Teachers’ Savings and Credit Cooperative Organizations (SACCOs) in the Busoga subregion are set to benefit from a significant financial boost, with each district SACCO receiving Shs500 million under the Presidential Initiative for Teachers. The funding aims to strengthen SACCOs’ capital base and improve teachers’ access to affordable credit, ultimately enhancing their livelihoods and financial independence.
Speaking during a recent stakeholder engagement, Caroline Atai, the General Manager of Walimu Cooperative Union Limited, emphasized that the initiative is part of broader efforts to empower teachers economically through accessible and low-interest loans.
“These evolving funds aim to uplift teachers and their households by providing opportunities for affordable credit,” Atai stated, noting that the program supports both personal welfare and income-generating activities.
Stephen Olinga, National Vice Chairperson of the Union, reiterated the importance of SACCOs in improving teachers’ financial stability. He announced the rollout of a digital loan disbursement system to enhance transparency, eliminate duplication, and streamline operations across SACCOs nationwide.
He also praised SACCOs such as Amuria Teachers SACCO and Kumi Progressive SACCO for their excellent loan repayment discipline, which has earned them additional funding from the Union.
Resident District Commissioner of Mbale, Stanley Bayole, expressed his appreciation for the initiative and thanked President Yoweri Museveni for his continued support. Bayole noted that over Shs25 billion has already been injected into the Walimu Cooperative initiative to transform the lives of teachers.
“I thank President Museveni for changing teachers’ lives through this financial support. I’ve assigned people to monitor how this money is being used to prevent loan misuse. This is a revolving fund, and accountability is key,” Bayole emphasized.
Bayole was recently elected to serve on the Walimu Elders Committee for the Busoga subregion. In this role, he will mediate between the Walimu Cooperative and local SACCOs to follow up on defaulted loans.
“This time, I’ve taken on the responsibility to help Walimu recover bad loans. Teachers who disappeared with SACCO funds should prepare to repay. This fund must remain sustainable so other teachers can also benefit,” Bayole warned.
Moses Omagor, Chairperson of Amuria Teachers’ SACCO, attributed their 97% loan repayment rate to strict vetting processes, collaboration with education officials, and peer monitoring.
“Our SACCO started with Shs280 million, and now we have just Shs60 million outstanding. With the new Shs500 million, we’ll extend loans to more members,” Omagor said.
He noted that teachers have successfully invested in poultry farming, goat rearing, retail businesses, and paying school fees—ventures that have improved household resilience.
The funding is expected to spur teacher-led enterprises, promote financial inclusion, and stimulate local economic activity across the subregions. SACCO leaders were urged to shield their organizations from political interference and maintain strict financial discipline to ensure sustainability and trust within the cooperative movement.