Under the theme “Driving Inclusive and Sustainable Livelihoods Through Cooperatives for a Better World.” Ministry of Trade, Industry and Cooperatives (MTIC), in partnership with Uganda Cooperative Alliance have officially launched the much-anticipated National Cooperatives Savings and Credit Society Ltd—a precursor to the National Cooperative Bank.
President Yoweri Museveni in his speech read by Trade Minister Francis Mwebesa appreciated the efforts of the Uganda Cooperative Alliance Board, government Ministries, Departments and Agencies (MDAs), and all stakeholders to toward revitalizing the cooperative movement.
He emphasized that cooperators must work as a team to safeguard the interests of their new bank during the National Cooperatives Conference 2025 at UMA Grounds, Lugogo, attended by over 2,000 delegates, including District Cooperative Officers (DCOs), leaders of various cooperative bodies, and SACCOs, among others.
Minister Mwebesa noted that reviving the former farmers’ bank will ease access to affordable and suitable credit for cooperatives across all sectors of the economy.
The Cooperative Bank was closed on 19 May 1999 by the late Charles Kikonyogo, then Governor of the Bank of Uganda, due to “inadequate capitalization” and “insolvency to the tune of Shs 4.8 billion” as of 31 December 1998.
State Minister for Cooperatives, Fredrick Ngobi Gume, together with the Board of the Uganda Cooperative Alliance (UCA), expressed collective appreciation for the efforts that brought this two-decade-long dream to fruition.
According to Minister Gume, the committee will remain active until the Farmers’ Bank is fully operational.
“We have about three months to study what led to the bank’s downfall and how we can circumvent it,” he said, urging the committee to fast-track the development of a roadmap, conduct wide consultations, and submit regular reports to stakeholders.
The UCA General Secretary, CPA Ivan Asiimwe, pointed out that cooperators in Uganda could soon have access to affordable and appropriate financing following the formal inauguration of the new society, a key step toward reviving the defunct Cooperative Bank, whose assets were taken over by the Bank of Uganda (BoU) in May 1999.