Hope for Co-operative Bank revival as board launched

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The long-awaited revival of Uganda’s Co-operative Bank has taken another step forward with the launch of a new board, now operating as National Co-operative Savings and Credit Ltd Uganda under Tier 4 microfinance regulations. 

The board, established to steer the bank’s resurrection, was officially constituted at the Uganda Co-operative Alliance in Kampala on November 21, 2025, marking improved hopes of restoring a financial institution shuttered in 1999.

Co-operatives state minister Fredrick Ngobi emphasised the bank’s potential to transform rural economies, urging the board to prioritise strategies that attract farmers and small-scale entrepreneurs. 

The state minister in-charged of Cooperatives Fredrick Ngobi addressing member of the National Cooperative Savings and Credit Ltd Uganda during the election of new board members at Uganda Cooperative Alliance Kampala, November 19, 2025. (Photo by Wilfred Sanya)

“This institution must become a lifeline for those excluded from mainstream banking,” he said, noting its initial operation as a Tier 4 entity, a regulatory category focused on serving low-income individuals and small businesses.

Ngobi praised the board’s formation, calling it a historic step toward fulfilling Uganda’s economic, social and political goals. He also addressed recent political overtures, stating, “Some presidential candidates are trying to claim credit for reviving the bank, but President Yoweri Museveni already launched it on September 18. This is not a political project—it’s a cooperative one.”

Board structure and vision

The newly elected board is:

• Chairperson: Ivan Asiimwe
• Vice Chairperson: Gen. Sam Kavuma (Wazalendo SACCO)
• Treasurer: Mureeba Methods (Parliamentary SACCO)
• Dr Wilson Omoding Otuna (Exodus SACCO)
• Nabende Steven (Walimu Cooperative Union)
• Sylvester Ndiroramukama (UCSCU)
• Oyugi Jackson (West Acholi Cooperative Union)

The board aims to capitalise the bank with shillings 50 billion within its first three months, sourced from member SACCOs. Members must invest shillings one million (10 shares of shillings 100,000 each) to join, with eligibility open to all SACCOs nationwide.

Supporting farmers, building trust

Asiimwe outlined plans to empower farmers through their SACCOs. 

“We’ll build storage facilities for crops, enabling farmers to use their produce as collateral for loans,” he said. 

“This will help them grow their capital without relying on exploitative private lenders.”

John Tenywa, a vendor at Nakawa Market, echoed this sentiment: “Many farmers lost their businesses to high-interest loans from private banks. If this is our cooperative bank, we expect fair terms and support.”

Ngobi urged the board to streamline decision-making, reduce bureaucracy, and attract external investors within six to 12 months. 

“Operate efficiently, offer quick loans, and ensure liquidity to meet client needs,” he said. “This bank must be felt from Kampala to the remotest villages.”

The revival of the Cooperative Bank, once closed due to capital shortfalls, now faces the task of rebuilding trust and fulfilling its mandate to drive financial inclusion. With farmer-focused strategies and a cooperative-driven model, it aims to reignite economic growth—this time, on firmer ground.