Wazalendo SACCO has called on retiring Special Forces Command (SFC) personnel to maintain their cooperative membership and utilize its financial services during retirement.
Vice Chairperson of the Wazalendo SACCO Supervisory Board, Maj. Newton Namazima, issued the call while addressing 67 retiring SFC officers and enlisted personnel at SFC Headquarters.
Maj. Namazima advised the retirees against withdrawing their membership upon leaving active service, emphasizing that many have been shareholders and depositors since the institution's founding in 2005.
“Retirement should not mean that you chase yourself away from Wazalendo SACCO,” Maj. Namazima said. “If you exit because you are retiring, you are the one who will lose as an individual because the SACCO continues to provide opportunities for its members.”
He noted that retirees can continue saving by setting up standing orders through commercial banks to maintain active savings accounts and preserve loan access.
Maj. Namazima encouraged retirees running commercial enterprises to open business accounts, route their earnings through Wazalendo SACCO, and maintain strict record-keeping.
He explained that accurate financial reporting allows the SACCO to evaluate business performance and approve credit at lower interest rates than commercial banks.
He concluded by advising the retirees to invest their retirement packages into productive ventures to guarantee long-term financial security.
Wazalendo SACCO serves Uganda Peoples’ Defence Forces (UPDF) personnel, Ministry of Defence staff, and their families, offering savings, credit, and investment products nationwide.
