Wazalendo SACCO has unveiled an ambitious digital transformation agenda as it marked 20 years of operations, even as its total assets climbed from Shs 1.1 trillion to Shs 1.4 trillion, reinforcing its standing as one of Uganda’s leading savings and credit cooperatives.
The milestone was announced during the SACCO’s 20th Annual General Meeting held at Gaddafi Barracks under the theme “Sustainable Growth and Quality Member Services,” bringing together delegates drawn largely from the Uganda People's Defence Forces (UPDF), veterans, their families, and civilian staff.
While the SACCO’s strong financial growth headlined the meeting, leadership emphasized that the institution’s future will be anchored on digital innovation. Chief Executive Officer Col Yusuf Magero Buha announced plans to introduce digital lending services that will enable members to apply for and process loans remotely via mobile phones.
“We are going for digital lending where our members will be able to apply for a loan and get appraised without necessarily going to the branch,” he said.
This digital push is expected to complement the SACCO’s expanding physical presence, which currently includes 19 branches—14 of them cash branches—with a 15th cash branch set to open soon, alongside several liaison offices within and outside Uganda.
In his remarks, the Minister of Defence and Veteran Affairs, Jacob Markson Oboth-Oboth, hailed the SACCO as a powerful example of what discipline, patriotism, and collective effort can achieve.
“This success is a testament to the optimism, resilience and trust in the cooperative spirit,” he said, noting that financial stability among defence personnel is critical to operational effectiveness.
Oboth-Oboth further urged the SACCO’s leadership to remain responsive to a rapidly evolving financial sector by strengthening digital services, enhancing financial literacy, maintaining sound risk management practices, and exploring safe investment opportunities.
In a message delivered on his behalf by the Commander Land Forces, Lieutenant General Kayanja Muhanga; the Chief of Defence Forces and Senior Presidential Advisor on Special Operations (SPA/SO), General Muhoozi Kainerugaba, described the anniversary as a major milestone and called for prudence and self-reliance amid global economic uncertainty.
“We must build our resources and capacity to survive on our own,” the message read.
Lt. Gen Kayanja Muhanga also congratulated the SACCO, describing its growth as a reflection of discipline, commitment, and sound institutional stewardship.
Board Chairman Lt Gen Sam Kavuma said the SACCO has undergone significant transformation over the past decade, positioning itself among the fastest-growing cooperatives on the African continent.
“Surplus has grown from She 24 billion to Shs 106 billion, and cumulative lending from Shs 3.8 billion to Shs 3.8 trillion,” he noted, adding that the institution continues to strengthen member welfare across the board.
The SACCO’s loan portfolio has expanded significantly, driven by increased uptake of products across agriculture, housing, and development sectors. Members continue to access credit at relatively affordable interest rates ranging between 12 and 13 percent.
Beyond traditional lending, the SACCO is expanding its long-term investment strategy through Wazalendo Investment Limited, a special purpose vehicle designed to undertake ventures outside the SACCO’s direct regulatory scope.
The investment arm is expected to channel accumulated reserves into profitable sectors such as real estate, housing, road construction, and other initiatives aimed at generating revenue while creating employment and empowerment opportunities for members.
Lt Gen Kavuma emphasized that the Annual General Meeting remains the highest accountability platform within the SACCO’s governance structure.
“It is the AGM that elects the Board and the Supervisory Committee, and the Board appoints Management to run the SACCO. Whatever these three groups do, they do it on behalf of the AGM,” he said.
During the meeting, members elected a new Board of Directors to steer the institution forward. The board is chaired by Lt Gen Sam Kavuma, with Brig Gen Peter Omola as Vice Chairman, Col James Okiring as Treasurer, and Maj Mariam Kagoro representing Gender.
Regional representatives elected include Capt Dathan Bunanukye (Western Region), Capt Isaac Bisaalu (Central Region), Capt Nathan Mwebasa (Northern Region), WO2 Osuku Peter (West Nile), and WO2 Bashaija Wilber (Western Region).
The Supervisory Board will be led by Brig Gen Justus Rukundo as Chairman, Maj Newton Namaziima as Vice Chairman, and Capt Asha Praise Mbwali as Secretary.
The AGM attracted senior military leadership and key stakeholders, including Commander Air Force Lt Gen Charles Okidi, Chief of Joint Staff Lt Gen Jack Bakasumba, Deputy Service Commanders, Service Chiefs of Staff, Formation and Division Commanders, and Joint Staff of the Defence Forces.
Also in attendance were leaders from the cooperative movement, including the Chairman of Uganda Cooperative Alliance Rev. Fr. Emmanuel Safari and General Secretary CPA Ivan Asiimwe, as well as the CEO of Uganda Cooperatives Savings and Credit Union Dr Sylvester Ndirora Mukama.