Lt Gen Muhanga,warns Wazalendo Sacco managers

By Our reporter

Lt Gen Kayanja Muhanga, Commander Land Force, has urged leaders of the Uganda Peoples’ Defence Forces (UPDF) and Wazalendo SACCO to protect the savings scheme from corruption following recent instances of fund mismanagement.

Speaking at the conclusion of a two-day strategic retreat organised by Wazalendo’s Board of Directors, Lt Gen Kayanja highlighted the need for robust planning to manage the SACCO’s rapid expansion. The retreat aimed to review and refine the SACCO’s five-year strategic plan, which covers the period from 2022 to 2026 and has been in action for two and a half years.

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.”

CAPTION: Some of the delegates at the Wazaledo SACCO retreat.

Chairman of the Board of Directors, Lt Gen Sam Kavuma (MP), reinforced the Board’s role in formulating and reviewing the strategic plan to measure progress against priorities. He explained, “We are meeting here to review and see whether our strategic direction and priorities are still valid. This review is also intended to streamline the operating environment so as to align our plans and operations accordingly. In this review, we have incorporated a new strategic priority that addresses the Environmental Social Governance (ESG) issues.”

During the retreat, the Sacco’s Chief Executive Officer, Col Joseph Freddy Onata, reported notable achievements under the 2022-2026 plan.

“The SACCO now boasts over 100,000 members, share capital of Shs278 billion, savings of Shs494 billion, and an asset base of Shs1.06 trillion. The loan portfolio stands at UGX 824 billion, with cumulative loan disbursements since 2007 reaching Shs2.8 trillion,” he said.

Adding, “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 emphasise measuring the impact of the credit extended to members.”

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.

 The retreat saw the participation of Col Deo Byate Karikona, representative of the Joint Staff Political Commissar, members of the Board of Directors, Supervisory Board, and Senior Management team.