The government has officially launched the National Cooperative Savings and Credit Society Ltd., a strategic initiative aimed at strengthening Uganda’s cooperative movement and promoting financial inclusion.

The launch was presided over by the Minister of Trade, Industry, and Cooperatives, Hon. Francis Mwebesa, who emphasized the critical role of unity and a strong culture of saving among cooperatives in driving national development.

In a move aimed at revitalizing the cooperative movement and enhancing access to affordable financial services, the government has launched the National Cooperative Savings and Credit Society Ltd.

The initiative was officially unveiled by the Minister of Trade, Industry and Cooperatives, Hon. Francis Mwebesa.

Mackay Aomu, Director of the Non-Bank Financial Institutions Department at the Bank of Uganda, delivered a speech on behalf of the Governor, in which he acknowledged the vital role that cooperatives have played in driving economic empowerment and transformation across communities.

Council Tumuhaise Ferdinand from Kampala Associated Advocates stated that the legal framework governing SACCOs remains disorganized, making regulation difficult.

He noted that the Uganda Communications Commission (UCC) faces challenges in effectively regulating SACCOs due to these legal gaps.

 According to Lt. Gen. Andrew Gutti Kavuma, Chairman of the Board of Governors of Wazalendo Savings and Credit Cooperative Society Ltd., the continued success of Wazalendo can be attributed to several key factors.