The Ministry of Defence and Uganda Peoples’ Defence Forces (UPDF) Wazalendo Savings and Credit Cooperative Society (WSACCO) Limited is conducting has conducted 12th Annual General Meeting (AGM) at Colline Hotel in Mukono District.
WSACCO (with about 67,000 memebers) exists to promote members’ welfare through providing affordable financial services and products which suit their capacity. Members of WSACCO include UPDF Personnel, Staff of Ministry of Defence, Reserve Forces, Civilian Staff of Wazalendo and all Spouses and Children of existing members.
The meeting between held 27th-28th March 2018, aims at analyzing the performance of the SACCO, in terms of WSACCO growth, achievements and challenges as registered in the year 2017 and propose way forward. It is being conducted under the theme: “Bridging the gap between Service Delivery and Improvement of Members’ Welfare.
The two-day AGM, was opened by the UPDF Deputy Commander of Land Forces and also WSACCO Board Chairman, Maj Gen Sam Kavuma, who commended SACCO delegates, UPDF leadership, Management and Board of Directors for their unwavering support without which the society’s growth and performance would not have been possible.
Maj Gen Sam Kavuma, encouraged members to continue saving tirelessly since WSACCO has the lowest lending rate, standing at 13% compared to 23% charged by other Commercial banks.
He said that due to members’ share contributions from January to December 2017, the society’s asset base stood at 270.57 billion against 213.9 billion in the last financial period reflecting commendable growth.
He added the SACCO has invested heavily in human resource capacity improvement and Information Communication Technology to match with the growing financial world.
The meeting was attended by WSACCO CEO Brig SN Ocan, Supervisory Committee Chairman Brig Emmanuel Musinguzi, and members of the UPDF command and staff, among others.