WSACCO WAZALENDO SAVINGS AND CREDIT COOPERATIVE SOCIETY LIMITED
8th August 2024
The Uganda people’s Defense Forces’ (UPDF’s) Wazalendo savings and Credit Cooperative Society (WSACCO) Limited has commissioned a new commercial building located at Balya Street in Fortportal city. While commissioning three storeyed building, the UPDF Mountain Division and Operation Shujaa Commander Maj Gen Richard Otto, applauded the leadership of WSACCO for purchasing such a prime plot of land and strategically establishing a commercial building at the heart of Fortportal City” Gen Otto appreciated the milestones that WSACCO has registered since 2005. He noted that having own building in the city is such a great achievement. ” This is our own permanent home. We need more projects of this kind,” He exclaimed.
The General was also happy to note that it only takes 2 hours for a soldier to process a loan from Wazalendo own branches. He said that expansion of cash operations has enabled the members to overcome the initial challenges that they faced while accessing services in the commercial banks. He challenged WSACCO Management to ensure that the loans taken by the soldiers were utilized effectively. We must therefor emphasise the importance of financial discipline among our troops,”Gen Otto cautioned.
In his remarks, the Chief Executive Officer (CEO) Col Joseph Freddy Onata appreciated the BoD for the clear guidance and teamwork that has enabled management to implement:and deliver such projects. He further noted that the SACCO had registered several milestones since inception in 2005. “We gave out our first loan in 2007, moved out of the barracks to our own headquarters in Kiwatule in 2015, established our first cash branch outside the baracks at Imperial Mall in Entebbe in 2021, and now we are commissioning our own commercial building built by us and on our own land. “Col Onata stressed. Among the factors that Col Onata highlighted to explain WSACCO’s success were, linking all the operations to the SACCO’s vision that emphasizes self sustainability.
The Vice Chairman of the BOD Wazalendo Lt Col Allan Klitanda,who spoke on behalf of the Board Chairman Lt Gen Sam Kavuma, thanked UPDF leadership for championing the Wazalendo cause. He highlighted some of the achievements that included, among others, saving members from expensive loans from loan sharks. “We are now the biggest SACCO in the country. I call upon other professionals and leaders to form similar SACCOs to boost the economy of the country. ” Kitanda challenged. He called upon the people of Fortportal City to rent space at the SACCO building where they guaranteed of the security of their business.
The Director of Operations, who also doubles as the chairman of WSACCO’s Construction Committee, Mr William Atalyeba, thanked the engineering team for delivering the building in the right time and right quality as tasked by leadership. He said that the building shall suplement on other incomes generated to the SACCO. Since the branch was relocated from the barracks to the city center, business has increased from 2.6Bn to 3.5Bn per month in terms of loan disbursements.
The Fortportal City Engineer Mr Jimmy Balyawa thanked the UPDF Wazalendo SACCO for putting up such a magnificent building that has changed the face of Balya Street in Fortportal city. He confirmed that the structure is worth the investment. The building has a rentable space of 1,161.45 square meters and houses WÀZALENDO ‘s Fortportal Cash Operating Branch.
Having started in 2005 with the strategic goal of improving the welfare of officers and militants of the UPDF and their families, the SACCO has since grown into one of the biggest SACCOs in Africa with a membership of over 100,000, assets of 1.1 trillion shillings, share capital of 278Bn and total deposits of 476Bn. The ceremony was attended by the company secretary Col Dan Tizihwayo, BoD member Western Region Capt Dathan Bunanukye, Ag Head Finance Maj Apollo Ahimbisibwe, among other senior managers of Wazalendo SACCO.
Charity Namanya
PR Manager Wazalendo SACCO