WSACCO WAZALENDO SAVINGS AND CREDIT COOPERATIVE SOCIETY LIMITED
23 January 2025
Wazalendo Savings and Credit Cooperative Society (WSACCO) has reaffirmed its commitment to sharing knowledge on best management practices with newly established SACCOs for their growth and sustainability. This commitment was made by WSACCO Chief Executive Officer Brig Gen Joseph Freddy Onata during a presentation to leaders of Hoima Media SACCO, who visited WSACCO headquarters in Kiwatule, Kampala, for a benchmarking session.
Brig Gen Onata encouraged the leaders of newly established SACCOs to seek knowledge about the SACCO business model and best practices for establishing and successfully managing cooperatives. He outlined key success factors that have contributed to Wazalendo’s growth, which include strong and clear governance structure, transparency, self-reliance, effective communication, and continuously educating membership.
Other critical success factors that the CEO outlined were, gender mainstreaming, environmental social governance, digitalization of services, accountability, and savings mobilization.
Brig Gen Tingira Irumba Atenyi, the patron of Hoima Media SACCO, highlighted the promotion of welfare of the media practitioners in the two districts of HoimaKikuube as the main reason for establishing the SACCO He stated that the formation of the SACCO will go a long way to promote individual savings, wealth creation, and social transformation among the members of the SACCO and their immediate families.
He commended Wazalendo SACCO for its remarkable growth and for sharing its expertise with other SACCOs. “Wazalendo’s growth is tremendous, and it is important to spread this expertise and experience to the rest of the population. What started as a military initiative has now expanded to the citizenry, aligning with the vision of H.E. the President and Commander in Chief of transforming Uganda into a middle-income country,” Brig Gen Tingira stressed.
Kikuube District Speaker, Mr. Nkalu Christopher stressed that the media SACCO aims at creating an economically self-sustaining media force that will transform their community.”If the media are to advocate for community transformation, it is prudent to lead by example and walk the talk,” Mr. Nkalu remarked.
The event was attended by the Acting Director of Finance and Administration at Wazalendo, Lt Col Julius Katanaka, the Acting Director of Operations, Lt Col Arthur Kwezi, and other members of WSACCO’s top management team.
Charity Namanya
PR Manager – WSACCO