The Minister of Trade, Industry and Cooperatives, Hon Amelia Kyambadde has commended the Ministry of Defense and Uganda Peoples’ Defence Forces (UPDF) Wazalendo Savings and Credit Cooperative society (WSACCO) Limited for its uniqueness in developing a saving culture among its members. Hon Kyambadde said this at the 12th Annual General Meeting for WSACCO members at Colline Hotel in Mukono.
“UPDF is a yardstick of growth and development in Uganda. Therefore let us reflect, re-evaluate and re-assess all our different disciplines as UPDF,” she noted, adding that the continuous development of skills especially among UPDF spouses and children is very cardinal for Uganda to achieve its Millenium Development Goals.
The Chief of Defence Forces, Gen David Muhoozi in his remarks, commended the Outgoing Board members, Supervisory Committee members and management for a job well done in promoting the vision and mission of the SACCO. The SACCO increased in total assets by 26% from UGX 214.15 billion in 2016 to UGX 270.56 billion and above the projection by 16%.
Gen Muhoozi, observed that the existing high interest rates from commercial banks and money-lenders has made the existence of SACCOs inevitable for people to effectively and efficiently fight poverty.
“Poverty is an enemy that should be fought together since it is non-discriminative,” he said.
He that emphasis should be geared towards the formation and ensuring the functionality of SACCOs for members to improve their welfare. The CDF reminded members that SACCOs survive on the basis of being member formed, member owned, member financed, member managed and that benefits ultimately go to members.
He encouraged delegates to continue spreading the philosophy of WSACCO and spear head WSACCO activities across all UPDF units and formations to achieve better standards of living amongst members.
Meanwhile the Board Chairman WSACCO Maj Gen Sam Kavuma, lauded the Outgoing team for its full commitment towards the growth of WSACCO and implored members to invest in real assets (things that produce more money) for poverty to be history in the Ministry of Defence and UPDF fraternity.
WSACCO members include: UPDF Personnel, Staff of Ministry of Defense, Reserve Forces, Civilian staff of Wazalendo and all spouses and children of existing members.
The 12th AGM for Wazalendo SACCO was organised under the theme “Bridging the gap between Service Delivery and Improvement of members’ welfare” It was attended by among others; the UPDF members of Command and Staff, members from Micro Finance Centre, staff from Centenary and Post Banks and other invited dignatories.