Wazalendo sacco members warned against unplanned loans
Members of UPDF Wazalendo SACCO have been warned against acquiring unplanned loans which end up being diverted hence undermining the SACCO's mandate of improving members' welfare.
The message was echoed by the Deputy Chief of Military Intelligence Brig Abdul Rugumayo while officiating at the opening of a stakeholders seminar held at CMI headquarters in Mbuya ahead of the 18th Annual General meeting to be held on March, 25 2024 in Jinja based Gaddafi barracks.
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Brig Rugumayo called upon the sacco delegates to increase their savings and invest more in share capital so that they can benefit from the interest paid on the savings and dividends on shares.
He encouraged those who have projects that generate verifiable cash flows to take advantage of cash flow loan to finance their projects.
Cash flow loans are those loans whose repayment is handled through project cash flows instead of repayment from the members UPDF salaries.
He also appealed to the delegates to be part of the transformation of each other's lives by helping those whom they represent understand the why it is important for them to use the services of the sacco for personal development not spending on luxurious undertakings.
Brig Rugumayo applauded the sacco board of directors and management for steering it in the right direction as evidenced by the level of transparency and clean accounting reports.
The vice Chairman of the Board of Directors, Lt Col Allan Kitanda noted that the purpose of the delegates seminar is to review the progress made during the previous year and outline plans for the current.
Lt Col Kitanda appreciated the UPDF leadership for the strategic guidance that has kept the leadership and management of the sacco focused on its vision, mission and objectives for which it was established.
The Chief Executive Officer for the Wazalendo sacco, Col Joseph Freddy Onata clarified that the pre AGM workshop is an important platform where delegates meet to discuss the performance of the SACCO in great detail so that during the AGM the outcomes of discussions are confirmed and resolutions that will enable management to run the SACCO in the current year made.
" The workshop starts with the training of delegates with the overall aim of ensuring that delegates understand their roles and appreciate the progress made. The workshop also prepares the delegates to deliberate and make decisions during the main AGM from a point of knowledge and information," said Col Onata.
