Wazalendo SACCO has grown its asset base to UGX 1.4 trillion, underscoring its rapid expansion and strengthening its position among Uganda’s leading savings and credit cooperatives.
Figures released at the SACCO’s 20th Annual General Meeting held at Gaddafi Barracks in Jinja show assets increased from UGX 1.1 trillion over the past year. The meeting, held under the theme “Sustainable Growth and Quality Member Services,” highlighted steady financial gains and plans to expand digital access.
The Minister of Defence and Veteran Affairs, Hon. Jacob Marksons Oboth, praised the SACCO’s progress. He said its growth reflects discipline, unity, and trust among members.
“This success is a testament to the optimism, resilience and trust in the cooperative spirit,” Hon. Oboth said.
He added that financial stability remains critical to the strength of defence institutions.
“Financial strength is a critical pillar of operational greatness. A financially secure force is more focused, more effective and better able to serve the nation,” he said.
Hon. Oboth commended the Board and management for prudent leadership. He urged them to strengthen digital services, improve financial literacy, and maintain sound risk management.
“However, as we celebrate these achievements, we must also remain mindful of the challenges ahead. The financial sector is evolving rapidly, driven by technology, changing customer expectations and increasing competition,” he said.
Commander Land Forces, Lt Gen Kayanja Muhanga, congratulated the SACCO on its 20-year milestone. He described its growth as a reflection of discipline and strong governance.
In a message delivered by Lt Gen Muhanga, the Chief of Defence Forces and Senior Presidential Advisor on Special Operations, General Muhoozi Kainerugaba, hailed the SACCO’s progress.
“This is a great achievement and I congratulate the Wazalendo SACCO family, the members, management and the Board for staying the course,” Gen Kainerugaba said.
He called for prudent resource management in the face of global economic uncertainty.
“We must build our resources and capacity to survive on our own,” the message read.
The Chairman Board of Directors, Lt Gen Sam Kavuma, said the AGM remains the SACCO’s top accountability platform. He noted that members use it to assess leadership performance and elect governing bodies.
“It is the AGM that elects the Board and the Supervisory Committee, and the Board appoints Management to run the SACCO. Whatever these three groups do, they do it on behalf of the AGM,” Lt Gen Kavuma said.
Lt Gen Kavuma said the SACCO has recorded strong growth over the past decade. He cited a rise in surplus from UGX 24 billion to UGX 106 billion and cumulative lending from UGX 3.8 billion to UGX 3.8 trillion.
“Over the last ten years, we have transformed. Surplus has grown from UGX 24 billion to UGX 106 billion, and cumulative lending from UGX 3.8 billion to UGX 3.8 trillion. This is proof that our SACCO is the fastest growing and is strengthening member welfare across the board,” he said.
The Chief Executive Officer, Col Yusuf Magero Buha, said the SACCO’s loan portfolio expanded in the 2025 financial year due to increased demand across sectors such as agriculture, housing, and development.
“Members have got loans ranging from agricultural loans, housing loans and development loans at very affordable interest rates,” Col Magero said.
He said the SACCO offers loans at interest rates between 12 and 13 percent. He added that the institution continues to expand its national footprint.
“We now have 19 branches across the country, with 14 cash branches and we are opening the 15th one very soon,” he said.
Col Magero said the SACCO is preparing to introduce digital lending services.
“We are going for digital lending where our members will be able to apply for a loan and get appraised without necessarily going to the branch but using their phone,” he said.
He added that Wazalendo SACCO is expanding its investment portfolio through Wazalendo Investment Limited. The initiative aims to channel reserves into ventures such as real estate, housing, and infrastructure.
The AGM also elected a new Board of Directors and Supervisory Committee to guide the next phase of growth.
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