The Uganda People’s Defence Forces (UPDF) Wazalendo Savings and Credit Cooperative Society (WSACCO) has urged its officers to invest their well-planned and affordable real estate plots.

The call was made on Wednesday as WSACCO hosted a delegation from the College of Logistics and Engineering (COLE) based at Magamaga in Jinja. The delegation was on a study tour at the WSACCO headquarters in Kiwatule. The delegation that was led by Major Noah Wakowera comprised of 31 students who are undergoing a Basic Finance Officers Course and 13 directing staff.

WSACCO in a statement released by their public relations officer, Charity Namanya, said the director of finance and administration, Lt Col Yusuf Buha Magero who delivered a lecture on behalf of the chief executive officer, Col Joseph Freddy Onata, informed the students that the strategic mission of WSACCO is to improve the members welfare and stressed that through encouraging members to save, borrow and invest wisely, members are enabled to improve their welfare and grow with the SACCO.

Magero further said the establishment of Wazalendo Investment SMC Limited will promote proper utilisation of loans by enabling members to invest in real estate business and acquire affordable and well planned plots.

He encouraged the officers to invest in those organised and affordable plots to promote better standards of living and informed them that two estates have so far been acquired; 73 acres at Matuga-Mabanda in Wakiso, and 100 acres at Bulamu along Mityana Road with price ranges of sh9m to sh30m.

Magero noted that WSACCO was established as an internal solution to the financial challenges of soldiers and to save them from being exploited by other financial intermediaries.

He said since its existence, the SACCO has been able to expand its network to 19 branches, six liaison offices and opened a business arm, Wazalendo Investment SMC Limited.

Lt Jimmy Sserwada who spoke on behalf of the students, commended WSACCO for the knowledge and understanding rendered to them, adding that the team was honoured to know WSACCO in-depth.

Different departments presented their roles and how they operate towards achieving WSACCO vision and mission.

WSACCO is a defence ministry and UPDF co-operative society that enables its members to come together and pool funds (savings) so that they can access loans (credit) to engage in productive activities for improving their welfare.

It was registered in September 2005 with Registration Number 7419.