Nakasongola SMEs tipped on long-term growth

NAKASONGOLA - Over 36 Emyooga SACCOs from Nakasongola district have been urged to strengthen their bookkeeping, governance and auditing practices to ensure sustainability and unlock further government support.

Speaking during a mass Annual General Meeting (AGM) at the Nakasongola district headquarters on April 16, 2025, Resident District Commissioner (RDC) Festus Bandeba emphasised that proper financial management is key to securing future funding.

“The Government is closely monitoring SACCO performance before issuing any additional support,” Bandeba said, adding: “Some people initially misused the funds, assuming they were handouts. That mindset must change. We expect accountability, and where funds are misappropriated, we will recover them.”

He revealed that Nakasongola district received over shillings 4.29 billion under the Emyooga programme and could receive more funding if SACCOs maintain transparency and proper utilisation of resources.

Tadeo Atuhura, the communications manager at the Microfinance Support Centre (MSC), said the mass AGM concept plays a vital role in strengthening institutional capacity.

“This approach promotes leadership, governance and accountability. It is part of our broader goal to build SACCOs that can drive socio-economic transformation,” Atuhura said.

Some of the participants in Emyooga SACCOs in Nakasongola holding their AGMs.

He added that MSC works closely with district commercial officers to support SACCOs and ensure they align with best financial practices.

Nakasongola principal commercial officer Namwanje Jessica said audit performance among SACCOs has significantly improved—from just 2% five years ago to 50% today. She attributed initial challenges to political misperceptions.

“When the funds were introduced around the election period, many beneficiaries believed it was a political gift from the ruling party,” she said. “However, those who treated it as a business opportunity have made the most of it and are now seeking further investment.”

Namwanje highlighted the success of groups such as produce dealers, who have demonstrated strong loan repayment and a clear understanding of the programme’s purpose.

Christine Erumbi, the district’s senior commercial officer, said SACCO members are involved in various projects, including goat rearing, poultry, fish farming, crafts, and market vending. With MSC’s support, these groups have received training in bookkeeping and recordkeeping.

“This training has empowered them to track their income and expenses, helping them make informed business decisions,” Erumbi said.

The AGM served as a platform to reinforce financial literacy and organisational development as critical components for the long-term success of SMEs and SACCOs in the district.