The UPDF WAZALENDO SACCO ranked as the best performing in the country, yesterday Wednesday 28th Mar 2018 elected its new Board members with Maj.Gen Sam Kavuma elected Chairman, Col Chris Ogumelaki Vice Chairman, while treasurer is Maj Jero Muhendo, and Women Representative to the Board is Capt Saadah Namatovu.
The regional representatives are: Capt Norah Ongodia for the Central region, Northern is Maj Allan Kitanda, Eastern is Maj Milton Akabway, whereas West Nile is represented by Sgt Osuko Peter and Capt Peter Amutuhaire will represent the Western region.
The Minister of Trade, Industry and Cooperatives, Amelia Kyambadde, who was the chief guest at the Annual General Meeting applauded the Ministry of Defense and Uganda Peoples’ Defense Forces (UPDF) Saving and Credit Cooperative Society Limited (Wazalendo SACCO) for being a formidable foundation of entrepreneurship where synergies between institutions are encouraged to develop a saving culture that guides development.
“UPDF is a yard stick of growth and development. Its leadership can’t be disassociated from entrepreneurship to improve on peoples’ welfare,” noted Hon Kyambadde.
She added that one must reflect, re-evaluate and re-assess the different disciplines within institutions to continuously develop beneficial skills most especially among spouses and children.
The 12th Annual General Meeting for WSACCO took place at Colline Hotel in Mukono where WSACCO delegates congregated.
The Chief of Defence Forces, Gen David Muhoozi in his remarks congratulated the Incoming Board members upon their new assignments, saying that new assignments meant extra responsibility.
He advised them to build an admirable WSACCO that is able to mobilize and sensitize its members to save regularly, borrow wisely and pay promptly for the growth of the SACCO.
W02 Ndyabahika Perez was the highest Shareholder for the year 2017; highest retirement depositor was Pte Okolle Ekonga Nelson; Cpl Katamba William was highest fixed depositor and most successful loan user at national level was S/Sgt Dikusoka Musanoni, among other awardees for the year 2017.
WSACCO’s has grown in its total assets by 26% from UGX 214.15Bn in 2016 to UGX 270.56Bn in 2017 and above the projection by 16%, growth in loan portfolio by 20% from UGX 182.81Bn in 2016 to UGX 219.13Bn in 2017 and above the projection by 2% and loan interest income increased to UGX 30.11Bn in 2017 from 28.02Bn in 2016, among other financially sustainable goals.
Members of WSACCO include: UPDF Personnel, Staff of Ministry of Defense, and Reserve Forces, Civilian staff of Wazalendo and all spouses and children of existing members.