UPDF SACCO registers 18% growth to sh79.8b

The share capital of the Uganda People's Defence Forces (UPDF) saving scheme has grown to sh79.8 billion, representing an increase of 18.4%, according to the financial report released to soldiers on Tuesday during the Wazalendo Sacco annual general meeting at Lugazi.

This share capital has grown from the sh67.4 billion registered in 2014.

According to Lt. Col. Paddy Ankunda, the spokesperson of the UPDF, this growth is connected to three things.

"The continued transfer from retirement savings, increased voluntary capitalization of members' savings and member education and mobilization on the importance of a strong capital base for our SACCO," he said.

"Besides, all loans to members are secured 100% by shareholding. With our continuous sensitization, we shall continue to register growth in this area," he added.

President Yoweri Museveni, the Commander-In-Chief of the defence forces is expected to close the sacco's annual meeting tomorrow. 

Members will also elect new leaders to run the saving group, which is one of the largest in the country.