Delegates of Wazalendo SACCO, drawn from various battalions, units, and divisions of the Uganda People's Defence Forces (UPDF), convened at Gaddafi Barracks in Jinja for the institution’s Annual General Meeting (AGM), celebrating two decades of remarkable growth.
The event, held under the theme “Sustainable Growth and Quality Member Services,” attracted high-profile dignitaries including Minister of Defence and Veteran Affairs Jacob Oboth-Oboth, Commander Land Forces Lt Gen Kayanja Muhanga, representing Chief of Defence Forces Gen Muhoozi Kainerugaba, as well as retired General Kale Kayihura, among others.
Strong Financial Growth
During the AGM, Board Chairman Lt Gen Sam Kavuma highlighted the SACCO’s impressive growth over the past decade, describing it as the best-performing SACCO in Uganda.
According to the Integrated Report 2025, Wazalendo SACCO’s surplus grew from Shs 24 billion in 2016 to Shs 106 billion in 2025, representing a 338 percent increase. Total deposits surged from Shs 48 billion to Shs 1.42 trillion, while total assets rose from Shs 210 billion to Shs 1.42 trillion. The SACCO’s loan portfolio also expanded significantly, growing from Shs 181 billion to Shs 1.12 trillion, underscoring its role in extending affordable credit to members.
“This expansion underscores our commitment to providing affordable credit and empowering members financially,” Kavuma said.
Membership increased from 66,683 in 2016 to 117,171 in 2025, a 76 percent growth. To accommodate this expansion, the SACCO increased its cash branches from just one in 2016 to 14 in 2025, alongside liaison offices and an investment arm.
“Our members can now access their money through different offices, and in April we shall open another office in Nakasongola,” Kavuma added.
Increased Member Benefits
The SACCO also recorded notable improvements in member returns. Dividends per share rose from Shs 1,019 to Shs 2,523, a 139 percent increase, while the maximum loan size grew from Shs 40 million to Shs 850 million. Cumulative loan disbursements climbed from Shs 56 billion to Shs 3.85 trillion, while average monthly disbursements increased from Shs 11 billion to Shs 63 billion, indicating strong lending activity.
“Ten years ago, members could borrow up to Shs 40 million. Today, a member can borrow up to Shs 850 million depending on their savings,” Kavuma said, urging members to invest in income-generating ventures such as business and land.
Vision for the Future
Kavuma described Wazalendo SACCO as one of Africa’s fastest-growing SACCOs, emphasizing its strategic direction, strong governance, and member-centric approach.
“While there are other large SACCOs, including those in Kenya, Wazalendo is among the fastest-growing. We are looking forward to becoming the best, even as those ahead of us started earlier,” he said.
The report also highlights continued investment in risk management systems, technological innovation—including artificial intelligence—and safeguarding members’ financial security.
As Wazalendo SACCO enters its third decade, it aims to deepen financial inclusion, expand its investment portfolio, and strengthen institutional capacity, positioning itself as a key driver of socio-economic empowerment for its members and a leading player in Uganda’s cooperative financial sector.
