Properly use Wazalendo Sacco loans, General Kavuma tells UPDF

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UPDF Board Chairman Wazalendo SACCO (WSACCO), who also serves as Deputy Chief Coordinator of the Wealth Creation Operation and MP representing UPDF Major General Sam Kavuma , challenged WSACCO delegates, staff members, command and the whole membership of WSACCO to make proper use of the loans they get from SACCO.

He said that WSACCO, which has been in existence for 16 years, has seen tremendous growth while improving the welfare of its members.

General Kavuma made the remarks as he wrapped up a two-week training for delegates and pre-annual general meetings (AGMs) held in the North, East, West, West Nile and Central regions. from the country.

The final meeting covering the central region was held at the headquarters of the Ministry of Defense and Veterans Affairs in Mbuya, Kampala.

General Kavuma said WSACCO management had devised a pre-AGM program to be held before the actual AGM, in order to have enough time with delegates and members of staff and command. .

During regional pre-AGM meetings, delegates are briefed on the work done by the WSACCO team, recommendations, future plans and other proposals.

This allows them to return to their work station and discuss with other members, collect their opinions and present them at the General Assembly.

In his annual message to all members, the President encouraged them to take advantage of this God given SACCO which has saved them from the hustle and bustle of commercial banks and other money lending entities in the country.

He further encouraged members to prepare their minds for the AGM and to discuss ways to benefit from WSACCO through proper use of borrowed funds, regular savings and prudent investments as a way to overcome the enemy called poverty.

He highlighted financial discipline and individual attitudes as key determinants of a person’s ability to fight poverty.

Major General Don Nabasa, Commander of the Military Police Brigade, on behalf of the UPDF General Staff and Command, appreciated the excellent work done by the WSACCO Board and Management to the UPDF through the education of members in the fight against poverty.

“Everything has been done, all we have to do is make sure that anyone who gets a loan knows that there is responsibility and direct control over its use. It is high time to open our eyes and seize the opportunity for WSACCO to generate income and plan for our retirement. Do we have to appeal every time our retirement time comes because of a lack of preparation?” asked General Nabasa.

WSACCO CEO Col. Joseph Freddy Onata thanked Hon. Delegates and members of staff and command for the continued support that has enabled SACCO to reach greater heights.

He said that it takes the trust of the membership as a whole for the leadership to properly steer the SACCO towards the expectations of the members.

Colonel Onata updated the members on SACCO’s performance and progress during the fiscal year ended December 31, 2021, which he said was the result of collective effort, committed staff and Board support. administration and all members.

He also noted that member education is one of the mandates of SACCO to enable members to participate based on information and to be able to make informed decisions at the AGM.

According to Colonel Onata, the membership of WSACCO has grown from 80,198 in 2020 to over 91,000 in 2021.

The share capital has increased from 213 billion in 2020 to 219.7 billion in 2021.

Total savings increased from 180.5 billion in 2020 to 243.3 billion in 2021 while the surplus increased from 43 billion in 2020 to 54 billion in 2021.

The loan portfolio increased from 388.4 billion in 2020 to 484.4 billion in 2021.

In attendance were delegates from the Central Region units, members of the staff and command, the board of directors and management of WSACCO.



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