By our reporter
Kyamuhunga Peoples Credit Savings and Credit Society Ltd (KYAPS) yesterday held its 25th annual general meeting (AGM.)
KYAPS is one of the giant SACCOs in the Country taking the 4th position.
KYAPS has a membership of over 45000 spread in 10 branches. It now operates in 7 Districts of Bushenyi, Mitooma, Rubirizi, Kamwenge, Kyenjojo, Ntungamo and Kanungu. This year KYAPS is opening in Mbarara City. In August this year, KYAPS will hold a mega function to celebrate its Silver Jubilee (25years) to celebrate its major milestones.
At the celebrations, it will also unveil its new home/offices to house Headquarters.
Addressing the delegates, the Wazalendo SACCO Chief Executive Officer Col.Fred Onata commended KYAPS for the sustained growth and remaining a model in the Country and in the region in the field of Micro finance.
“Where would you be had it not been KYAPS? How would the community especially this of Kyamuhunga be had it not been KYAPS” Oneta asked the delegates as he encouraged them to intensify mobilisation of savings and shares to make the Institution self sustaining and retain the profits which are taken by commercial banks where KYAPS borrows.
Oneta encouraged shareholders of KYAPS to take the Institution as a God given opportunity for the social and economic transformation of their families.
He commended the SACCO’s leadership led by the Chairman Board of Directors Paul Kahiigi for steering well the growth.
Presenting the 2023 annual report, Kahiigi said amidst the economic challenges that have hit the different sectors especially the tea industry, they have managed to post a profit of over Shs2.281Billion.
Kahiigi commended government for its 2017 policy of waiving off the 30% Corporation tax a decision he said has given SACCOs some ‘breathing space.’ He said so far, KYAPS has saved about Sh2.5Billion that would have been taken by government/URA inform of tax.
The KYAPS General Manager Atwijukire JohnBosco said they are conducting a research to find out a number of interventions they can implement to bail out the tea farmers/sector and other sectors.
The members/shareholders implored the SACCO’s leadership/management to look beyond the provision of financial services but also tackle the social challenges like the non communicable diseases like cancer which have become a serious threat to lives. Atwijukire said they have already rolled out Tuhwerane Health Scheme plus implementing other Corporate social responsibilities like school fees bursary scheme where they have paid school fees of 38 needy students. This year, they plan to sponsor 17needy students enrolling for vocational technical education and nursing courses. End.
