WSACCO WAZALENDO SAVINGS AND CREDIT COOPERATIVE SOCIETY LIMITED
17 March 2025
Wazalendo SACCO, has held its 19th Annual General Meeting (AGM) at the Gadaffi Barracks in Jinja. The meeting brought together delegates, leaders and stakeholders to review the society’s progress over the past year.
The Chairperson of the Board of Directors, Lt Gen Sam Kavuma, emphasised the significance of the meeting. “we are here to account to the members about how we have managed their money. WSACCO stands on three key pillars namely members, the board, and the management. When each of those organs plays its role, the SACCO grows”, Kavuma stressed.
Lt Gen Kavuma highlighted the SACCO’s steady growth over the years with its membership from just 30 founding members to over 111,000 today. He revealed that in the last financial year alone, the SACCO disbursed loans worth 602 billion Ugandan shillings, with a cumulative loan portfolio of 3 trillion Ugandan shillings since its inception.
Brigadier General Joseph Freddy Onata, the Chief Executive Officer of Wazalendo SACCO, reported that the SACCO has, over the past year, expanded its branch network reach to 12 cash operating branches with the launching of two new cash branches in the cities of Arua and Mbale.
“We now manage a capital base of 295.6 billion Ugandan shillings, with savings totalling 547.7 billion Ugandan shillings,” Brig Gen Onata said.
On the SACCO’s plans for digital transformation, Brig Gen Onata said the Board and management are working on introducing the online loan services, onboarding more members onto the mobile banking and improving the security systems. He highlighted the SACCO’s strong governance support from the UPDF leadership as the basis of the impressive performance that WSACCO continues to post. “We work together as a team, and that unity is key to our success.”Brig Gen Onata said.
Gen (Rtd) Kale Kayihura, who is the first chairman and one of the founding members of Wazalendo SACCO, expressed his pride in the development that has been achieved by the SACCO. “When we started this initiative, we never imagined it would grow to this level. Now Wazalendo SACCO is almost like a bank, and I am proud of the leadership for building it to this point”, Gen Kayihura said.
The Chairperson of Uganda Cooperatives and Savings Credit Society Hon Bintu Jalia Lukumu Congratulated Wazalendo SACCO for the tremendous performance made during the financial year 2024. Bintu appreciated the delegates for patronizing their SACCO which makes a case for Wazalendo to be exemplary in the sector. ” I also thank Wazalendo SACCO for hosting the sister SACCOs from the continent who come for benchmark visits, this has earned Uganda a name for sector” Said Bintu.
The Chairperson UCSCU urgued Wazalendo SACCO to continue exploring more opportunities in different products especially for young savers, which will help the SACCO to grow even beyond where it is.
Present were: the Deputy Commander Land Force, Maj Gen Francis Takirwa; Division Commanders, Commandants of Training Schools, Generals, Senior and Junior Officers, representatives from Uganda Police, Uganda Prisons, Uganda Co-operative Alliance, and partners among other guests
Charity Namanya
PR MGR- WSACCO