The Chief of Defence Forces Gen. David Muhoozi has advised the UPDF Sacco, Wazalendo to consider opening up a Business Arm that could own a bank, investment club and other businesses.
This was during the closure of the five-day Wazalendo SACCO Strategic Plan retreat held at Royal Suites Hotel in Bugolobi- Kampala.
Gen Muhoozi applauded the governance and management team for the job well done which has pushed Wazalendo to be among the 6th biggest Saccos in Africa.
The Chief of Defence Forces advised the SACCO governance and management team to enhance the Monitoring and Evaluation function and focus on members plus their projects. This, he emphasized, will improve individual welfare. He said that whatever has been reviewed and agreed upon should be operationalized.
The Deputy Commander Land Forces and chairman Board of Wazalendo Maj. Gen Sam Kavuma was impressed by the energies the teams ( Board, SUPCO and management) have displayed in coming up with a strategic plan for 2019 to 2021.
He said that the importance of this retreat was to analyse whether the current mission, vision and core values are still relevant in the current financial environment.
Gen. Kavuma pointed out that the main challenge was how to increase membership and focus was put mainly on retirees, individuals members of the SACCO without the principle, the civilian staff of MoDVA and opening up the bond.
Presenting the reviewed Strategic Plan, the CEO Wazalendo Brig. Simon Ocan pointed out the SWOT(Strengths Weakness Opportunities Threats) analysis and the justification of the review which among others include; the need to develop products and services to meet members' needs, embrace technology and come up with new strategies for meeting changing markets, trends and regulations in the cooperative industry.
Wazalendo SACCO is a Ministry of Defence and Veteran Affairs (MODVA) and Uganda People' Defence Forces (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.
The closing ceremony was attended by the Joint Chief of Staff Lt. Gen Joseph Musanyufu, the Chief Personnel and Administration Brig. George Igumba and other senior UPDF officers.