The Namilyango College Old Boys Savings and Credit Cooperative Society (NACOBA SACCO) increased its asset base by 12 percent to Shs4.45 billion during the 2025 financial year, despite economic challenges that slowed borrowing and real estate sales.
The figures were presented during the SACCO’s 11th Annual General Meeting (AGM) held at Silver Springs Hotel in Bugolobi, where members reviewed performance for the year ended December 31, 2025, adopted the audited financial statements and approved key resolutions.
According to the annual report, total assets rose from Shs3.98 billion in 2024 to Shs4.45 billion, driven by growth in members’ savings, share capital and investments.
Board Chairman Denis Owor Obonyo said the cooperative maintained steady growth across several performance indicators despite a difficult operating environment.
Membership increased by eight percent from 572 to 619 members during the year after 49 new members joined the SACCO, while only two members exited.
Members’ savings grew by 11 percent from Shs2.61 billion to Shs2.9 billion, while the loan portfolio expanded by four percent to Shs1.36 billion from Shs1.31 billion in the previous financial year.
However, total income before savings interest expenses declined by seven percent to Shs730.6 million from Shs782.4 million in 2024.
The SACCO attributed the decline to slower economic activity ahead of Uganda’s general elections, which affected borrowing by members and demand for land.
The annual report noted that while the remaining 24.5 percent of plots in the Nakasajja Phase I Estate were sold during the year, sales at the Kalagi-Bunyiri Estate in Mukono District progressed more slowly because of subdued economic activity.
NACOBA SACCO launched the Kalagi-Bunyiri Phase I Estate during the year, offering 99 plots for sale. By the end of the financial year, 22 percent of the plots had been sold. Management told members at the AGM that sales have since reached 50 percent.
The board proposed paying members an annual savings interest rate of 12.07 percent, up from 11.52 percent in 2024, translating into a Shs350 million payout compared to Shs300 million the previous year.
Shareholders are also expected to receive dividends totaling Shs52.3 million, up from Shs49.9 million in 2024. The proposed dividend represents 10 percent of the SACCO’s total share capital and share premium of Shs523 million.
Looking ahead, the cooperative plans to diversify its investments into government securities, strengthen loan recovery, recruit more members and implement a new strategic plan covering the period from 2026 to 2031.
The SACCO also plans to intensify legal action against chronic loan defaulters after reducing non-performing loans from Shs209 million to Shs185 million during the year.
To improve service delivery, NACOBA SACCO has introduced a new Management Information System that will enable members to access account statements, apply for loans and submit withdrawal requests remotely.
Obonyo said the SACCO remains focused on safeguarding members’ savings while pursuing sustainable growth.
“I am proud of what our SACCO has accomplished despite the challenges we faced. We appreciate the trust and loyalty of our members and look forward to working together to strengthen our brand and secure a sustainable future,” he said.
