Learn how to invest, soldiers urged
Dec 11, 2009
LEARN how to invest your savings, the Chief of Defence Forces has urged his soldiers.
BY HERBERT SSEMPOGO AND DAVID SSEMPIJJA
LEARN how to invest your savings, the Chief of Defence Forces has urged his soldiers.
Gen. Aronda Nyakairima, who was opening the office block of Wazalendo, the army credit scheme at the army headquarters in Bombo on Thursday, said many army men deplete their savings and spend money on projects that do not yield returns. “Soldiers should be sensitised about making good investments,†he said.
At the same function, an over sh500m e-banking project for Wazalendo was launched. Two information communication companies, MapSwitch and Neptune Software, implemented the project meant to ease transactions. Â Â
Nyakairima was optimistic that the project, expected to roll out to Wazalendo’s five branches, would wipe out theft in the army. “Our personnel would save their money but they could only access it after coming here. However with this technology, people will access their savings from any part of the country,†he said.
Wazalendo’s savings amount to sh13.2b, officials announced yesterday.
Defence ministry Permanent Secretary, Rosette Byengoma, who was chief guest, called for transparency. “Members should ensure it is free of fraud. There is a possibility that the system can be interfered with since it is operated by human beings,†she said.
Byengoma also urged Wazalendo members to consider setting up a bank given their saving potential.
MapSwitch Uganda boss, Roscoe Nsubuga announced that his company would provide biometric cards to the army. The plastic cards carry the owners’ photo, fingerprints and other information.
Present were the army spokesman, Lt. Col. Felix Kulaigye, chief of staff for land forces, Brigadier Charles Angina, and Wazalendo chairman, Col. Charles Bakahumura.
LEARN how to invest your savings, the Chief of Defence Forces has urged his soldiers.
Gen. Aronda Nyakairima, who was opening the office block of Wazalendo, the army credit scheme at the army headquarters in Bombo on Thursday, said many army men deplete their savings and spend money on projects that do not yield returns. “Soldiers should be sensitised about making good investments,†he said.
At the same function, an over sh500m e-banking project for Wazalendo was launched. Two information communication companies, MapSwitch and Neptune Software, implemented the project meant to ease transactions. Â Â
Nyakairima was optimistic that the project, expected to roll out to Wazalendo’s five branches, would wipe out theft in the army. “Our personnel would save their money but they could only access it after coming here. However with this technology, people will access their savings from any part of the country,†he said.
Wazalendo’s savings amount to sh13.2b, officials announced yesterday.
Defence ministry Permanent Secretary, Rosette Byengoma, who was chief guest, called for transparency. “Members should ensure it is free of fraud. There is a possibility that the system can be interfered with since it is operated by human beings,†she said.
Byengoma also urged Wazalendo members to consider setting up a bank given their saving potential.
MapSwitch Uganda boss, Roscoe Nsubuga announced that his company would provide biometric cards to the army. The plastic cards carry the owners’ photo, fingerprints and other information.
Present were the army spokesman, Lt. Col. Felix Kulaigye, chief of staff for land forces, Brigadier Charles Angina, and Wazalendo chairman, Col. Charles Bakahumura.