Xavier Radio Ug News 24 7
Wazalendo Savings and Credit Cooperative Organisation (SACCO) has officially flagged off the construction of a two-storey commercial complex in Nakasongola District, marking another milestone in its steady growth and commitment to improving the welfare of Uganda Peoples’ Defence Forces (UPDF) personnel and their families.
The groundbreaking ceremony was officiated by the General Manager of Luwero Industries, Major General Mzee Sabiiti, who praised Wazalendo SACCO for aligning its programmes with the strategic direction of the Commander-in-Chief to enhance the welfare of UPDF officers, militants, and their dependants.
Maj Gen Sabiiti noted that the new complex, which will accommodate the Wazalendo SACCO Nakasongola cash-operating branch alongside rentable commercial spaces, reflects the SACCO’s resilience, growth, and contribution to sustainable welfare financing.
“The expansion of Wazalendo SACCO is a clear fruit of the Tarehe Sita struggle. As we celebrate 45 years of achievement, it is encouraging to witness the growth of a welfare venture that directly supports our forces,” he said.
Recalling the situation before the establishment of the SACCO, Maj Gen Sabiiti said many soldiers struggled to access affordable credit, as commercial banks regarded them as high-risk borrowers and imposed exorbitant interest rates. This challenge, he explained, compelled the UPDF leadership to intervene.
“In 2005, commanding officers were tasked to mobilise units to join the SACCO. I was one of them. Twenty years later, I can testify that this decision changed our lives. Today, I am conveniently served by my own SACCO with humility and decency,” he said.
Maj Gen Sabiiti also commended Wazalendo SACCO for promoting generational membership by enrolling family members, describing the initiative as a key pillar for long-term welfare sustainability within the UPDF fraternity. He further encouraged the SACCO to explore extending selected services to civilians as a means of strengthening civil–military relations.
Speaking at the event, the Chief Executive Officer of Wazalendo SACCO, Colonel Yusuf Magero Buha, thanked the UPDF and SACCO leadership for the strategic guidance and continued support that has enabled innovation and improved service delivery.
Col Buha announced that the Nakasongola branch will become Wazalendo SACCO’s 15th cash-operating branch, citing its strategic location and status as one of the SACCO’s oldest branches. He revealed that the branch currently processes between 480 and 500 loans annually, valued at approximately Shs 3.5 billion.
He further disclosed that the Kabong Liaison Office was launched on the same day, while the 14th cash-operating branch is scheduled to open in Kihihi on 26 February 2026. Plans are also underway to establish a branch in Lira in 2027.
Highlighting the SACCO’s financial performance as of 31 December 2025, Col Buha said Wazalendo SACCO recorded a surplus of Shs 105 billion, with a loan portfolio of Shs 1.14 trillion and total assets valued at Shs 1.4 trillion. He particularly thanked President Yoweri Kaguta Museveni for his support to the SACCO movement and for guiding the development of regulations that promote sustainability and growth.
Representing the Board of Directors, Captain Isaac Bisaru said the Nakasongola commercial complex will benefit not only SACCO members but also the wider community through job creation, tax revenue, and opportunities for other SACCOs to benchmark best practices.
The event was attended by several dignitaries, including Col Omaria of the Mountain Infantry Division, Col Samuel Ssekamwa, the Division Intelligence Officer, Ms Bazizari Allen representing the Mayor, Capt Dathan Bunanukye, a Wazalendo SACCO Board member for the Western Region, WO I Osuko Peter, a Board member for West Nile, Director of Operations Mr William Atalyeba, and other invited guests.
