Nurses, Midwives launch SACCO to strengthen financial security and affordable access to credit

17 July 2026, 1:00 pm

Byamukama Alozious

Nurses and midwives in Uganda have launched a Savings and Credit Cooperative Organization (SACCO) aimed at improving the financial wellbeing of health workers through affordable loans, savings, investment opportunities, and long-term financial planning.

The Uganda Nurses and Midwives SACCO, seeks to address the financial challenges faced by many nurses, who often rely on expensive loans from banks and other lending institutions despite being employed.

Speaking during a mobilization meeting at Mulago School of Nursing, the Board Chairperson of the Uganda Nurses and Midwives SACCO, Aliga Asher, said the cooperative was created as part of the association’s strategic plan to empower nurses not only professionally but also financially.

He explained that the SACCO was established to provide members with a reliable financial institution offering low-interest loans, encouraging savings and investments while reducing dependence on commercial lenders.

According to Aliga, many nurses struggle financially despite earning salaries, with more than 80 percent borrowing money to meet daily needs. He noted that many existing loans attract interest rates ranging from 12 to 25 percent, leaving nurses trapped in cycles of debt.

“Our goal is to provide affordable credit at an interest rate below five percent. We want nurses to save, invest, educate their children, support their families and build wealth instead of spending years servicing expensive loans,” he said.

He added that nurses work demanding 12-hour shifts, leaving little time to pursue additional income-generating activities, making access to affordable financial services even more important.

Although the SACCO has been operating for less than four months, Aliga said it has already attracted about 380 members from districts across Uganda. The head office will initially operate from Mulago School of Nursing, with plans to establish branches in hospitals and health facilities throughout the country to make services easily accessible.

The Principal of Mulago School of Nursing, Nambiro Josephine Kigozi, welcomed the initiative, describing it as a timely intervention that will unite nurses and midwives while promoting a culture of saving and responsible financial management.

She noted that although the Government of Uganda has improved the salaries of nurses and midwives in recent years, many health workers still require financial guidance to ensure that increased earnings translate into long-term economic security.

“We appreciate the government’s efforts to improve our pay, but without proper financial planning, it is possible to earn more and still fail to benefit. Through this SACCO, members are learning the importance of buying shares, saving consistently and planning for the future,” she said.

Kigozi emphasized that membership offers more than financial services, saying it creates a support system where members can seek assistance during social or economic difficulties while benefiting from financial advice and mentorship.

She said the SACCO would also help members prepare for retirement by encouraging regular savings and investments, reducing the risk of retiring without a home or sustainable source of income.

“As I approach retirement in the coming years, I know I will continue benefiting from the SACCO even after leaving active employment. Saving consistently gives someone an opportunity to plan, invest wisely and avoid wasting money,” she explained.

Kigozi further highlighted the cooperative’s social benefits, noting that members’ spouses, children and other relatives can join as associate members, ensuring families also benefit from savings opportunities and financial support.

She added that the SACCO could in future provide scholarships, mobilize donor support and strengthen members’ welfare during difficult moments, including supporting families after the death of a member.

Appealing to nurses and midwives who have not yet enrolled, Kigozi urged them to embrace collective action, saying unity would strengthen the profession and improve members’ economic wellbeing.

Using a Luganda proverb’’Agali awamu gegaluma enyama’’, she emphasized that people achieve more when they work together than when they struggle individually.

The leaders expressed confidence that the SACCO will become a key financial pillar for Uganda’s nursing and midwifery profession by promoting savings, affordable credit, investment and long-term financial resilience.