WAZALENDO INVESTMENTS ( SMC ) LTD  LAUNCHES 3RD ESTATE AND THE ROAD UNIT

On 13th February 2025

Wazalendo Investments (SMC)Limited – WIL, a subsidiary of Wazalendo SACCO, has launched its third estate located in Namayiba in Mukono district. During the same occasion, road  construction equipment  was also commissioned.

While officiating at the commissioning of the estate  that comprises of 54 Arcre  land and a road unit , the CEO Wazalendo SACCO Brig Gen Joseph Freddy  Onata who spoke on behalf of the Chief of Joint Staff- CJS Maj Gen Jack Bakasumba applauded the UPDF leadership for coming up with the idea of  forming a SACCO, nurturing it and nominating good leaders who are focused on the welfare of the members.

Brig Onata attributed the success of Wazalendo SACCO to the enabling environment by the government of Uganda and continued support and guidance from the UPDF leadership.  The Chief guest appreciated WIL management for the achievement and asked them to keep the UPDF bar high by being transparent and working well with the community ” I ask you to maintain our good working relationship with the Wanainchi because our strength as UPDF is the people ” Onata said.

The Vice Chairman of the BOD, Col Allan Kitanda, welcomed members of the community to come and work with Wazalendo SACCO by taking advantage of the opportunities that exist in the business arm. ” We have not come here to fight you as men and women in uniform but to work together and develop our communities,” said the vice of the BOD.

Wazalendo company secretary, Col Dan Tizihwayo, who spoke on behalf of the Chairman Board of Directors, Lt Gen Sam Kavuma, confirmed that the project was a mandate of the BOD on behalf of the Annual General Meeting-AGM  of the SACCO , for WIL to come up with Business after realizing a big surplus. We thought of how to invest the money to generate more revenues for the SACCO since the cooperative law restricts us to only do core of saving and credit . That was the genesis of the business arm which we are celebrating today,” He noted.

The Chairman of the Supervisory Board Wazalendo,  Col Justus Rukundo, commended  WIL for the milestones so far registered within the shortest  period of  time and for being able to achieve the targets given by the AGM. ” From your report , it is evident that you have made strides both in the financials and in the strategy to achieve more this financial year,” said Col Rukundo.

The Managing Director of Wazalendo Investments Limited ( WIL) , Col Yusuf Magero Buha  said that WIL  was registered in 2021 but started effective operations two years ago.  According to  Buha, as at the end of the year 2024 WIL registered growth with Total Assets of UGX  27Bn,

Profit of UGX 1.6Bn before tax and Sales revenue mounted to UGX 4.2Bn. The registered performance is a result of  selling of 439 plots from Matuga and Mityana road estates both to the SACCO members and  the general public, of the 439 plots sold, 38% was sold to members of Wazalendo SACCO and 62% to the general public.

” This remarkable performance is attributed to the company’s commitment to excellence, strategic  vision, and support from the mother  institution(WSACCO)whose original focus is welfare improvement. Buha noted.  This approach of engaging in real estate helps members to get genuine and affordable land to set up homes for their families, to generate revenue to the SACCO and the road unit will help in maintaining the sites hence minimising the cost of site maintainance and also generate revenue in  terms of hiring them out.

He noted that besides the  SACCO giving out Nyumba loans, the loans given out had not matched the physical impact on ground, With this approach we have our members acquiring tangible plots.

Our  areas of focus 2025 include;

Acquisition of additional land sites, Launching WIL into construction contracts through systematic and deliberate approach as;

Phase 1 – Contract financing

Phase 2- Road Unit equipment hire

Phase 3 – Undertaking Construction Contracts.

We are also going to launch  a Wazalendo Forex Bureau during this financial year that shall operate alongside WSACCO cash branches.

The studies to engage in AGRO processing and low cost housing are under way. ” the MD narrated.

The Head of Finance WSACCO, Lt Col Julius Katanaka who spoke on behalf of the CEO,  commended WIL for putting to good use the resources allocated to them by the mother Unit Wazalendo SACCO and for effectively implementing the wise decision made by the BOD to invest in WIL. “I am aware that acquiring genuine land has been a big challenge to many businesses but becuse of applying transparency as one of our core values ,you have been able to acquire and sell genuine land to our people and members of the community. This is commendable, and we thank you for that” The acting CEO stressed.

In attendance were members of the BOD, supervisory BOD, top management, and members of the community.

Charity Namanya

PR MGR-WSACCO