WAZALENDO SACCO HOSTS UPDF’S COLLEGE OF LOGISTICS AND ENGINEERING (COLE) STUDENTS.

WAZALENDO SACCO HOSTS UPDF’S COLLEGE OF LOGISTICS AND ENGINEERING (COLE) STUDENTS

Wazalendo Savings and Credit Cooperative Society(WSACCO) hosted a team of 44 students from the College of Logistics and Engineering (COLE) Magamaga who were on a study tour at WSACCO Headquarter in Kiwatule on 8th August 2023. The team that was led by Maj Noah Wakowera comprised of 31 students who are undergoing a Basic Finance Officers Course and 13 Directing Staff.

The Director of Finance and Administration Lt Col Yusuf Buha Magero who received the students and delivered a lecture on behalf of the Chief Executive Officer WSACCO Col Joseph Freddy Onata informed the students that the strategic mission of WSACCO is to improve the members welfare. He stressed that through encouraging members to save, borrow and invest wisely, members are enabled to improve their welfare and grow with the SACCO.

Lt Col Buha noted that
WSACCO is established as an internal solution to soldiers’ financial challenges and to save them from being exploited by other financial intermediaries.
“Since inception, WSACCO has registered a number of achievements that include among others; expansion of branch network to 19 and 6 liaison offices, deployment of technology and providing convenient services. WSACCO has also registered a Business Arm – Wazalendo Investment SMC Limited (WIL) to diversify business and tap into opportunities that exist in areas which the law restricts SACCO from venturing into. This diversification will further bosst profitability of WSACCO” he said .

Buha further said that establishment of Wazalendo Investment SMC Limited will promote proper utilization of loans by enabling members to invest in Real Estate business and acquire affordable and well planned plots. He informed the students that two estates have so far been acquired. The first estate has 73 acres and is located at Matuga Mabanga, 28KM from Kampala while the second estate which has 100 acres is located 33KM from Kampala at Bulamu along Mityana road. The price for the plots according to Buha ranges from 9 -30M.
He encouraged members to invest in those organised and affordable plots to promote better standard of living among other reasons.

Maj Julius Katanaka who presented on behalf of the Director of Finance and Administration noted that the role of the finance function is to ensure that all the money earned is properly utilized and to ensure satisfaction of all stakeholders.
“We appraise our investments and ensure that the satisfy two aspects of the SACCO namely social viability and the business balance”. Katanaka assured the students.
He informed that students that WSACCO has steadily grown in terms assets and profitability. Maj Katanaka noted that by the end of July 2023 Assets were at UGX 883.1Bn while the surplus stood at UGX 41.7Bn.

The Head of Operations Maj Julius Niragire encouraged the students to tap into diverse WSACCO delivery channels such as ATM cards ,over the counter (OTC) services and mobile banking service so as to fully enjoy convenient services. He highlighted on the SACCOs performance as on 31st July 23.

Acvording to Maj Niragire, Membership stood at more than 90000, Share capital was at 237.9Bn, total deposits stood at 371Bn, Loan portfolio is now 677.6Bn while Cumulative disbursements stand at 2.2Trillion.

Lt Jimmy Sserwada who spoke on behalf of the students commended WSACCO for the knowledge and understanding rendered to them. He added that the team was honoured to know WSACCO background, vision ,mission and the objectives behind it’s formation .
Different departments presented their roles and how they operate towards achieving WSACCO vision .

In attendance was the acting Director of Operations Maj Arthur Kwezi and all members of top Management.

Charity Namanya
PR Manager WSACCO