In light of recent cases of financial misuse, Lt Gen. Kayanja Muhanga, Commander Land Force, has encouraged leaders of Wazalendo SACCO and the Uganda Peoples’ Defence Forces (UPDF) to safeguard the SACCO against corruption.
At the completion of a two-day strategic retreat arranged by the Board of Directors of Wazalendo, Lt Gen Kayanja emphasized the need of having strong planning in place to oversee the SACCO’s swift growth.
The goal of the retreat was to examine and improve the SACCO’s five-year strategic plan, which was implemented two and a half years ago and spans the years 2022 to 2026.
Lt Gen Kayanja praised the vision of the WSACCO leaders, stating, “A meeting like this indicates that WSACCO leaders are visionary, and it gives all of us confidence about the direction which WSACCO is taking.”
Lt Gen Sam Kavuma (MP), the chairman of the board of directors, reaffirmed the board’s responsibility for developing and evaluating the strategic plan and tracking advancement in relation to goals.
Col. Joseph Freddy Onata, the CEO of the SACCO, gave a report on noteworthy accomplishments made possible by the 2022–2026 strategy during the retreat.
With over 100,000 members, UGX 278 billion in share capital, UGX 494 billion in deposits, and UGX 1.06 trillion in asset base, the SACCO is now quite successful.
With UGX 2.8 trillion in total loan disbursements made since 2007, the loan portfolio now has UGX 824 billion.
“Overall, the SACCO is on the right track, and this reviewed plan will drive us to greater heights during the remaining two years of its implementation. Our intention is to see that by 2026, our loan portfolio exceeds 1 trillion. We will also emphasize measuring the impact of the credit extended to members,” Col Onata said.
Chairman of the Supervisory Board, Col Justus Rukundo, commended the Board and Management for their focus on stakeholder engagement and risk management. He noted that with stakeholder involvement, nearly 58% of the strategic plan’s implementation is complete.
