The UPDF Wazalendo Savings and Credit Cooperative Society has hit the shs 530 billion mark in terms of assets, the Sacco leadership has announced.
“The total assets have increased from shs 413 billion in 2019 to shs 530 billion in 2020, ” said Col Freddy Onata, the Wazalendo Sacco Chief Executive Officer said during the 15th annual general assembly on Friday yesterday at the Uganda Military Engineers College ( UMEC) in Lugazi.
The meeting was aimed at reviewing the Sacco’s operational and financial performances for the financial year 2020.
Speaking at the meeting, the Minister for Trade, Amelia Kyambadde commended the Sacco for improving the members’ welfare amidst the global economic challenges.
“Share experiences and capitalize on opportunities to save for investment,” Kyambadde said.
The minister also noted that the sustainability of the Sacco is guided by trust and excellent member services but also called for embracing mindset change through education for all borrowers to invest in income-generating activities so that they can payback.
The board chairman of the Wazalendo Sacco, Maj Gen Sam Kavuma said during the financial year 2020, membership increased from 69,114 to 80,198.
He noted that a business savings account and Tujeunge fund were launched and configured on the ATM to broaden saving options and enhance operational efficiency.
“Other investments were in mobile banking, data storage and disaster recovery; which help to mitigate effects of COVID -19 by minimizing personal contacts,”Kavuma said.
He however noted that Sacco’s sustainability is premised on transparency, integrity, convenience, accountability, ethical values and equity.
Loan interest income has remained the major source of revenue for Wazalendo Sacco contributing 76.75% of the total revenue.
The Sacco’s membership is voluntary to UPDF personnel, civilians working with the Ministry of Defence and Veteran Affairs, spouses and children of soldiers and is the biggest Savings and Credit Cooperative Society in Uganda.