WAZALENDO SACCO EXTENDS CASH OPERATIONS TO MOROTO BRANCH

Today 15 October 22

 

Wazalendo Savings and Credit Cooperative Society ( WSACCO) has commissioned a new cash operating branch in Moroto town. The total number of cash operating branches are now 06 inclusive of Bombo, Jinja, Mubende, Kampala City and Entebbe branches. 

 

Since it’s establishment on 22 September 2005, WSACCO has opened up a total number of 19 branches and 06 Liaison offices. The continued expansion of the branch network is intended to bring services closer to the members.

 

While officiating the opening of the cash operating branch, the UPDF Commander 3 Infantry Division Brig Gen Joseph Balikudembe praised the members of Wazalendo SACCO for the good discipline that they have demonstrated over time which has enabled WSACCO to grow and become one of the biggest SACCO in the country.

 

Gen. Balikudembe encouraged the forces based in Moroto and the greater Karamoja region to utilize the services that have been extended closer to them to grow their savings, borrow and invest in better projects that will ultimately improve their household incomes and welfare.

 

“I have personally benefited a lot from WSACCO. I got a loan of 200M and I constructed a commercial rental building which generates for me some side income besides my monthly salary. I want to pledge total support in mobilizing other potential members to join WSACCO and encouraging the existing members to save religiously in order to promote the objectives of having the branch in the region. Gen Balikudembe emphasized. 

 

The 3 Infantry Division Commander further applauded the SACCO leadership and appreciated the visionary UPDF leadership for establishing and registering Wazalendo SACCO as a means of addressing the welfare of UPDF personnel and their families and stressed the strategic importance of WSACCO which must be guarded jealously.

 

The Mayor of Moroto Municipality Mr Muhammad Ismael, appreciated Wazalendo SACCO for thinking about Moroto town as the best place for the branch and invited the SACCO leadership to tap into the numerous opportunities existing in the area to invest their borrowed money and earn a return. He said that he had no doubt that the opening of WSACCO cash operations in Moroto town will enable transport and other businesses to boom all of which shall benefit Moroto Municipality and the wider national economy.

 

The Vice Chairman Board of Directors, Lt Col Allan Kitanda who spoke on behalf of the Chairman BOD Maj Gen Sam Kavuma, congratulated the BOD, SUPCO and Management for yet another milestone in the effort to grow WSACCO. He noted that wazalendo is one of the top 10 SACCOS in the continent of Africa. ” WSACCO is no longer a UPDF project neither is it Uganda’s project but a globally recognized SACCO. We want to make WSACCO cooperate with other sister institutions to promote the Cooperative agenda and benefit its owners . Col Kitanda stressed. 

 

Col Kitanda also thanked the 3 Infantry Division Commander for the great support rendered to WSACCO Branch over time. The Vice Chairman encouraged the Branch staff to listen to the views, complaints and suggestions from the members as a basis for continued service improvement.

 

Col Justus Rukukundo who represented the Chairperson SUPCO Brig Gen Simon Ochan said that the role of SUPCO is to provide oversight to both the BOD and Management.” We are contented with the affairs and decisions taken by BOD and Management” said Rukundo.

 

The Chief Executive Officer Col Joseph Freddy Onata noted that Wazalendo is a response to the need to improve members welfare by encouraging them to to save, borrow and invest for the betterment of their families as summarized in WSACCO’s Vision and Mission.

The CEO informed those in attendance that various armies have existed in Uganda since independence but it is only UPDF’s visionary leadership which has established a Cooperative Society owned by the members of the Armed Forces themselves as an initiative for addressing the welfare of the forces instead of the forces using their guns as a means of survival.

 

He stated that the establishment of cash operating branches is driven by the need to enhance convenience to the members.

 

Col Onata further noted that Karamoja is a land of great potential and opportunities and therefore the establishment of the cash operations is partly intended to tap into such opportunities. He challenged the Branch Manager Major Marius Gonzaga Ateru and the branch staff not to be a desk officers but instead look out for the opportunities that can be exploited by the Branch staff, members or WSACCO as an institution. 

 

The CEO applauded the UPDF leadership for the tremendous support that they have rendered to WSACCO over time without which all the milestones being achieved may have been hard to achieve or taken a little more time and resources.

 

He also commended the partner banks especially Post Bank (U) Ltd, Stanbic Bank and Centenary Bank for their support that has enabled WSACCO to offer quality banking services to it’s members.

Col Onata paid special tribute to Post Bank for walking the journey with WSACCO, which support has laid a solid foundation for the quality and diverse services that WSACCO offers to it’s members today. 

“I also thank the BOD because I have had good working relationship with the BOD and received all the support that we as management needed to achieve all these. Success is a mindset issue and therefore requires team work. So our strength has been epitomized by,; having defined membership, believing in ourselves, dedicated and professional staff, good governance, strategically investing in human resource and carefully selecting our partnerships’. Col Onata noted .

 

The Director Operations, Mr William Atalyeba highlighted the significance of cash operations in driving the volume of transactions especially growth of savings and the loan portfolio.

“From the experience of establishing the Entebbe and Kampala cash branches outside the barracks, the volumes of transactions have grown by approximately 40% and this points to the potential that had remained untapped. I expect the extension of cash operations to Moroto to increase the volumes of savings and loan disbursements. The branch team must therefore be prepared. This branch will work Monday to Saturday”. Mr Atalyeba stressed.

 

In attendance were the Second in Command 3 Infantry Division Brig Gen Felix Busizori, 407 Brigade Operations and Training Officer Col Francis Kateraho. Other Brigade commanders present were Lt Col Morris Twongyeirwe Kyatooko, Lt Col Oling. Others in attendance included the WSACCO BoD Secretary, Col Dan Tizihwayo, BoD Member representing Eastern region Capt Norah Ongodia, Director Finance, Lt Col Yusuf Buha Magero, WSACCO’s Heads of Departments and other technical staff.