NEW LEADERSHIP ELECTED TO STEER THE NATIONAL COOPERATIVE BANK INTO OPERATIONALIZATION
The National Cooperative Savings and Credit Society Limited—the precursor to the long-awaited National Cooperative Bank has today elected its inaugural leadership, marking a major milestone in the revival of a cooperative-owned financial institution in Uganda.
The meeting, held during the first General Assembly of the Society, was presided over by the Minister of State for Cooperatives, Hon. Frederick Gume Ngobi, who reaffirmed government’s commitment to ensuring that the cooperative movement regains its financial foothold through a fully operational national bank.
Speaking to delegates, the Minister congratulated members for reaching a new level of organizational maturity and reiterated the historic significance of restoring a bank owned by cooperators. He noted that the new leadership must prioritize liquidity, business discipline and strategic branch placement to avoid challenges that plagued cooperative financial institutions in the past.
"This bank is not just a financial institution—it is a vehicle for economic empowerment of our people. We must learn to operate like competitive banks, ensure liquidity, and strengthen governance so this institution stands the test of time," Hon. Gume said. He further pledged to personally save with the bank as one of its founding members.
The Minister praised the Uganda Cooperative Alliance (UCA) for providing a strong enabling environment, including office space, staffing support, vehicles, and nationwide mobilization, noting that such commitment reflects true cooperative values in action.
Background to Establishment
The effort to restore a cooperative bank dates back decades. Uganda’s first cooperative bank, founded in 1964, once operated branches across the country but was closed in 1999 due to undercapitalization. In 2018, the Uganda Cooperative Alliance petitioned Parliament through COSASE, leading to a recommendation to re-establish the bank. The move was later approved by the President and Cabinet, and legislative amendments to the Cooperative Act (Cap 107 Section 49) provided a legal pathway for the formation of a cooperative bank supervised by the Bank of Uganda.
The new entity was officially registered and launched by the President on 18th September 2025, becoming a legally recognized cooperative financial institution.
New Board Elected
The Assembly proceeded to elect a seven-member Board, in line with the Society’s byelaws. The leadership is expected to spearhead operationalization, including opening corporate bank accounts, designating signatories, mobilizing cooperative membership nationwide, and setting up governance and management structures.
The elected Board is as follows:
- Chairperson:
Mr. Ivan Asiimwe
A key figure in the steering process, he now assumes leadership to guide the bank into full operation.
- Vice Chairperson:
Gen. Sam Kavuma (Wazalendo SACCO)
Brings national-level cooperative experience and organizational leadership.
- Treasurer:
Mr. Mureebe Methods (Parliamentary SACCO)
Tasked with providing financial stewardship at a critical foundation stage.
- Board Members:
- SCP Dr. Wilson Omoding Otuna. (Exodus SACCO)
- Nabende Steven (Walimu Cooperative Union)
- Sylvester Ndiroramukama (UCSCU)
- Oyugi Jackson (West Acholi Cooperative Union)
These members represent a broad regional and institutional composition essential for national mobilization and cooperative inclusivity.
The Chief Executive Officer of the bank will serve as an ex-officio Secretary once appointed by the Board.
Supervisory Committee (SUPCO)
A three-member Supervisory Committee was also elected to oversee compliance, audit, and governance standards:
- Abasa Ainamani (Banyankole Kweterana Cooperative Union)
- Carolyne Atai (Walimu Cooperative Union)
- Hakim Bogere (Bukawa ACE)
Vetting Committee
To ensure transparency and proper scrutiny of leadership appointments, a Vetting Committee was elected comprising:
- Wakinya Samuel
- Robert Dramadri
- Counsel Abel Mwesigye
Next Steps Toward Operationalization
The Assembly resolved to open the Society’s bank accounts with a reputable commercial bank, with the Chairperson, Treasurer, and Bank Manager designated as signatories. The Board will assess suitable options and report back to members.
With leadership now in place, the next phase involves staffing, resource mobilization, member recruitment, and establishing initial branches through strategic regional cooperative hubs.
The election ushers in a new chapter for Uganda’s cooperative movement—one driven by member ownership, financial self-determination, and renewed confidence in cooperative-led development.
The National Cooperative Bank is now officially in motion.
