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The Uganda Peoples’ Defence Forces (UPDF) Savings and Credit Cooperative Society, commonly known as Wazalendo Sacco (WSACCO) opened a new cash branch in Gulu City.
It is now one of the 19 branches and 6 liaison offices spread across the country. The seventh liaison office is located in Mogadishu, where UPDF is serving under the mandate of the African Union to neutralize the Islamic terrorist group Al–Shabaab.
Gulu branch will be the 7th cash-operating branch, after Bombo, Jinja, Mubende, Entebbe, Kampala and Moroto branches and the 4th branch operating outside the barracks.
According to a statement on the UPDF website, the relocation from the barracks to Gulu city is to extend convenient services to the members, prepare for the partial opening of the common bond that will allow other qualifying persons, groups, and categories other than those covered in the current common bond to join WSACCO.
It is also to offer members more flexibility in accessing services and provide free access to regulators while conducting their Supervisory work.
Currently, WSACCO is ranked the biggest SACCO in the country in terms of membership, capital, assets and loan portfolio.
WSACCO’s membership currently stands at over 90,000 members with a share capital of Shs221 billion over the last 17 years, deposits standing at over Shs307bn and assets standing at Shs698.96 billion.
The SACCO's loan portfolio stands at over Shs595 billion, and since disbursing its first loan in November 2007, a total of Shs1.952 trillion has been extended to members in both consumptive and development loans.
