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Maj. MacDans with SACCO members
Maj. MacDans Kamugira (L) interacts with members of MUYOKA. Photo by Albert Tumwine

Wealth Creation: Kampala SACCO Named After Museveni Takes Lead

“You have chosen that name Museveni Yoweri Kaguta (MUYOKA); you have to be sure not to fail because the owner of that name has never failed,” said Maj Kamugira.
posted onSeptember 19, 2017
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By Albert Tumwine

A Savings and Credit Cooperative Organization (SACCO) that derived its name from the first two letters of each of President Museveni’s three names has been encouraged to work toward becoming an established bank as well as inspire other savings groups.

Maj. MacDans Kamugira, the civil military relations officer visited the group on Saturday at their offices in Mengo to check on their activities and assess their progress.

Maj. Kamugira was sent by the office of the Senior Presidential Advisor on Special Operations Maj. Gen. Muhoozi Kainerugaba and he was accompanied by the office spokesman who also speaks for the Special Forces Command Maj. Chris Magezi.

“We are happy to see how serious you are with work and we appreciate that you have demonstrated that you understand the president’s message to stay together and grow together,” said Maj. Kamugira, adding, “for a group of 1200 people to come together and keep together is not easy.”

Muyoka is one of the projects under President Museveni’s ‘Skilling Uganda Programme’ which aims at financially or otherwise supporting skilled Ugandans  to lift them out of poverty.

While referring to Centenary Bank, Maj. Kamugira told the members of the SACCO to work hard so that they can grow into a bank.

The officers encouraged members of MUYOKA to maintain discipline in order to grow into a formidable financial group. Photo by Albert Tumwine
The officers encouraged members of MUYOKA to maintain discipline in order to grow into a formidable financial group. Photo by Albert Tumwine

“Centenary Bank started as a SACCO, you should also work toward becoming a fully-fledged bank. We have entered the Muyoka family and we shall not leave. We want to help you grow-we want to grow with you,” said Maj Kamugira.

He also encouraged members of the SACCO to maintain a culture of keeping proper records and holding regular meetings with stakeholders, saying it helps to hold the leaders accountable.

“Some SACCOs never meet and they end up losing track. The leaders take and use the money without the knowledge of the members yet they (SACCO members) are the owners of that money.

Your SACCO is doing well and its one of the best, we shall report to Gen. Muhoozi and also to the president,” said Maj. Kamugira.

Maj. Kamugira warned the members of the SACCO that failing was not an option for them since they decided to use President Museveni’s name.

“You have taken that name (MUYOKA), you have to be sure not to fail because the owner of that name has never failed,” he said.

Members of the SACCO thanked President Museveni for continued financial support, promising to grow Muyoka beyond the five divisions of Kampala where the SACCO operates currently.

Ms. Nakku Rose Kafeero, the chairperson of Muyoka said that President Museveni has injected Shs150M into the SACCO in order to benefit more people.

“The president has also bought all equipment needed by people involved in various projects. Everything is in the store and His Excellency will hand them over to us officially at an appropriate time,” said Ms Kafeero.

She added that the SACCO is focused on improving people’s livelihoods through providing low interest loans in a non-discriminatory manner.

 

 

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