NAKASEKE, Uganda — Residents of Ngoma Sub-county in Nakaseke District have been urged to embrace Savings and Credit Cooperative Organizations (SACCOs) as a reliable avenue for saving, accessing affordable credit, and improving household incomes following the official opening of the Masindi District Farmers Association (MADFA) SACCO branch in the area.
The appeal was made by Nakaseke District Commercial Officer Samuel Kyalimpa, who officiated at the launch of the new branch on Tuesday. He described the establishment of the office as a major milestone in improving financial inclusion, noting that Ngoma Town Council has no commercial bank, leaving many residents with limited access to formal financial services.
Kyalimpa encouraged residents to cultivate a saving culture and borrow responsibly to invest in productive ventures that can transform their livelihoods.
“Other areas have banks, but since MADFA has opened a branch here, residents should make good use of it by saving and borrowing responsibly for development,” he said.
He also urged the MADFA Board to strengthen partnerships with existing cooperative societies across Nakaseke District to expand membership and increase access to affordable financial services, noting that many residents have been travelling long distances to Masindi and Kiboga districts for banking services.
The new branch was established in response to repeated requests from residents, according to Nicholas Oyoma Sunday, the Branch Manager of MADFA SACCO Ngoma.
Oyoma said members from Ngoma have for years travelled to Kijunjubwa in Masindi District to make deposits, withdraw savings, and access loans, a challenge that has now been addressed through the opening of the new office.
“The community has been appealing for the opening of the branch in their area, and we want to thank MADFA for considering their request. Members have been trekking long distances for services, but now they have been relieved, and we want to assure them of better services,” Oyoma said.
He added that the branch will bring financial services closer to farmers, traders, and other residents, making it easier to save, access affordable loans, and benefit from other SACCO products while reducing transport costs and travel time.
Ngoma Town Council Deputy Mayor Shamirah Nalumega welcomed the expansion but acknowledged that restoring public confidence in SACCOs remains a challenge after many residents lost millions of shillings to fraudulent savings schemes.
Nalumega, who is also a MADFA member, said although she has been mobilising residents to join the SACCO, some remain hesitant because of their past experiences with collapsed financial institutions.
Echoing the concern, Kiruli Zone LC I Chairperson Ronald Muwanga called on MADFA to intensify financial literacy programmes to ensure members borrow responsibly and invest loans in income-generating activities.
“Residents still have wounds after being scammed by Najjembe SACCO. You should assure us that our money is safe and continue sensitizing members on financial discipline because some borrow money and divert it to unintended projects,” Muwanga said.
Responding to the concerns, MADFA Chief Executive Officer Bob Muzoora assured residents that their savings are secure, explaining that the SACCO is licensed by the Bank of Uganda and that members’ deposits are protected under the Deposit Protection Fund of Uganda.
Muzoora said MADFA began in 2005 as a Village Savings and Loan Association with only 30 members and has since grown into one of the region’s leading SACCOs with more than 26,000 members.
He said the SACCO remains committed to improving livelihoods by supporting farmers and strengthening cooperative societies. As a member-owned institution, he added, MADFA will hold a Pre-Annual General Meeting for members in Ngoma before the main AGM to ensure greater participation in decision-making.
Muzoora also revealed that MADFA has partnered with Kigumba Cooperative College to offer children of members half-bursary opportunities, a move aimed at increasing access to education for cooperative members’ families.
Nakaseke District MADFA Delegate Musa Mulondwa welcomed the new branch, saying it will save members the cost and inconvenience of travelling to Kijunjubwa and Masindi for routine financial transactions.
“Members have been trekking long distances to deposit, withdraw money and acquire loans, but now we are relieved because we have a branch here. MADFA is here to stay, and I assure residents that it has been serving members well in other areas,” Mulondwa said.
MADFA Board Chairperson Joseph Bazaale Aliguma said the Ngoma office becomes the SACCO’s seventh branch, joining existing branches in Masindi, Kiryandongo, Buliima in Hoima District, Kijunjubwa, Hoima City, and Kikuube District.
He said the expansion is part of MADFA’s strategy to bring affordable financial services closer to communities and thanked Nakaseke District leaders for supporting the establishment of the new branch.
The opening of the Ngoma branch is expected to deepen financial inclusion in Nakaseke District by increasing access to savings and affordable credit, while supporting farmers, small businesses, and other community members in improving their livelihoods through cooperative financing.
