MBARARA-The Uganda People’s Defence Force [UPDF] Wazalendo Savings and Credit Cooperative Society [WSACCO] has extended financial literacy training and shared experience with SACCOs in Greater Mbarara districts as one way of giving back to the community.
The financial literacy training targeted SACCOs in the districts of Kiruhura, Kazo, Ibanda, Isingiro, Rwampara, Mbarara and Mbarara City.
The beneficiary SACCOs included; Kiruhura Community Women’s SACCO, Kenshunga Standard Traders SACCO Rushere SACCO, ISSIA SACCO, Isingiro Kaberebere Residents SACCO, Ankole Peoples’ SACCO, Nyakayojo Peoples SACCO, Engari SACCO, Kazo Women Emyooga, Kazo Market Vendors Association, Kazo PWDs Association, Kazo Veterans SACCO among others.
Col. Joseph Freddy Onata, the WSACCO CEO said the training is part of the army week activities being held ahead of Tarehe Sita celebrations slated for February 6, 2023, in Mbarara City.
“As part of the Tarehe Sita celebrations, we have different activities that are going on in respective districts where we have medical camps organised by our medical service department of the UPDF. We also have financial literacy and information sharing with other SACCOs being conducted by WSACCO,” he said.
According to Onata, offering free training is in furtherance of principle number six of cooperatives, which is cooperation among cooperators.
“UPDF recruits personnel from the community who eventually become WSACCO members. So our coming here is to share experiences with these SACCOs and to see how we can collectively support each other to transform our people using a SACCO business model,” said.
Onata revealed that the biggest challenges affecting SACCOs are poor leadership and financial indiscipline.
“What mostly makes SACCOs to collapse are poor leadership and corruption, so we are teaching them that being leaders in SACCOs is a sacrifice where leaders should be able to sacrifice for the greater good of the community by exhibiting transparency,” he said.
The CEO implored the Sacco leaders to continue training members to know the roles they are supposed to be performing within the SACCOs.
“The strength of the SACCOs is in the members and if the SACCOs are creating an impact in the lives of the members then SACCOs have to grow strong. Therefore I encourage SACCO leaders that in whatever they are doing the impact should be seen in the changing of the lives of the members,” Onata said
Aggrey Muhanguzi, business operations manager at Ankole People’s SACCO appreciated WSACCO for the financial literacy training and advising their SACCOs.
“We are very grateful to the WSACCO and UPDF fraternity for extending financial literacy training to our SACCO as they celebrate the 42 years of Tarehe Sita. They have taught us how to realign our mission and vision to make sure that our members benefit from their SACCO,” he said.
He said Ankole People’s SACCO which started in 2015 has about 6000 members, over Shs 500 million share capital, over Shs 700 mln total savings and Shs 900 mln loan portfolio.
Yakub Aligawesa, chairman Nyakayojo People’s SACCO also thanked WSACCO for training their board, management, and supervisory committee, saying operations will now improve.
“We are happy that WSACCO has visited our Sacco today and we have learnt a lot from them. They have taught us how people should continue saving the money that can help them in future”
Nyakayojo Sacco has a Loan portfolio of Shs 6 billion, total savings of Shs 2.5 bln, share capital of Shs 1.7 bln, membership of 7700 and last financial year made dividends of Shs 600,039 mln.
Apart from extending the training to SACCOs in greater Mbarara, the WSACCO donated medical items that included; 10 delivery beds, 50 waste bins of 50 litres each valued at Shs 12.5mln to health centres as part of corporate social responsibility.
“Since we invest in communities, then the communities must be very healthy and that is why we are donating these dustbins also to ensure cleanliness as a way of preventing communicable diseases,” Onata said
Mbarara City will tomorrow host the 42nd Tarehe Sita celebrations at Kakyeka Stadium.
https://thecooperator.news/keep-saving-with-wazalendo-sacco-general-tips-updf-retirees/
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