The SACCO achievements through this period are provided below:

 SACCO total assets grew from UGX xx billion in 2020 to UGX xx

billion in 2024, a growth of about UGX xx billion representing a x%
increase.
 Member earnings grew by xx% during the plan period.
 The SACCO loans performed well with a portfolio risk of only xx%.
 Received benchmarking Parliamentary delegations from Zambia
and Tanzania seeking to understand the exponential growth and
performance of the SACCO.
 Dedicated participation in foreign SACCO activities through
attending various workshops, conferences, training and exchange
visits to Kenya, Tanzania, Malawi, Botswana and Thailand. The
Board benchmarked and borrowed best practices that have been
used during the period.
 The Board is spearheading the advocacy of lobbying to ensure fair
regulation of the SACCO sector through lobbying for tax waivers.
 For enhanced service delivery, the Board introduced the SACCO’s
senior accountant Mr. Agaba Herbert to the banks to be the
SACCO’s 6th signatory to the SACCO accounts.
 The SACCO continued to fully meet members’ financial needs
without any external gearing and to pay its obligations to its
members in terms of interest, dividends and bonuses.
 The Board ensured that all the remittances were cleared as
withholding tax to URA for improved tax compliance.
 The Board reduced interest rates on long term loans from 23% pa
to 22% pa effective 12th November 2021.
 The SACCO successfully sold out the remaining plots in its estate of
251 plots at Kitukutwe, Kira Municipality.
 The Board and staff participated in education and capacity building
sessions in areas of data management, analysis and reporting
 The Board undertook a training in performance management plans
while also drafting procurement, capitalization and risk
management policies for the SACCO. The Board also undertook
training on investment in unit trusts by Capital Markets Authority.
 To ensure better service delivery, the Board amended the SACCO
organizational structure together with the staff salary and
allowance structures.
 The Board successfully reviewed the existent institutional policies
and frameworks including the SACCO strategic plan, Finance and
accounting manual, Lending and collection policy, Investment
policy, Human Resource Management policy and staff regulations
and code of conduct. The Board also added to the following; i)
Procurement policy; ii) Capitalization policy; iii) Risk Management
policy; iv) Board Members’ facilitation and expenses policy; v) Code
of conduct and business ethics for the Board and lastly vi) Burial
policy.
 In line with corporate social investment, the SACCO provided a plot
of land at the estate in Kitukutwe for the construction of a police
post.
 Membership: The SACCO membership grew by 65 members
 Portfolio growth: Loans had grown from UGX 12.313 billion to
UGX 19.168 billion representing 56% increment; Savings had
grown from UGX 13.964 billion to UGX 23.827 billion representing
71% increment; Shares had grown from UGX 1.797 billion to UGX
2.376 billion representing an increment of 32%.
 Liquidity of the SACCO: During the year the SACCO was able to
meet all the financial expectations of its members.
 Sale of plots at Bulindo: During the year under review, the
SACCO was able to sell 60 plots at Bulindo at a total cost of UGX
2.009 billion out of which UGX 653.581 million was profit to the
SACCO as depicted in the audited accounts. The SACCO was left
with only 63 residential plots and 4 commercial plots at a total
value of UGX 1.659 billion.
 Tax waiver on all SACCOs: The Chairperson informed the
meeting that Government had allowed a tax waiver for all SACCOs
in the country for 10 years. However, Government had tried to
reverse this decision when they attempted to reinstate income tax
during the year. The Uganda Parliamentary SACCO led the efforts
regarding the tax waiver and proposed that the 10 years start from
the year 2018.
 Election to the Chair UCSCU Board: The Chairperson of the
Parliamentarian’s SACCO had been elected as the chairperson to
the Board of UCSCU during the union’s AGM held on 28 th
September, 2018.
 Additional staff and office space: The SACCO recruited an
additional staff member (Claire Luwedde) as the new operations
officer and she assumed office on 1st August 2018. Furthermore,
additional office space was secured for SACCO operations in the
Basement Floor of the Parliament building South wing.
 Board members’ facilitation and expenses policy: The
Chairperson informed the meeting that a new policy on the Board
members’ facilitation and expenses had been drafted to ensure that
Board members’ facilitation is well streamlined so that
management has a clear policy on it. The Chairperson presented it
to the meeting and it was approved and adopted.
 Reduction in interest rates: There was a reduction in interest
rates after a market survey was undertaken as follows; i) Short
term loans (up to 12 months) from 18% pa to 16% pa; ii) Long term
loans (over 12 months) from 24% pa to 23% pa; iii) Interest on fixed
savings (12 months) from 10% pa to 9% pa; iv) Interest on fixed
savings (24 to 36 months) from 11% pa to 10% pa; v) Interest on
fixed savings (over 36 months) from 12% pa to 11% pa; and lastly
vi) Interest on regular savings at 6% pa.
 Transportation: The SACCO procured a new van costing UGX 102
million as a replacement for the disposed old van.
 Membership: The SACCO membership grew by 33 members
 Portfolio growth: Loans had grown from UGX 19.168 billion to
UGX 21.911 billion representing 14% variance; Savings had grown
 from UGX 23.827 billion to UGX 30.177 billion representing 21%
increment; Shares had grown from UGX 2.376 billion to UGX 2.759
billion representing an increment of 14%.
 The SACCO introduced the SACCO’s senior accountant Mr. Agaba
Herbert to the banks to be the SACCO’s 6 th signatory to the SACCO
accounts. He was granted permission to authorize cheques for
savings withdrawals not exceeding UGX 10 million only.
Furthermore, he can only sign with two other signatories.
 The fixed deposits with banks stood at UGX 18.5 billion.
 The Uganda Parliamentary SACCO was at the forefront of
advocating for fair regulation of the SACCO sector.
 The Chairperson informed the meeting that during the year, total
assets grew from UGX 33.525 billion to UGX 42.303 billion (a
growth of UGX 8.8 billion representing an increase of 26% with
internally generated resources. This coupled with 23% of members’
earnings is assurance that the business is very healthy and growing
exponentially. Loans have performed well and portfolio at risk is at
2.5% only. The loan protection fund stands at UGX 2.420 billion and
it is also part of the SACCO’s working capital implying sufficient
protection of our loans.
 During the year, the Board members and staff got exposure through
workshops, conferences, training and exchange visits to Kenya,
Tanzania, Malawi, Botswana and Thailand to benchmark best
practices of operation some of which are already being applied.

The SACCO challenges through this period are provided below:

 The SACCO savings were affected after paying URA tax arrears
amounting to UGX 1.968 billion which left the SACCO with only
UGX 127.409 million as savings from the tax waiver.
 The SACCO wrote off loans of three people who were deceased
which affected the growth of the Savings portfolio.
 The SACCO’s rebranding hasn’t yet been completed
 Online banking recommendations haven’t yet been implemented as
studies portrayed that this activity would be costly to the SACCO.
 There are inconsistencies in the legal frameworks particularly the
Tier 4 microfinance and money lenders act 2017 which puts big
SACCOs under Bank of Uganda and delinks them from Ministry of
Trade where smaller SACCOs and other co-operatives remain.
 SACCOs are now being torn between three regulators who are
Bank of Uganda, UMRA and Ministry of Trade. There are also two
conflicting laws regulating SACCOs; The Tier 4 microfinance and
money lenders act and the Co-operative Societies Amendment Act
2017.