WSACCO CEO urges members to boost their savings
WSACCO, a cooperative society under the Ministry of Defence and Veteran Affairs and the Uganda People’s Defence Forces (UPDF), enables members to pool funds, allowing them to access loans for productive activities that improve their welfare
FORT PORTAL CITY, September 19, 2024 — Col. Joseph Freddy Onata, Chief Executive Officer of the Wazalendo Savings and Credit Cooperative Society [ WSACCO ], has encouraged members to increase their savings to enhance their quality of life after service.
WSACCO, a cooperative society under the Ministry of Defence and Veteran Affairs and the Uganda People’s Defence Forces (UPDF), enables members to pool funds, allowing them to access loans for productive activities that improve their welfare.
Onata emphasised the importance of increasing savings, especially following salary enhancements for soldiers this financial year. He spoke during the opening of this year’s Chief of Defence Forces [CDF] Cup Tournament at Buhinga Stadium in Fort Portal City on Tuesday.
“WSACCO has brought services closer to soldiers in the Tooro Subregion during the tournament. We encourage our members to transfer their salaries from commercial banks and save with WSACCO,” he said.
He also urged members to transfer 25 percent of their retirement fund to shares, in accordance with the 2024 Annual General Meeting resolution. Onata highlighted WSACCO’s four main service platforms: the main branch, 10 cash branches nationwide, PostBank, and mobile banking.
As part of its corporate social responsibility, WSACCO donated sports uniforms to 20 football and 20 netball teams participating in the 16th Edition of the CDF Cup Tournament. Onata stated that this donation reflects WSACCO’s commitment to the UPDF and contributes to the fitness, entertainment, and unity of the forces during the games.
“This event provides WSACCO with a unique opportunity to show our solidarity with the UPDF. We are grateful for the support from our members, which allows us to give back to them,” Col. Onata remarked.
Lt. Gen. Muhanga Kayanja, the UPDF Land Forces Commander, praised WSACCO for its support of the tournament, emphasizing the critical role of physical fitness in military readiness.
He encouraged young people to prioritise regular exercise for better health. “Many young people under 25 are failing to join the army due to lack of physical fitness. I urge you to engage in physical exercise to stay healthy,” he stated while flagging off this year’s CDF Cup Tournament.
Brig. Gen. Richard Karemire, Chief of Education, Sports, and Culture, outlined the tournament’s objectives: to foster physical and mental wellness, discipline, and teamwork within the UPDF. “The tournament aims to nurture sports talent, promote professionalism, and strengthen civil-military relations,” he said.
The two-week tournament, hosted by the UPDF’s Mountain Division, will feature 19 formations and units competing in football and netball, including the 1st through 5th Infantry Divisions, the Mountain Infantry Division, Field Artillery Division, Armoured Division, and Motorised Division, among others.
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