On March 28th, 2025, SteadFin Uganda SACCO convened its 8th Annual General Meeting (AGM). The event highlighted SteadFin’s resilience, strategic growth, and continued commitment to financial empowerment.
Key Highlights:
Membership growth and recognition: The meeting opened with warm recognition of 112 new members who joined the SACCO in 2024, including youth, spouses, and individuals outside the traditional bond. Their inclusion marked a strategic step forward in deepening membership and building a more inclusive cooperative community.
CEO’s Address: A Year of Innovation: CEO Mercy Tumukunde delivered an inspiring address that highlighted 2024 as a year of innovation. From the successful launch of the School Fees Loan and Bank Loan Buyout product to the expansion of the Sonde Hill View Estate and the establishment of the SteadFin Women’s Forum, it was clear that the SACCO was not just growing – it was evolving.
Mercy also celebrated SteadFin’s continued recognition in financial reporting excellence, with the SACCO winning its third consecutive Financial Reporting Award.
Financial performance: The SACCO’s financial report revealed strong performance: total revenue for 2024 reached UGX 7.7 billion, and total assets rose to UGX 74.2 billion. Member savings grew to UGX 57.8 billion, while the slight 4% drop in loan portfolio was attributed to cautious lending following the removal of the DCP policy. Despite this, SteadFin’s financial foundation remained solid, as reaffirmed by the unqualified audit opinion from Ernst & Young.
Declared dividends and bonuses: One of the most anticipated moments of the AGM was the approval of the surplus distribution. Members welcomed the declaration of UGX 5,000 per share in dividends and generous borrower bonuses. It was a moment of pride for many, especially those who had chosen to reinvest and grow their equity in the SACCO.
Strategic Resolutions: The meeting also passed several forward-looking resolutions including:
- Opening the Common Bond to vetted external individuals and organizations
- Adoption of a Delegate System for future general meetings
- Authorization to amend policies and bylaws to reflect the above changes
- Appointment of BDO as the external auditor
- Approval of the 2025 operational budget and Q1 2026 provisional budget
Strengthening Governance: Governance continued to be a priority, with presentations from the Board, Supervisory Committee, and Treasurer providing transparency and accountability. The AGM also saw the swearing-in of new Vetting Committee members and a celebration of the second cohort’s graduation from the Member Cooperative Development Program.
Words of Encouragement: UCSCU CEO Dr. Sylvester Ndiroramukama commended SteadFin for its structured, professional approach to governance and its bold initiatives in financial inclusion. He encouraged continued caution and innovation as the SACCO navigates a rapidly changing regulatory and economic landscape.
A Future-Focused Outlook: SteadFin’s 2025 strategic priorities include driving member and business growth, expanding digital services, fostering product innovation, and enhancing community impact. The AGM set a clear tone: the SACCO is not only prepared for the future, it is ready to shape it.
