JINJA CITY, April 3, 2026 — Wazalendo Savings and Credit Cooperative Society Limited [Wazalendo SACCO] or WSACCO has recorded strong growth in its asset base, reinforcing its standing as one of Uganda’s leading savings and credit cooperatives as it celebrated two decades of operation.
Figures released at the SACCO’s 20th Annual General Meeting [AGM], held at Gaddafi Barracks in Jinja City, showed that total assets rose to Shs 1.4 trillion in 2025, up from Shs 1.1 trillion in the previous period.
Held under the theme “Sustainable Growth and Quality Member Services,” the AGM highlighted steady financial expansion, a growing loan portfolio, and plans to deepen digital financial access for members—most of whom are serving personnel of the Uganda Peoples’ Defence Forces, veterans, their families, and civilian staff.
Speaking at the event as Chief Guest, the Minister of Defence and Veteran Affairs, Jacob Marksons Oboth, described the SACCO as a powerful example of what collective effort, discipline and patriotism can achieve, noting that its progress reflects the optimism, resilience and trust of its membership.
“This success is a testament to the optimism, resilience and trust in the cooperative spirit,” he said.
Oboth added that the Defence ministry takes pride in the SACCO’s contribution to the welfare of military officers, veterans and civilian staff, stressing that financial stability remains central to institutional strength and operational effectiveness.
“Financial strength is a critical pillar of operational excellence. A financially secure force is more focused, more effective and better able to serve the nation,” he said.
He commended the Board and management for sound stewardship, noting that growth in membership, expansion of loan products and improved financial performance point to strong leadership and prudent management.
The Minister urged the SACCO leadership to remain responsive to changes in the financial sector by strengthening digital services, enhancing financial literacy, maintaining sound risk management practices and exploring safe investment opportunities.
“While we celebrate these achievements, we must remain mindful of the challenges ahead. The financial sector is evolving rapidly, driven by technology, changing customer expectations and increasing competition,” he added.
On his part, Commander Land Forces, Lt Gen. Kayanja Muhanga, congratulated WSACCO on its 20-year milestone, describing its growth as a reflection of discipline, commitment and sound institutional stewardship.
In a message delivered by Muhanga, the Chief of Defence Forces [CDF] and Senior Presidential Advisor on Special Operations, Gen. Muhoozi Kainerugaba, also hailed the SACCO’s achievement.
“This is a great milestone, and I congratulate the Wazalendo SACCO family, the members, management and Board, for staying the course,” the message read.
Muhoozi noted that the SACCO’s steady growth in surplus, lending and assets has elevated it into one of the most prominent cooperative institutions on the continent, positioning it to contribute meaningfully to national economic transformation.
The CDF called for prudence and self-reliance amid global economic uncertainty, urging leaders and members to strengthen resource management and avoid waste.
“We must build our resources and capacity to survive on our own,” the message added.
Board Chairman Lt Gen. Sam Kavuma said the AGM remains the SACCO’s highest accountability platform, bringing together members to assess the performance of elected leaders and management.
“It is the AGM that elects the Board and Supervisory Committee, and the Board appoints management to run the SACCO. All these organs act on behalf of the AGM,” he said.
On performance, Kavuma said WSACCO has emerged as one of the fastest-growing SACCOs on the African continent.
“Over the last decade, we have transformed. Surplus has grown from Shs 24 billion to Shs 106 billion, and cumulative lending from Shs 3.8 billion to Shs 3.8 trillion. This demonstrates our strong growth and continued commitment to improving member welfare,” he said.
Chief Executive Officer Col Yusuf Magero Buha said the SACCO’s loan portfolio expanded in the 2025 financial year due to increased uptake of products across sectors such as agriculture, housing and development.
He noted that the institution continues to offer affordable credit at interest rates ranging between 12 and 13 per cent.
“Members access agricultural, housing and development loans at very competitive rates,” he said.
Buha added that the SACCO has expanded its outreach through both physical infrastructure and technology.
“We now have 19 branches across the country, including 14 cash branches, and preparations are underway to open the 15th,” he said.
He also revealed plans to roll out digital lending, enabling members to apply for and process loans remotely via mobile phones.
“We are introducing digital lending so members can apply and be appraised without visiting a branch,” he said.
WSACCO is also strengthening its long-term investment strategy through Wazalendo Investment Limited, a special purpose vehicle established to undertake ventures beyond the SACCO’s regulatory scope.
Buha said the investment arm will channel accumulated reserves into profitable ventures such as real estate, housing, road construction and employment creation.
The AGM also elected a new Board of Directors and Supervisory Committee to steer the institution into its next phase of growth.
The Board will be chaired by Lt Gen Sam Kavuma, deputised by Brig Gen Peter Omola, with Col James Okiring as Treasurer and Maj Mariam Kagoro representing Gender.
The Supervisory Board will be led by Brig Gen Justus Rukundo as Chairman, Maj Newton Namaziima as Vice Chairman and Capt Asha Praise Mbwali as Secretary.
The AGM was attended by senior military officials, cooperative leaders and other delegates, including Commander Air Force Lt Gen Charles Okidi, Chief of Joint Staff Lt Gen Jack Bakasumba, and representatives from the Uganda Cooperative Alliance and Uganda Cooperatives Savings and Credit Union.
https://thecooperator.news/wsacco-launches-construction-of-nakasongola-branch/
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