WSACCO WAZALENDO SAVINGS AND CREDIT COOPERATIVE SOCIETY LIMITED
Wazalendo SACCO celebrated 9th AGM under the theme: using technology to enhance service delivery in Wazalendo SACCO. The annual general meeting which is the top decision making organ of Wazalendo SACCO was held on 18th-20th March 2015 at UMEC (lugazi). It was attended by delegates from UPDF units, Top UPDF leadership, Celebrated Academicians/financial experts, consultants, were among the guests that graced the historical occasion.
The objectives of the 9th AGM were:
- To provide accountability of year under review to the delegates and members.
- To enhance operational efficiency and effectiveness.
- To create competitive advantage in the highly competitive business environment.
- To provide increased interface between board management and members.
- To increase member satisfaction to ensure highly retention rates.
CDF General Katumba Wamala,Gen Elly Tumwine, IGP Gen Kale Kayihura, CLF Maj Gen David Muhoozi listening attentively during the 9th AGM at Lugazi 2015
Chief of Defense Forced General Katumba Wamala argued Wazalendo SACCO not to rush to turn into a commercial bank, but go slow and keep consulting and getting advise from financial experts and added that we should not run before we walk, the call was made while addressing the 9th AGM at Lugazi. He further pointed out that the participants had freely interacted with several experts and they should go back to their areas of responsibility as role models, examples, and better leaders. He added that he was immensely glad to be part of the AGM, he observed that Wazalendo SACCO had grown in terms of membership, loan portfolio, and reach out, which is a positive step towards a right direction and noted that Wazalendo SACCO’s institutional capacity to meet customer’s needs had greatly grown so its mission and vision.
General Katumba Wamala while giving a key note address he applauded all those who worked strategically and tirelessly to form WSACCO, he extended sincere appreciation to his predecessor and current minister of internal affairs General Aronda Nyakairima whom he said was the brain behind the formation of Wazalendo SACCO. He asserted that the beginning was not easy especially when it comes to convincing people to join. Referring to a Luganda adage (akutwala ekilo omusiima bukedde). The four star general said that this is the time for members to appreciate the work of the founders of WSACCO. He further commended the WSACCO previous, current board and management under the leadership of Brig MD Ssentongo for their tremendous work they have done to see that Wazalendo grow to the current status.
CDF told the participants that it’s imperative to have Chief Executive Officer (C.E.O) in WSACCO who will play a leadership role. And added that he supports the idea of establishing the office of (C.E.O) he said that, what UPDF can do is to identify highly qualified officers and submit the names to WSACCO board for interviews and screening before coming out with whom the board feels is competent for the office.
CDF pointed out that Wazalendo SACCO is a credible partner to UPDF in improving the welfare of soldiers; he was impressed to see that the biggest percentage of WSACCO members who get loans today they utilize them optimumly and effectively to improve their welfare. And added that it was good to hear from Prof. Augustine Niwagaba a financial expert that Wazalendo SACCO is doing better in terms of performance in relation to banks and other financial institutions in the country.
General Katamba Wamala further emphasized the significance of team work and argued the participants to walk the journey together as a team, he noted that WSACCO had experienced some challenges in the past which he said its normal and healthy for the organizational growth because challenges helps to think and plan more. He suggested that the board should be given more powers so that it supervises, monitors, interviews, and screens the management effectively, and said that he was of the view if it was possible some financial gurus like Prof Augustus Niwagaba could be incorporated in the board to give technical guidance.
CDF observed that if Wazalendo SACCO was to serve well its members it should come out with several financial innovations and products to satisfy the needs of its members. He advised Wazalendo SACCO to think about establishing its own home where members can find it other than remaining as squatters on ministry of defense land and strongly encouraged delegates to go back and preach the gospel of saving to WSACCO members. He suggested that at least every member to save a tenth of his monthly salary which will help them after retiring from the service.
Brig MD Ssentongo WSACCO Board Chairman speaking at the 9th AGM said that Wazalendo SACCO will do what ever it takes to exploit the available technologies in areas of management information systems, accounting systems, on line banking, use of web site, electronic banking, monitoring and evaluation, customer relations, research and development etc to enhance service delivery. He congratulated all for completing successfully yet another year that marks nine years of Wazalendo SACCO. He added that members turning up in a big number is a sign of increased confidence in Wazalendo SACCO. He told the members that this time around disabled members from CMRC were given a delegate to represent their views and bring them close to decision making and this will also help in designing for them special products. He requested the delegate to stand up for recognition.
Below are some of the achievements registered during 2014
- Loan portfolio out standing increased from 79.1bn to 116bn.
- Cumulative loan disbursement has raised from 219.6bn to 322.6bn.
- Increase in share capital from 26bn to 67bn.
- E. Banking with Post Bank Uganda.
- Total assets have increased from 107.9bn to 131.1bn.
The chairman board attributed this success to cooperation, good governance exhibited by SUPCO, Board, and Management. He argued members to increase their confidence in WSACCO and buy more shares, increase savings and encourage their spouses, children to join WSACCO for better posterity.
Minister of Internal Affairs General Aronda Nyakairima who was the Chief Guest commended General Katumba Wamala for maintaining the focus of the membership on the bigger picture and continued guidance to Wazalendo SACCO on where it should go next. He said that he was impressed to see WSACCO membership has increased to 72,878. He pointed out that increase of the WSACCO share capital and total savings is a sign of a fantastic growth and added that he was impressed to see there are no cases of institution misappropriation of funds which he said it shows that Wazalendo SACCO is a clean institution.
He congratulated previous Boards, Management teams that had served over years, entire UPDF leadership, MOD for the good job done to promote WSACCO. General Aronda Nyakairima told the participants that they started WSACCO with a wholistic objective of helping our selves through saving but also to become the model for other Ugandans who are working hard to improve the standards of their lives. And said that this is another implied mission. He advised all members to be disciples of saving in their communities and this will have a great impact on improving the lives of our people, living standards and income generations and also most important the saving culture, which he said is a rare commodity in our community. He advised members to always spend 70%, invest 20% and save at least 10% of their salary despite other scenarios they may encounter in life.
Commenting on the 9th AGM theme: Using technology to enhance service delivery in Wazalendo SACCO. General Aronda said that world over militaries have pioneered innovative technologies which have changed the face of the world a case in point satellite, internet, micro wave mobile phones, extra ordinary structures like panama canal etc. He observed that today we are living in the world of communication and interactive i.e. Skype, face book, twitter and therefore Wazalendo SACCO should take advantage and carry out market intelligence and access its customers.
At the end of the AGM the following resolutions were adopted.
9TH AGM RESOLUTIONS
- a) Increase the debt limit from 8 billion to 20 billion.
- b) Dividends pay out ratio of 40% of the net surplus.
- c) Increase account closure fees from 5, 000/= to 10, 000/=.
- d) Increase ledger fees from 500/= to 1, 000/=.
- e) Create a share redemption reserve of 1% of PAT (Profit After Tax) annually.
- f) We amend article 50 to create the office of CEO who should be a senior military officer, highly trained and of high repute.
- g) Members servicing WSACCO loans to pass their benefits through WSACCO.
- h) Cash withdraw charge be increased from 500/= to 1,000/=.
The writer is WSACCO Media Affairs Officer/PRO