The UPDF Wazalendo Savings and Credit Cooperative Society deposits have grown to shs237 billion, officials have announced.
“We started with shs12 million share capital at registration but this year we have hit shs219 billion and savings have grown from shs11 million to the current 237 billion,” said Col Joseph Freddy Onata, the Wazalendo Sacco Chief Executive Officer.
Onata was speaking during the end of year thanksgiving and get together party organized by the sacco leadership for all its staff from different branches across the country held at Ndere Troupe Gardens in Kampala.
The Wazalendo CEO described the year 2021 as one where the sacco achieved “almost all of its targets” which were set.
“We have endured a difficult moment year with covid 19, some of our staff were infected but survived. We never lost any life,” Col Onata noted.
The sacco vice chairperson, Col Chris Ogumelaki who represented the chairman, Maj Gen Sam Kavuma applauded the management for efforts to ensure the sacco grows but also serves members diligently.
He applauded them for the zeal and selfless efforts which made the sacco perform well amidst the covid 19 pandemic.
The vice chairperson of the Supervisory Committee for the sacco, Lt col Abdul Wahab Mukiibi urged management to remain focused and aim higher.
Speaking at the same function, Sheik Suleiman Lubega(Guggwa) the chairperson of the Imam’s Council of Uganda applauded the army for ensuring discipline among the troops but above all ensuring peace and stability of the country.
Started in 2005, Wazalendo Sacco has grown to become the largest Savings and Credit Cooperative Society in the country.
All UPDF soldiers are obliged to contribute 10% of their monthly salary to the sacco and can in addition buy shares, each at shs15,000.
The Sacco was formed to bring members together and pool funds in form of savings where members can access loans at affordable interest rates to enable them engage in productive activities that will help improve their welfare.