Colonel Freddy Joseph Onata, the Chief Executive Officer of the UPDF’s Savings and Credit Cooperative, known as Wazalendo, is optimistic about reaching a significant milestone. Wazalendo aims to become a trillion shilling asset institution by the year 2025.
During a speech at the SACCO’s Annual General Meeting (AGM), Colonel Onata highlighted the current standing of Wazalendo. The SACCO boasts a membership exceeding 100,000 individuals, with a share capital of 240 billion shillings, savings amounting to 445 billion shillings, a loan portfolio of 737 billion shillings, and a total asset base nearing 959 billion shillings.
Colonel Onata emphasized the strategic plan of Wazalendo’s leadership to attain the one trillion-shilling asset mark by the year 2025. He expressed confidence in achieving this target by the end of 2024, provided that operations proceed smoothly.
Regarding financial performance, Colonel Onata shared that Wazalendo registered a surplus of 73.3 billion shillings for the year ending in 2023. As a result, the SACCO plans to distribute 40% of this surplus among its members, translating to an average of 300,000 shillings credited to each member’s account.
At the AGM, former Inspector General of Police, Gen Kale Kayihura, one of the founding figures of Wazalendo, reflected on the SACCO’s inception. He noted that Wazalendo was established to address the welfare needs of soldiers and their families, recognizing the challenges posed by financial constraints.
In addition, outgoing Deputy Chief of Defence Forces Lt Gen Peter Elwelu commended the late Gen Aronda Nyakayirima for his contributions to the UPDF’s leadership. Lt Gen Elwelu credited Gen Aronda with introducing a new leadership perspective that paved the way for initiatives like the Wazalendo Savings and Credit Cooperative Organization.
Lt Gen Elwelu’s remarks underscored the significance of Gen Aronda’s tenure as Chief of Defence Forces, highlighting his role in revitalizing UPDF leadership and upholding the organization’s core values. Gen Aronda’s legacy continues to influence the UPDF positively, even after his untimely passing in 2015.
