Launched in 2005, the Wazalendo Savings and Credit Cooperative Society (SACCOS) has since grown to a shared capital of sh219b, savings of sh235b plus assets worth sh620b.

The savings group under the Uganda Peoples Defence Forces (UPDF) also registered profits of sh54.9b and liabilities of sh281.5b plus equity reserves of sh349b.

This was revealed on the weekend by Col Joseph Onata, the chief executive officer for the Wazalendo SACCOS while launching a new cash branch at Imperial Mall in Entebbe Municipality.

According to Onata, the interest on savings goes up to 7% whereas the interest on lending is at 10%.

"Another reason we opened up a branch outside the barracks is that we also target the people who are not uniform to us. So, we are preparing to open our doors to the public and to do this, we need standard branches that match the definition of our brand," noted Onata.

Col Joseph Onata the chief executive officer of the Wazalendo SACCOS. Photo by Julius Luwemba

While opening up the new branch in Entebbe, the SACCOS’ leadership also launched Entebbe mobile banking services, making Entebbe the fourth cash branch in addition to the Bombo, Mubende and Jinja branches.

William Ataryeba the director of operations for the Wazalendo SACCO said the Entebbe cash branch shall be able to attract salaries from members (soldiers) around Entebbe among whom include, those belonging to the Special Forces Command (SFC), marines and others in the air force.

He revealed that another branch of Wazalendo SACCOS is to be opened in Kampala on February 28.

Craft Silicon is a company that was tasked by the SACCOS’ leadership to develop the mobile banking services called Waza Mobile.

"We have in place all the support they may need for us to achieve self-registration via mobile services and this will soon be added onto the mobile banking services offered," assured Ataryeba adding that the leadership will continue eying other regions of the country.

Vivek Bhieu the country manager for Craft Silicon intimated that with the current mobile banking services, it will take less than five minutes for someone to process a loan from the SACCO among other services.

Arising from the challenges of meeting financial aspirations from members of the armed forces, UPDF established a SACCOS in 2005 as a vehicle for financial inclusion.

Citing examples of armies in some developed countries, Brig. Gen. Felix Busizoori, the current SFC commander said, soldiers in other countries have credit unions where they get services from.

He lauded the SACCOS’ leadership headed by Onata for steering the UPDF fund to where it is.

Maj. Sada Namatovu, a board member in the SACCOS underscored the relevance of the savings group, imploring all ladies to utilise the SACCO for savings and loans.

Maj. Gen. Sam Kavuma, the deputy commander of UPDF Air Force noted that Wazalendo is the biggest SACCOS in Uganda and in terms of numbers, it ranks sixth in Africa.

"Branches will not achieve the intended purpose if the individuals who work there don't care to serve," said Kavuma, who challenged employees to work with passion at all times.

"You can have the systems and structures but still fail to serve because of the people who work with you. I, therefore, want to appeal to the management of this SACCO that it is not enough to have a branch without people who are committed to serving our members," implored Kavuma.

He lauded the UPDF top command for developing and nurturing the idea of a savings institution.