Wazalendo SACCO Discourages Members Against Taking Unplanned Loans

Wazalendo Savings and Credit Cooperative Society (WSACCO) commenced a two-day Pre-Annual General Meeting (AGM) workshop at the Ministry of Defence and Veteran Affairs Headquarters, Mbuya in preparation for its 18^th AGM, which is scheduled to take place on 25^th March 2023 in Gaddafi Barracks.

During the opening of the workshop, Brigadier General Abdul Rugumayo, the Deputy Chief of Military Intelligence, urged Wazalendo SACCO delegates to increase their savings and invest more in share capital. He said this would enable them to benefit from the interest paid on their savings and dividends on shares.

He encouraged those who have projects that generate verifiable cash flows to take advantage of cash flow loans 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.

Brig Gen Rugumayo discouraged members from acquiring unplanned loans that could be diverted, thereby undermining the SACCO’s welfare improvement mandate.

The Vice Chairman, Board of Directors, Lt Col Allan Kitanda noted that the purpose of the delegates workshop 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 WSACCO focused on its vision, mission, and objectives for which WSACCO was established.

The Chief Executive Officer of Wazalendo SACCO, Col Joseph Freddy Onata, noted that the Pre-AGM workshop is a crucial platform where delegates convene to discuss the performance of the SACCO in great detail. He said this ensures that during the AGM, the outcomes of discussions are confirmed and resolutions are made to enable management to run the SACCO effectively in the subsequent year. “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.

Present at the function were Generals, senior officers and various representatives of Wazalendo SACCO.