UPDF, WAZALENDO SACCO LEADERS ADVISED TO GUARD AGAINST CORRUPTION TENDENCIES

UPDF, WAZALENDO SACCO LEADERS ADVISED TO GUARD AGAINST CORRUPTION TENDENCIES

16th September 2024

The Commander Land Force, Lieutenant General Kayanja Muhanga, has cautioned Uganda Peoples’ Defense Forces (UPDF) and Wazalendo SACCO leaders to safeguard the SACCO against corruption, citing recent rampant cases of mismanagement of government funds. Lt Gen Kayanja made the remarks while speaking at the closure of a two-day strategic retreat organized by Wazalendo’s Board of Directors to review and refine its five year strategic plan . The reviewed plan which has been under implementation for two and a half years, covers the period 2022-2026. The retreat was held at Mestil Hotel – Nsambya.

Lt Gen Kayanja emphasized the importance of proper planning in managing the SACCO’s rapid growth. “A meeting like this indicates that WSACCO leaders are visionary, and it gives all of us confidence about the direction which WSACCO is taking,” he noted.

The Chairman Board of Directors Lieutenant General Sam Kavuma (MP) underscored the mandate of the Board of Directors to formulate and review a five-year strategic plan as a guide for the leadership to measure progress against set priorities.

“We are meeting here to review and see whether our strategic direction and priorities are still valid. This review is also intended to review the operating environment so as to align our plans and operations accordingly. In this review, we have incorporated a new strategic priority that addresses the Environmental Social Governance (ESG) issues, ” said Lt Gen Kavuma.

The Chief Executive Officer, Colonel Joseph Freddy Onata, outlined significant achievements that have so far been registered in the 2022-2026 strategic plan.

The highlighted growth in key metrics among others;

• Membership, which is now over 100,000,
• Share Capital, which has grown to UGX 278 billion,
• Savings which now stand at UGX 494 billion.
• Asset base of UGX 1.06 trillion has been achieved.
• The loan portfolio is reported to stand at UGX 824 billion while
• Cumulative loans disbursements since 2007 have reached UGX 2.8 trillion.

“Overall, the SACCO is on the right track, and this reviewed plan will drive us to greater height during the remaining two years of its implementation. Our intention is to see that by 2026, our loan portfolio is more than 1 trillion. During the remaining two years of the strategic plan, we shall also emphasize measuring the impact made by the credit extended to members,” said Col Onata.

The Chairman of the Supervisory Board, Col Justus Rukundo, praised the Board and Management for prioritizing stakeholder engagement and risk management.
He appreciated the work done to make the strategic plan more clear and responsive. He further noted that with the involvement of all the stakeholders in development and review of the strategic plan, almost 58% of the implementation is done.

The retreat was attended by; the representative of Joint Staff Political Commissar – Col Deo Byate Karikona, members of the Board of Directors, Supervisory Board, and Senior Management team. The Vice Chairman UCSCU Mr Bongonzya the CEO UCSCU Dr Silvester Ndiroramukama and Uganda Cooperative Alliance’s Central Region Coordinator Mr Ssempijja were also in attendance.

Charity Namanya
PR MANAGER – WSACCO