Wazalendo SACCO Celebrates Milestone Growth at 19th Annual General Meeting

Wazalendo SACCO, has held its 19th Annual General Meeting (AGM) at the Gadaffi Barracks in Jinja. The meeting brought together delegates, leadership, and stakeholders to review the society’s progress over the past year.

The Chairperson of the Board of Directors, Lt Gen Sam Kavuma, emphasised the significance of the meeting, stating that, “we are here to account to the members about how we’ve managed their money.”

Lt Gen Kavuma noted that the SACCO stands on three key pillars: the members, the board, and the management emphasising that “when each plays its role, the SACCO grows.”

 

Lt Gen Kavuma highlighted the SACCO’s steady growth over the years with its membership from just 30 founding members to over 111,000 today.

 

He revealed that in the last financial year alone, the SACCO disbursed loans worth 602 billion Ugandan shillings, with a cumulative loan portfolio of 3 trillion Ugandan shillings since its inception.

Brigadier General Freddy Joseph Onata, the CEO of Wazalendo SACCO, reported that the SACCO has, over the past year, expanded its reach with the addition of two new cash branches.

 

“We now sit on a capital base of 295.6 billion Ugandan shillings, with savings totalling 547.7 billion Ugandan shillings,” Brig Gen Onata said.

 

On the SACCO’s plans for digital transformation, Brig Gen Onata said, “We are working on improving our online loan services and banking security systems to provide more flexibility to our members.”

 

He highlighted the SACCO’s strong governance during the AGM, crediting the board, management, and UPDF leadership for their collective efforts, stating, “We work together as a team, and that unity is key to our success.”

Gen (Rtd) Kale Kayihura, the first chairman and one of the founding members of Wazalendo SACCO, expressed his pride in its development, saying, “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, CEO of the Uganda Cooperative Savings and Credit Union (UCSCU), praised Wazalendo SACCO for its outstanding performance, stating, “Wazalendo SACCO is the best in Uganda and ranks seventh in Africa.”

He called for a single, well-informed regulator for SACCOs to spur growth and avoid over-regulation.

 

Present were: the Deputy Commander Land Force, Maj Gen Francis Takirwa; Division Commanders, Commandants of Training Schools, Generals, Senior and Junior Officers, representatives from Uganda Police, Uganda Prisons, Uganda Co-operative Alliance, and partners.