MBARARA – Maj. Gen. Francis Takirwa, the deputy commander Land Forces in Uganda People’s Defence Forces [UPDF], has appealed to the retirees of the Force to keep saving with Wazalendo SACCO [WSACCO], saying it will guarantee them a better future.
There is concern that on the day of retirement, most UPDF retirees withdraw all their money, including the retirement package to go and start a new life outside the barracks, but some end up misusing most of the money.
“We are already getting information that most of our colleagues who are retired are not doing well financially because they opted to withdraw all their money from Wazalendo SACCO,” said Takirwa.
In an exclusive interview with Takirwa, he said: “Those who retire and go and live in isolation after withdrawing all their money from Wazelendo SACCO make a mistake. Why leave a great family like Wazalendo? You just fix your money and keep quiet. You will see money flowing to your accounts at the end of the annual general meeting.”
“I am happy to say that last year when the dividends were announced I walked out a very happy man because I have some good shares. Let us support Wazalendo SACCO so that our savings can create a meaningful development first to ourselves, secondly to our institution, and thirdly to our nation,” he said.
He said much as the retired officers are no longer active in the Force, they still need money to execute family responsibilities, including medical bills and taking good care of themselves.
“Withdrawing money from your accounts to zero balance is very dangerous because at the end of the day, whether you are lame, blind, tall, or short, you will always need money. If you don’t have money, you will resort to a serial robber and become somebody unwanted in society,” he said.
He also advised the low income earners in the country to save the little they earn which he said will later earn them big sums of dividends.
He urged those using e-banking and ATM cards to be careful, saying the banking technologies pose challenges to saving since people using them can access their money whenever they need it.
He advised Wazalendo bosses to start awarding individual loans according to projects presented so as to instill financial discipline among borrowers. He said attaching loans to salaries is not good as borrowers mismanage the money.
He also advised Wazalendo to invest in commercial agriculture to produce more food for the market, saying that even if people have no jobs, they must eat.
Lt Col Allan Kitanda vice chairman of Wazalendo SACCO board also insisted that UPDF officers who are retiring should not think of quitting the army SACCO but continue enjoying the financial services.
“When somebody retires, he retires with all his money from Wazalendo, goes to the village, drinks alcohol, and is left with nothing. Now we are saying through Wazalendo, those who are retiring, please don’t lose it all. We can still serve you until God decides. Don’t quit the SACCO. We are now rolling out products for those who are going to save for development,” Kitanda said.
WSACCO is among the 42 SACCOs with large investments in Uganda, which the Bank of Uganda [BoU] indicated recently would start to regulate following amendments to the Microfinance Deposit-Taking Institutions Bill, 2022.
Currently, WSACCO with a membership of 90,000, has a share capital of Shs 223 billion, while savings have grown to Shs 326bln, with total assets of Shs 762bln and a loan portfolio of Shs 612bln. It has a network of 19 branches and six liaison offices spread across the country including one liaison office in Mogadishu, Somalia where UPDF soldiers are on a peacekeeping mission.
https://thecooperator.news/wazalendo-sacco-opens-cash-branch-in-mbarara-city/
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