UPDF Wazalendo Sacco Targets Shs 1 Trillion Assets By 2024

The Uganda People's Defence Forces Wazalendo Sacco which is one of the leading Sacco's in Uganda and East Africa has revealed that it is targeting to have assets worth shs 1 trillion by the end of 2024.

This was revealed by Col  Freddy Joseph Onata the Executive Director of Wazalendo Sacco during the 18th General annual Meeting that was held in Gaddafi barracks in Jinja.

In his remarks Col Onata says Wazalendo boasts of a membership of over 100,000 shares capital of shs 240bn, savings of shs 445bn, loan portfolio of shs 737bn and total asset base of shs 959bn.
"The year ending 2023,

Wazalendo registered a surplus of shs 73.3 bm and we are going to distribute 40% to members," he says adding that they have agreed to partially open the common bond to allow other organisation to come and join the sacco.

He further says they are confident of achieving their target of shs 1 trillion by 2024. "Our strategic plan by 2024 Wazalendo sacco she be shs 1 trillion asset institution and I can guarantee that if everything goes well, we are going to hit it," He Reveals.

The chief Guest Lt Gen Peter Elweru the out going Deputy Chief of Defence Forces warned the Wazalendo Sacco leadership against being over joyed by the success they have so far achieved.
"Run away from the syndrome of arrivism.

 This is the time you must work hard because this is the time when evil comes in and can easily disorganise us," He says adding that you do not need to sleep.

 "This is the time when some wrong elements may be cropping in to try and take advantage of our celebrations," Revealed Gen Elweru adding that most of the empires have collapsed because of that syndrome arrivism.

"Wazalendo has not arrived where we need to be so let us continue to work hard," He states adding that members should not doubt us. He says it was not easy for elders to convince to join Wazalendo Sacco. " Elders did their part and are now watching us," Gen Elweru sounds.

 He revealed it was not easy to mobilise people because they had lost trust in leadership of the army at that time. "Soldiers at all ranks had lost trust in the leadership because of rampant stealing of food, salaries among others," Says Gen Elweru.

He commended the leadership of late Gen Aronda Nyakirima the former CDF for his efforts in the formation of the sacco. "I thank Late Gen Aronda because he brought in a new perspective towards leadership in the UPDF. It is because of him that everybody said yes now I see that we have leadership.," He stresses. 

Gen Kale Kayihura the former IGP who also doubles as the former founders of Wazalendo Sacco said the idea of the cooperative strategy was started in 1988 to address the welfare of soldiers.
"The biggest challenge was lack of resources. Before that we had no problems because we didn't have families and pressures," Says Gen Kale.

The meeting was attended by Officers of all levels.