'Operational efficiency, tech driving Army SACCO growth'
“WSACCO continued focus on operational efficiency, technological innovation and customer-centric solutions has allowed us to maintain a competitive edge and reinforce our position as one of the leading SACCOS in Uganda,” Kavuma said.
WSACCO’s Chairman Board of Directors Lt. Gen. Sam Kavuma addressing WSACCO stakeholders during their 19th Annual General Meeting on March 17th at Gaddafi Barracks in Jinja City. (Photos by Donald Kiirya)
By Donald Kiirya
Journalists @New Vision
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The leadership of Wazalendo Savings and Credit Cooperative Organisation (WSACCO) has expressed pleasure over the registered steady progress in its assets and membership.
WSACCO board of governors' chairperson Lt. Gen. Sam Kavuma said the SACCO plays a pivotal role in the economic and social welfare of the UPDF fraternity.
This was during the SACCO's 19th Annual General Meeting (AGM) at Gaddafi Barracks in Jinja city on March 17, 2025.
The meeting brought together delegates, leadership and stakeholders to review the society’s progress over the past year.
WSACCO performance
Lt. Gen. Kavuma revealed that WSACCO performance has remained strong, led by significant progress on key operational efficiencies.
“WSACCO continued focus on operational efficiency, technological innovation and customer-centric solutions has allowed us to maintain a competitive edge and reinforce our position as one of the leading SACCOS in Uganda,” Kavuma said.
He revealed that during the year 2024, WSACCO received revenue of shillings 126.5 billion reflecting a growth of 19.7% compared to 2023’s 27.7%.
He further revealed that WSACCO’s operating profit stands at shillings 92 billion as of 2024 reflecting a growth of 18% compared to the previous year of 2023 which was 21%.
Kavuma added that WSACCO achieved a net profit of shillings 89.6 billion in 2024—which is a growth of 20.6% compared to the previous year of 2023 which was 22.2%.
Challenges
Kavuma further stated that challenges encountered, included members not saving well; members not buying shares; members' financial indiscipline; and desertion from the army with SACCO money.
One of WSACCO’s founding members Gen. Kale Kayihura (Left) chatting with the Deputy Commander Land Force, Maj. Gen. Francis Takirwa (Right) after clossure of the WSACCO 19th Annual General Meeting on March 17th at Gaddafi Barracks in Jinja City. 
“I appeal to some SACCO members to channel your salaries through WSACCO because you will get this money anytime—why do you enrich other people’s banks and you leave yours, what is the problem?” Kavuma said.
Performance overview
WSACCO chief executive officer Brig. Gen. Joseph Freddy Onata said the organisation continued on a sustained growth trajectory in all material aspects.
A comparison in performance for the year 2023 and 2024 indicates that membership increased from 100,300 to 111,276; Share capital grew from shillings 236 billion to 268.3 billion, savings increased from 455 billion to 547.7 billion, loan portfolio grew from 737 to 918 billion, total assets increased from 959 to 1,149.6 trillion, liabilities and retained earnings (reserves) were shillings 605.6 billion and 544 billion, respectively.
“During the year 2024, we disbursed shillings 602 billion in new loans and extended the cash operating branches from 9 to 11 with the launching of Fort Portal City branch and the completion of Mbale City branch,” Onata said.
Achievements
SACCO managing director Col. Yusuf Magero Buha said despite challenges related to land tenure in Uganda, they have made significant progress in implementing the AGM directives.
Buha said key achievements include acquiring 54.5 acres of land for the third Estate site in Namayiba-Mukono at a total cost of 2.9 billion, acquired a road unit equipment at 3.5 billion, estabilised operational processes by employing ODO ERP as their ICT platform, installed power at Matugga using a CSR approach, which has proven to be cost-effective and developed a five-year strategic plan and other operational manuals, which were reviewed and approved by the board in September 2024.
Gen (rtd) Kale Kayihura, the first WSACCO chairperson and one of its founding members, expressed pride in its development, saying that when they started the initiative, they never imagined it would grow to its current level.
“Now, WSACCO is almost like a bank, and I am proud of the leadership for building it to this point,” Kayihura said.
Present were Uganda Cooperative Savings and Credit Union CEO Dr Sylvester Ndiroramukama, deputy Commander Land Forces Maj Gen Francis Takirwa; division commanders, commandants of training schools, generals, senior and junior officers, representatives from Uganda Police, Uganda Prisons, Uganda Co-operative Alliance and other partners.