WAZALENDO SACCO OPERATIONALIZES ITS INVESTMENT ARM

22 March 2023 

 

Wazalendo SACCO has flagged off the operations of its investment arm; Wazalendo Investments (SMC) Limited (WIL).

 

The Chairman Wazalendo SACCO Board of Directors (BOD) Maj Gen Sam Kavuma flagged off demarcation of 73 (seventy-three) acres of land acquired at Matuga, Mabanga Najjeza in Gombe ward into plots on 22 March 2023.

 

While speaking after the ground breaking ceremony, Major General Sam Kavuma congratulated WIL and the entire management of WSACCO for the milestone achieved. He said that over the last 17 years, WSACCO has paid greater attention to mobilising savings and extending credit to its members and that time has come to look beyond the routine.

 

“I encourage members to embrace the investment arm in order to actualize our vision and mission. 

WSACCO will continue with its initial objective of enabling members to save and lending but we must outgrow that and invest in other income generating projects for sustainability,” said Maj Gen Kavuma. Gen Kavuma asked the residents of the area to welcome WIL and render to it the necessary cooperation.

 

Col Justus Rukundo the Supervisory Committee Chairman commended the BOD for the great decision and applauded the management who initiated the idea. “To me if we had started this earlier, we would have gone far in terms of improving members welfare especially by encouraging them to own land and addressing challenges associated with processing land titles”. Remarked Col Rukundo.

 

The Chief Executive Officer, Col Joseph Freddy Onata called the event another milestone in the history of the UPDF and Wazalendo SACCO. He noted that WSACCO is taking correct steps to participate in other business ventures that will further generate more returns needed to enhance members welfare and for self sustainability. 

 

“I am very confident that we have taken our first step correctly because a lot of time was invested into research for purposes of establishing the investment arm and I thank Mr. William Atalyeba who led the team which put the ideas that we had come up with together. A lot of due diligence was also done before we invested our resources into purchasing this land and I can assure everyone that we bought genuine land. I congratulate Lt Col Buha and the team for the great work done so far. I thank the BOD for always welcoming new ideas. It gives us the impetus to think and to be creative”. Said Col Onata.

 

He called upon the entire Wazalendo SACCO team to support WIL so that Wazalendo wins as a team. He emphasized that if WIL fails, WSACCO will have failed as a team. 

 

The Acting Managing Director of Wazalendo Investment Limited and Director of Finance and Administration WSACCO, Lt Col Yusufu Magero Buha said that the idea of having an estate is going to help members to acquire affordable plots and relieve them of the pressure and losses associated with processing land tittles.

 

“Over 40% of the money borrowed by members according to our records goes towards housing and purchase of land but I think a lot more can be achieved. Our desire is to have our members invest in this area where they are guaranteed secure property”. Noted Col Buha.

 

He appreciated the BOD, Management and SUPCO for the recommendations and guidance that has enabled Wazalendo to take this direction and for supporting WIL. He pledged total commitment to achieving the objective of transforming members welfare. 

 

The Chairman LC1 Najjeza Gombe ward Mr Musoke Sam, commended the UPDF for extending the development to the area and assured Wazalendo of the community’s cooperation. “I am happy the members of the community are given opportunity to do business with the forces”. Noted Mr Musoke. 

 

Present at the function were, members of the BOD, SUPCO, Management and Local leaders. 

 

Charity Namanya

 PR Manager WSACCO