INFORMATION FLOW IS A CENTRAL FACTOR IN PERFORMANCE

Today 25th November 2020
The Chief Executive Officer (CEO) Wazalendo SACCO(WSACCO) Col Joseph Freddy Onata has called upon Wazalendo staff to maintain good information flow among all the departments if they are to operate successfully. He noted that efficient and secure information flow is central to the performance of any successful organization Wazalendo SACCO inclusive.

Col Onata made the remarks during a scientific monthly staff meeting held at WSACCO Headquarter Kiwatule.
The CEO called upon staff to develop positive attitude towards the organization they work for, its key stakeholders and the leaders

Col Onata encouraged departmental meetings which he said will help the staff to know the issues that are happening in the organization. He added that departmental meetings are the main link between top management and staff in addition to monthly meetings and others modes of communication.
“I love to lead a learning team, you learn from me and I learn from you” said the CEO.
Onata reminded staff that as the year is ending, this is time to evaluate the performance at institutional, departmental and individual levels.
He added that this is also the time for the staff to assess themselves to see what they have done well, what they have not done and what they need to improve in the year 2021.
He informed members that such meetings are intended to create open interactions that solve issues. As such, staff were advised to always utilize such opportunity to air out their concerns.
The CEO discouraged the staff from joining groups that are engaged in unfruitful talks that undermine the organizational cohesion.
Further more, he asked staff to be cooperative and respect each other because every one has a contribution and important role to play in success and development of WSACCO.

The Director operations Mr William Atalyeba appreciated the efforts of the staff at all levels which he said have contributed to the growth of the SACCO.
The Director shared information about the new products that have been launched and those that are to be launched by December 2020.
Specifically, he pointed out _Tujeyunge_ Fund, which he said will help members who wish to clear outstanding loans in order to access new loans without borrowing funds to pay off their outstanding loan from the exploitative money lenders _Baroda_.
Mr William Atalyeba also informed the meeting that Wazalendo has partnered with SIMBA Auto motives to supply motorcycles which are to be factored into the asset financing loan product.
WSACCO will supply the motorcycles in form of loans to the members at reduced prices compared to the market rate. The boda asset loan is expected to be launched by 2nd Dec 2020,
According Mr Atalyeba other projects that are underway include; Construction of Masaka branch which is at 98% completion.
Renovation modification and upgrade of Mubende branch into cash operations.
Mobile banking which is at implementation stage and is expected to be tested by 18 December 20.
Storage Area Network (SAN) which is expected to be rolled by 7th Jan 21.

According to Head Finance Maj Julius Katanaka, WSACCO had registered great success as at 20th November 20 summarized as follows
The total Operating Income was UGX 56.5Bn against a projection of UGX 60.0Bn, a performance of 94 percent.
Financing costs on savings stood at UGX 8.9Bn against a projection of UGX 9.0Bn,
Net Operating income stood at UGX 47.6Bn against a projection of 51.0Bn,
Total Operating expenses were UGX 8.5Bn against a projection of UGX 10.6Bn.
The surplus stood 39.9Bn against a projection of UGX 41.2Bn, a percentage of 97.

Presenting on behalf of the Head Credit and Banking, Maj David Bituuko the Manager credit informed the meeting that the total loan portfolio as at 24th November 2020 stood at UGX 378,610,339,764.

Shares capital stood at
UGX 216,772,216,206.
Retirement savings stood at UGX 126,901,981,162
Ordinary Savings stood
UGX 27,764,623,780.
A total of 23 members had opened up Business Savings Account (BSC) with total deposits of UGX
30,790,000. Fixed Deposits stood at UGX 1,207,827,667.

All these achievements were attributed to hard work, team work and selfless efforts by all WSACCO stakeholders.
In attendance were The New Secretary to the BOD Col Dan Tizihwayo, Director Finance and Administration Col Jack Mugyerwa, Director Operations Mr William Atalyeba and all heads of departments.