Wazalendo SACCO Flags Off Construction of Complex In Nakasongola

Wazalendo Savings and Credit Cooperative Organisation (SACCO) has flagged off the construction of a two-storey commercial complex in Nakasongola.

The groundbreaking ceremony was officiated by the General Manager of Luwero Industries, Major General Mzee Sabiiti, who commended Wazalendo SACCO for aligning its programmes with the strategic direction of the Commander-in-Chief to improve the welfare of UPDF officers, militants, and their families.

Maj Gen Sabiiti said the new complex, which will house the Wazalendo SACCO Nakasongola cash-operating branch and include rentable commercial space, reflects the steady growth of the SACCO and its contribution to sustainable welfare financing.

“The expansion of Wazalendo SACCO is a clear fruit of the Tarehe Sita struggle. As we celebrate 45 years of achievement, it is encouraging to witness the growth of a welfare venture that directly supports our forces,” he said.

He recalled that before the establishment of Wazalendo SACCO, many soldiers faced difficulty accessing affordable loans, as commercial banks considered them high-risk and charged prohibitive interest rates. This, he noted, prompted the UPDF leadership to intervene.

“In 2005, commanding officers were tasked to mobilise units to join the SACCO. I was one of them. Twenty years later, I can testify that this decision changed our lives. Today, I am conveniently served by my own SACCO with humility and decency,” Maj Gen Sabiiti said.

Maj Gen Sabiiti commended Wazalendo SACCO for already promoting generational membership by bringing family members on board, noting that the initiative strengthens welfare sustainability within the UPDF fraternity. He further encouraged the SACCO to consider extending selected services to members of the civilian community as a way of strengthening civil–military relations.

Speaking at the event, the Chief Executive Officer, Col Yusuf Magero Buha thanked the UPDF and Wazalendo SACCO leadership for the strategic guidance and continued support that has enabled innovation and improved service delivery to members.

He announced that the Nakasongola branch will become Wazalendo SACCO’s 15th cash-operating branch, citing its status as one of the oldest branches and its strategic location. He noted that the branch currently processes between 480 and 500 loans annually, valued at about Shs 3.5 billion.

Col Buha further revealed that Kabong Liaison Office was launched on the same day, while the 14th cash-operating branch will be opened in Kihihi on 26 February 2026, with plans to establish a branch in Lira in 2027.

Highlighting the SACCO’s financial performance as of 31 December 2025, Col Buha said Wazalendo SACCO recorded a surplus of Shs 105 billion, a loan portfolio of Shs 1.14 trillion, and total assets valued at Shs 1.4 trillion.

Col Buha particularly thanked President Yoweri Kaguta Museveni for supporting the SACCO movement and guiding the development of regulations that promote sustainability and growth.

Representing the Board of Directors, Capt Isaac Bisaru said the Nakasongola complex will not only benefit SACCO members but also the surrounding community through job creation, tax contributions, and opportunities for other SACCOs to benchmark.

The event was attended by Col Omaria of the Mountain Infantry Division, Col Samuel Ssekamwa, Division Intelligence Officer, Ms Bazizari Allen representing the Mayor, Capt Dathan Bunanukye, a Wazalendo Board member for the Western Region, WO I Osuko Peter, a Board member for West Nile, Director of Operations Mr William Atalyeba, and other invited guests.