JINJA, March 18, 2025 — Uganda’s largest Savings and Credit Cooperative Organisation [SACCO], commonly known as Wazalendo SACCO [WSACCO], has announced that its total assets rose to Shs 1.149 trillion in 2024, up from Shs 959 billion the previous year.
This achievement was revealed during the 19th Annual General Meeting (AGM) of the SACCO, which predominantly serves members of the Uganda People’s Defence Forces [UPDF], held today at Gaddafi Barracks in Jinja.
The report shows that membership grew to 111,276, up from 100,300 in 2023, while share capital increased to Shs 268.3 billion , compared to Shs 236 billion in the previous year.
Speaking to the delegates at the ADM, the Chairperson of the Board of Directors, Lt Gen. Sam Kavuma, underscored the importance of the meeting, stating, “We are here to account to the members about how we’ve managed their money.” He highlighted that the SACCO’s success is based on three key pillars: the members, the board, and the management, stressing that “when each plays its role, the SACCO grows.”
Kavuma also reflected on the SACCO’s steady growth over the years, noting that it began with just 30 founding members and now boasts over 111,000 members.
In the last financial year, the SACCO disbursed loans worth Shs 918 billion, bringing its cumulative loan portfolio to Shs 3.6 trillion since its establishment.
Brig, Gen. Freddy Joseph Onata, the Chief Executive Officer of Wazalendo SACCO, reported that the SACCO had expanded its reach with the addition of two new cash branches. “We now sit on a capital base of Shs 295.6 billion, with savings totalling Shs 547.7 billion,” Onata said.
On the SACCO’s plans for digital transformation, Onata added, “We are working on improving our online loan services and banking security systems to provide more flexibility to our members.” He also praised the SACCO’s strong governance, crediting the board, management, and UPDF leadership for their collective efforts. “We work together as a team, and that unity is key to our success,” he said.
On his part, Gen [Rtd.] Kale Kayihura, the first Chairman and one of the founding members of Wazalendo SACCO, expressed his pride in its development, stating, “When we started this initiative, we never imagined it would grow to this level. Now, Wazalendo SACCO is almost like a bank, and I am proud of the leadership for building it to this point.”
Dr. Sylvester Ndiroramukama, the Chief Executive Officer of the Uganda Cooperative Savings and Credit Union [UCSCU], the apex body of SACCOs in the country, commended Wazalendo SACCO for its exceptional performance, stating, “Wazalendo SACCO is the best in Uganda and ranks seventh in Africa.” He also called for a single, well-informed regulator for SACCOs to promote growth and avoid over-regulation.
Among the guests at the AGM were the Deputy Commander of the Land Force, Maj Gen. Francis Takirwa; Division Commanders; Commandants of Training Schools; Generals; senior and junior officers; representatives from Uganda Police, Uganda Prisons, Uganda Cooperative Alliance, and other partners.
In recent developments, Wazalendo SACCO commissioned its 12th cash-operating branch in Mbale City, further extending its services closer to its members. The event was presided over by the Deputy Commander of the Uganda People’s Defence Air Forces .DCAF’, Maj Gen. David Isimbwa.
https://thecooperator.news/wsacco-ceo-urges-members-to-boost-their-savings/
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