Nazigo Savings and Credit Cooperative was born! Well, back in 2005, a group of teachers in Nazigo, Uganda, faced a challenge and they needed financial services, but the nearest banks were miles away. Their solution? They took matters into their own hands and pooled their meagre resources, proving that sometimes, you just got to make your own luck.
Thus, Nazigo Savings and Credit Cooperative (Sacco) was born! Starting small, they initially offered loans capped at a modest Shs300,000. Fast forward to today, and this teacher-powered initiative has blossomed into a beacon of financial hope for thousands.
This Nazigo Savings and Credit Cooperative Sacco boasts over 10,000 members across three branches, with a whopping Shs1.88 billion in loans disbursed. They even have their own building talk about a glow up!
But it’s not just about the numbers. Nazigo Savings and Credit Cooperative Sacco is a shining example of community upliftment. They provide vital funding for farmers like Ibrahim Muyomba and Siruyi Abdu Mafabi, who have used the loans to expand their businesses and improve their livelihoods.
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The Sacco’s success is a true definition of to the power of collaboration and shared vision. With support from organizations like the Microfinance Support Centre (MSC), they’ve built a sustainable model for financial inclusion, setting a stellar example for other Saccos to follow.
