A delegation from the Gambia Armed Forces (GAF), led by Deputy Chief of Defence Staff and Board Chairman of the Gambia Armed Forces Cooperative Credit Union, Brigadier General Sait Njie, made a benchmarking visit to Wazalendo Savings and Credit Cooperative Society (Wazalendo SACCO) at its headquarters in Kiwatule, Kampala.
The benchmarking visit focused on member mobilisation, savings mobilisation, loan management, governance, investment, digital financial services and strategies for improving the welfare of serving military personnel and their families.
The Wazalendo SACCO Chief Executive Officer, Brigadier General Buha, highlighted the institution’s growth from its humble beginnings, noting that it introduced its first loan product, the School Fees Loan, in 2008 and has since expanded its portfolio to address the diverse financial needs of its members.
“From humble beginnings in 2005 and the first loan product, the School Fees Loan, given out in 2008, Wazalendo SACCO has grown into a significant pillar of financial empowerment for our servicemen and women, driven by a deep understanding of their unique needs,” Brigadier General Buha said.
He told the delegation that Wazalendo SACCO has since established Wazalendo Investments Limited as its business arm, which is involved in real estate, enabling SACCO members to acquire land at subsidised prices, as well as road construction.
Brigadier General Njie commended Wazalendo SACCO for its robust operational model and the tangible impact of its financial services on the socio-economic well-being of Uganda Peoples’ Defence Forces (UPDF) personnel and their families.
The visit provided an opportunity for the two military cooperative institutions to share experiences, exchange best practices and explore practical approaches to strengthening financial inclusion and improving the welfare of serving personnel and their families.
The Gambian delegation included Major Falton Bety Jammeh, Manager of the Gambia Armed Forces Credit Union, and Mr Yankuba Touray, Director of Programmes at the National Association of Cooperative Credit Unions of The Gambia.
The engagement was also attended by heads of department from Wazalendo SACCO.
