron Pastor Geofrey Mutumba Kamya Mpazzi praised the SACCO’s role in advancing the local economy and promoting shared prosperity. “The business we pursue is one of trust,” he said. “When the community sees transparency in leadership and operations, expanding membership and mobilizing capital becomes easier.”
Ssemakula Mubarak, OC Station Kasangati, hailed the SACCO leadership for the decision to form this initiative, calling it crucial not only for fighting poverty but also for reducing criminality.
“This move aligns with the National Development Plan, and we know that an empowered community is a safer society. People often turn to crime when they feel they have nothing to lose; by organizing groups like these, we not only provide access to finances but also transform communities,” he said.
To join Kasangati Divine Members SACCO, applicants need a national ID photocopy, two passport photos, a registered mobile phone number, a guarantor, and an initial deposit starting from as low as UGX 20,000.
