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WSACCO to hit Shs 1trn in assets by 2025, top official says

JINJA, March 27, 2024 – The Chief Executive Officer of UPDF’s Wazalendo Savings and Credit Cooperative Society [WSACCO], Col. Freddy Joseph Onata is confident they will hit a target of Shs 1 trillion in total assets by next year.

Speaking at the SACCO’s annual general meeting [AGM] held in Jinja City days ago, Onata disclosed it currently has a membership of over 100,000, share capital of Shs 240 billion, savings of Shs 445bln, loan portfolio of Shs 737bln and a total asset base of Shs 959bln.

“Wazalendo SACCO should be a One trillion asset institution and I can guarantee that if everything goes well, we are going to hit that in 2024,” he told SACCO members attending the AGM.

“The year ending 2023, we registered a surplus of Shs 73.3bln and we are going to distribute 40 percent to the members. We have agreed to partially open up to allow us to allow other organisations to come and join the SACCO,” Onata said.

Speaking at the AGM, former Inspector General of Police, Gen Kale Kayihura, one of the brains behind the formation of the army SACCO, said it was started to address soldiers’ welfare, even though he added he initially faced resistance.

On his part, the outgoing Deputy Chief of Defence Forces Lt Gen Peter Elwelu praised the late Gen. Aronda Nyakayirima [former Minister for Internal Affairs, and Chief of Defence Forces] for bringing a new leadership perspective to the Uganda People’s Defence Forces [UPDF].

Elwelu commended Aronda for streamlining UPDF leadership and being one of the initiators of WSACCO.

“I thank the late General Aronda because he brought in a new perspective to leadership in the UPDF. Now I see we have a new leadership and cadreship which has embraced the original values of the NRA and now here we are, a great SACCO in the whole country and Africa,” he said.

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