By Patrick Okino
Dokolo North Welders Emyooga Saving and Credit Cooperative Society (SACCO) in Dokolo District has grown from a modest group of 45 members into a strong community credit facility with a loan portfolio of Shs372 million.
Located at Agebo ‘A’ Cell, Amuda Central in Agwata Town Council, the SACCO provides loans of up to Shs20 million at a low interest rate of 1 per cent per month, a factor that has attracted many members and boosted business growth in the area.
The SACCO was established in 2021 with an initial membership of 45 people, each contributing Shs20,000, raising Shs900,000 in start-up capital. Four years later, membership has grown to 420, with a loan portfolio exceeding Shs300 million.
The chairperson, Bosco Ogwal Nony, said the SACCO received seed capital of Shs30 million from the Microfinance Support Centre in 2021, from which it realized a profit of Shs2 million.
“That success motivated us to dream bigger because we recovered Shs32 million from the loans issued to our registered members,” Ogwal said.
Since then, the SACCO has continued to register positive growth and now aims to expand into a fully-fledged bank in the future.
Currently, the SACCO has received a total seed capital of Shs70 million from the Microfinance Support Centre. It has accumulated savings of Shs210 million, membership fees totaling Shs2.4 million, subscriptions of Shs6 million, agent banking and shares worth Shs6.2 million, and interest earnings of Shs87 million.
Ogwal attributed the SACCO’s growth to regular meetings, honest and accountable leadership, voluntary savings by members, transparency, and allowing members to audit the SACCO’s operations.
The SACCO has also invested in assets, including three motorcycles, six tents, 500 chairs, a plot of land at Agwata Town Council, two welding workshops, and a public address system. These assets are hired out to generate additional income.
“Our SACCO is steadily growing, and members are happy. However, we want to increase membership to 1,000 by 2026,” Ogwal said.
Despite the progress, the SACCO faces challenges such as loan defaulting, delays in obtaining clearance from the district, and poor saving culture among some members.
“Some members only save when they want a loan, which makes it difficult to trust them with money,” Ogwal explained.
He also noted that withdrawal approvals are handled at the district level, leading to delays that sometimes discourage members who need funds urgently.
To address loan defaulting, the SACCO confiscates assets, takes some defaulters to court, or restructures repayment schedules where possible.
Ogwal thanked President Yoweri Museveni for the Emyooga initiative, which focuses on job creation and wealth generation, and appreciated the Ministry of Trade, Industry and Cooperatives for providing policy guidelines that support cooperatives.
Members have also testified to the SACCO’s positive impact. Betty Akello, who joined in 2023, said she has received loans twice, which have helped grow her second-hand clothes business.
She recently applied for Shs4 million to expand her business and support house construction.
Agnes Ajor said the SACCO enabled her to pay university fees for her child after accessing loans of Shs1 million and later Shs2 million.
David Akobe credited the SACCO’s unity for its rapid growth and popularity in the Lango sub-region, noting that access to credit is much easier than in commercial banks.
The Resident District Commissioner, Barbara Akech, praised the performance of Emyooga SACCOs in Dokolo, citing Dokolo North Welders and Dokolo North Catering Services as outstanding examples.
She said their good records earned them additional funding of Shs20 million each.
“As an RDC, I am proud to see young people using these opportunities to grow their SACCOs and improve their lives,” Akech said, while cautioning beneficiaries against mismanaging funds.
Akech urged beneficiaries to work hard to ensure that the funds grow into a strong microfinance institution.
She noted that many commercial banks started as Village Savings and Loan Associations (VSLAs) and later graduated into fully-fledged banks due to consistency and discipline. She advised members to repay their loans with interest so that others can also benefit from the revolving fund.
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