Embrace a saving culture, Ibanda journalists urged

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Journalists in Ibanda district have been challenged to embrace the saving culture as one of the ways to safeguard their future. Ibanda Municipality principal commercial officer Deo Tugume says saving enables one to create capital for future investment.

Speaking during the Ibanda Municipality Journalists Emyooga Saccos annual general meeting on April 28, 2026, Tugume also urged the leaders to strengthen loan appraisal and recovery systems, saying this could help to solve the challenge of loan defaulters. 

He also cautioned Emyooga SACCOS leaders against practices that can lead to the collapse of the government-supported groups.

2025 performance

Loan defaulting is one of the issues that is holding back the group’s growth, said board chairman Sam Bolya during the meeting.

He added that the SACCOS was, however, able to post a modest profit for the year ended December 2025 despite the challenges, underlining its resilience amid growing challenges.

The SACCOS recorded a net profit of shillings 1.166 million last year, showing an increase from shillings 961,935 in 2024. Bolya attributed the growth in profit largely to a drop in operating costs that eased to shillings 2.89 million, down from shillings 3.316 million in 2024.

He said gross operating income was at shillings 7.05 million compared to 6.558 million the previous year, while net income was 3.29 million, down 3.66 million.

The SACCOS' loan portfolio rose to sh78.75m compared to sh71.82m in 2024. Its share capital is at sh4.39m, while member savings rose to sh7.1m, up from sh4.99m previously.

The Saccos has so far received sh70m from the government as seed capital. No dividends were declared, and the money will be reinjected into the Sacco that is still in an infant stage. 

Meanwhile, the chairperson of Ibanda Municipality Emyooga SACCOS, Grace Ngonzi, urged the journalists to use the media platforms they work for to mobilise more members.

She added that numbers are key to driving savings. Ngonzi also noted that the group’s modest profit was a result of poor loan servicing, calling for innovative ways during loan recovery.

“Many people fail to pay back the money because they get loans without plans for what they will use it for to generate income. So, the loans committee should always do a thorough assessment to ensure only deserving members with clear business plans get loans,” said Ngonzi.

She also advised the group to introduce initiatives like compulsory saving for board members to bolster capital base. She argued that such an approach also creates commitment among the leaders.