The Buganda Kingdom’s Powesa Sacco achieved a remarkable revenue growth, soaring from Shs 1.1 billion in 2023 to Shs 2.6 billion in 2024.
The Sacco’s chairman of the board, Rashid Musisi Ssemanda, announced that this growth led to a significant rise in net profit, from Shs 23 million in 2023 to Shs 303 million in 2024 before dividends, reflecting an impressive 1,217 percent increase.
Ssemanda highlighted that the Sacco’s total loan portfolio grew by 43.4 percent, reaching Shs 7.6 billion in 2024 from Shs 5.3 billion in 2023. He attributed this success to growing member trust, confidence, adoption of a savings culture, proactive utilization of satellite offices, and their relevance to members.
“The Sacco’s membership grew by 18.3 percent, rising from 23,788 members in 2023 to 28,140 members in 2024. Additionally, total assets increased by 43 percent, from Shs 11.3 billion in 2023 to Shs 16.1 billion in 2024,” Ssemanda emphasized.
The Sacco’s treasurer, Christopher Galiwango, added that total banking transactions surged by 53 percent, from Shs 24.3 billion in 2023 to Shs 37.2 billion in 2024.
Galiwango projected that the total operating income for the fiscal year 2025 would reach an impressive Shs 5 billion. He noted that this income would be generated through various channels, including loan fees, commissions from financial services, interest from the loan portfolio, and other non-financial income sources.
The deputy registrar of Co-operatives at the ministry of Trade, Industry and Co-operatives, Robert Mpakibi Waiswa, reminded the Sacco leaders that the government’s tax holiday will expire in 2027, urging them to prepare for tax obligations starting in 2028.
The Sacco’s General Manager, David Herbert Ssentumbwe, noted that despite a challenging operating environment in 2024, marked by high operational costs, increased competition, and rising group fraud, the Sacco performed exceptionally well across most key parameters.
