UPDF Launches Wazalendo SACCO Branch In Arua City 

ARUA. The Uganda Peoples’ Defense Force (UPDF) has launched its Savings and Credit Cooperative Organisation (SACCO) dubbed ‘Wazalendo’ branch in Arua city.

Wazalendo SACCO is a Ministry of Defence and Veterans Affairs, and UPDF initiative aimed at enabling soldiers to come together and put funds inform of savings which they can borrow to engage in productive activities to improve their welfare. 

Started in 2005 with only 30 members, Wazalendo SACCO has now grown with over 100,000 members.

According to Brig. Gen. Joseph Freddy Onata, the Chief Executive Officer of Wazalendo SACCO, the SACCO is now managing a share capital of over Shs200bn.

“Our last record was 108,409 members and we are managing a share capital of Shs295.6bn which is probably bigger than most SAACCOs in Uganda combined. We are managing a deposit of Shs547.9bn, loan portfolio of Shs967.9 billion and asset base of Shs1.176tln,” Brig. Gen. Joseph Freddy Onata said.

Wazalendo SACCO has a network of 19 branches across Uganda, including those located inside and outside the barracks.

The Arua city branch now has its own complex building that will also accommodate other businesses to be run by civilians.

“We have never tried to do these investments with members’ money. We budget for this outside members’ money. Many SACCOs after accumulating Shs300m, begin thinking of buying land using members’ shares and hence start struggling. As Wazalendo, we got over Shs80bn as profit last year which we are now investing,” Brig. Gen Onata added.

The growth of Wazalendo SACCO has been attributed to good leadership exhibited within the army with top most leaders being the President of Uganda, Yoweri Kaguta Museveni who doubles as the Commander in Chief of armed forces, the Chief of Defence Forces, Gen. Muhoozi Kainerugaba and Ministers of the line ministries.

While presiding over the function recently, the 4th Infantry Division Commander, Maj. Gen. Felix Busizoori, disclosed that Wazalendo SACCO is proving possibilities of achieving Socio-economic transformation that President Yoweri Museveni has always been emphasizing.

Members of the SACCO now have access to over 400 ATM machines and inter-switch services with 13 partner banks across Uganda.

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