Gen Muhoozi asks army Sacco to consider setting up business wing
The Chief of Defence Forces Gen. David Muhoozi has advised Wazalendo to consider opening up a business arm that could own a bank, investment club and other businesses.
The Wazalendo Sacco that was registered in 2005 is a Ministry of Defence and Veteran Affairs (MODVA) and Uganda People' Defence Forces (UPDF) co-operative society that enables its members to come together and pool funds so that, they can access credit to engage in productive activities for improving their welfare.
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Speaking during the closure of a five day strategic plan retreat for the Sacco at Royal Suites Hotel in Bugolobi, Kampala, Gen.Muhoozi said it would be prudent if managers of the Sacco set up a business arm that would benefit members.
“The management team should enhance the monitoring and evaluation function and focus on members plus their projects. This will improve individual members’ welfare but also consider putting in place a business arm,” the CDF said.
He asked that if agreed upon, the idea should be operationalized for the benefit of every member.
The CDF applauded the management team for Wazzalendo Sacco which he said has enabled it to be one of the 6 biggest Saccos in Africa.
The Deputy Commander Land Forces and the board chairman for the Sacco, Maj. Gen Sam Kavuma said he was impressed by the energies the teams had displayed in coming up with a strategic plan for 2019 to 2021.
He said that the importance of the retreat was to analyse whether the current mission, vision and core values are still relevant in the current financial environment.
Gen. Kavuma pointed out that the main challenge was how to increase membership and focus was put mainly on retirees, individual members of the Sacco without the principle, the civilian staff of the defence ministry and opening up the bond.
The closing ceremony was also attended by the Joint Chief of Staff Lt. Gen Joseph Musanyufu, the Chief Personnel and Administration Brig. George Igumba and other senior UPDF officers.
The Wazalendo Savings and Credit Cooperative Society Limited (WSACCO) recently hit an asset base of shs271.1 billion.
The army Sacco, registered in 2005, is the biggest Sacco in Uganda with 70,087 members.
