Saccos Call For Cooperative Bank Revival

The Uganda Cooperatives Alliance wants the government to fast-track the
revival of the Cooperative Bank, which was closed over two decades ago. 
Johnas Tweyambe, Chairperson of the Uganda Cooperatives Alliance, has
stressed the urgent need to re-establish the bank to support the growing
cooperative movement. He was speaking at the 103rd International
Cooperative Day celebrations at Booma Grounds in Fort Portal City.
The Cooperative Bank was closed in May 1999 by the Bank of Uganda due
to inadequate capitalisation and insolvency, estimated at Shs4.8 billion by
December 31, 1998. 
Tweyambe says the Alliance has clear and actionable resolutions to
support the bank’s revival and has secured Shs 100 million as startup
capital. Having a financial institution will enable the cooperatives to access
affordable and appropriate financing.
State Minister for Cooperatives, Fredrick Gume Ngobi, responded that the
government has initiated steps to revive the bank and has set up a steering
committee to oversee the process. 
He noted the significant growth of cooperatives in recent years, especially
following the rollout of the Emyooga program, which has boosted the
culture of savings across the country.

Representing President Yoweri Kaguta Museveni as the chief guest, State
Minister for Trade, Gen. Wilson Mbasu Mbadi, urged cooperatives to
maintain strong governance and transparency to thrive and sustain long-
term impact. According to the Ministry of Trade and Cooperatives, Uganda
is home to over 47,000 registered cooperatives, with a membership
exceeding 15 million people.
This year’s national celebration was held under the theme “Driving
Inclusive and Sustainable Solutions for a Better World.”