Senior military officials, financial experts, and stakeholders convened at Gaddafi Barracks in Jinja for the 19th Annual General Meeting (AGM) of Wazalendo SACCO, where leaders reflected on the institution’s remarkable growth and future plans.
While addressing delegates, Lt Gen Sam Kavuma, Chairperson of the Board of Directors, underscored the AGM’s importance, emphasizing the need for transparency and accountability in managing members’ funds. He reiterated that the SACCO thrives on three fundamental pillars: members, the board, and management, and that cohesion among these elements is crucial for sustainability and expansion.
Highlighting the SACCO’s impressive trajectory, Lt Gen Kavuma noted that membership has surged from just 30 founding members to over 111,000. He further revealed that in the last financial year alone, 918 billion Ugandan shillings in loans were disbursed, contributing to a cumulative loan portfolio now standing at 3.6 trillion Ugandan shillings since inception.
Brig Gen Freddy Joseph Onata, the Chief Executive Officer, reported that the SACCO had expanded its financial footprint by adding two new cash branches, strengthening accessibility for its members. He further disclosed that Wazalendo SACCO currently boasts a capital base of 295.6 billion Ugandan shillings, with total savings reaching 547.7 billion Ugandan shillings.
As part of efforts to modernize operations, Brig Gen Onata announced that the SACCO was prioritizing digital transformation, focusing on enhancing online loan services and bolstering banking security systems to provide members with more flexibility and efficiency in financial transactions.
During the AGM, Gen (Rtd) Kale Kayihura, a founding member and the first chairman of Wazalendo SACCO, lauded the institution’s unprecedented growth. “What started as a small initiative has now evolved into a financial powerhouse almost comparable to a bank,” he remarked, commending the leadership for steering it to success.
The event also featured remarks from Dr. Sylvester Ndiroramukama, CEO of the Uganda Cooperative Savings and Credit Union (UCSCU), who hailed Wazalendo SACCO as Uganda’s top-performing SACCO and the seventh-best in Africa. He advocated for a unified and knowledgeable regulator to streamline SACCO operations and prevent excessive regulation that could hinder growth.
The AGM attracted a distinguished audience, including Maj Gen Francis Takirwa, the Deputy Commander of Land Forces, alongside Division Commanders, Training School Commandants, Generals, Senior and Junior Officers, as well as representatives from Uganda Police, Uganda Prisons, and the Uganda Co-operative Alliance.
With Wazalendo SACCO’s continued expansion and commitment to innovation, the institution remains a cornerstone of financial empowerment for Uganda’s security forces and a model for cooperative success across the region.
