Wazalendo SACCO has posted strong growth in its assets base, reinforcing its position as one of Uganda’s leading savings and credit cooperatives as it marked two decades of operation.
Figures released yesterday during the SACCO’s 20th Annual General Meeting held at Gaddafi Barracks in Jinja showed that total assets increased to UGX 1.4 trillion from UGX 1.1 trillion over the same period.
Held under the theme, “Sustainable Growth and Quality Member Services,” the AGM highlighted the SACCO’s steady financial expansion, growing loan portfolio, and plans to deepen digital financial access for its members, most of whom are drawn from the active serving members of the Uganda Peoples’ Defence Forces, veterans, their families, and civilian staff.
The Minister of Defence and Veteran Affairs, Hon. Jacob Marksons Oboth, hailed the institution as a powerful example of what collective effort, discipline, and patriotism can achieve, saying its progress reflected the optimism, resilience, and trust of its membership.
He said Wazalendo SACCO, which was founded to improve the financial well-being of members of the defence forces and their families, had grown into one of the most respected savings and credit institutions in the country.
“This success is a testament to the optimism, resilience and trust in the cooperative spirit,” Hon. Oboth said.
He added that the Ministry of Defence and Veteran Affairs takes pride in the SACCO’s contribution to the welfare of officers, militants, veterans, and civilian staff, noting that financial stability remains central to institutional strength and operational effectiveness.
“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.
The Minister commended the Board and management for what he described as sound stewardship, saying the SACCO’s growth in membership, expansion of loan products, and improved financial performance reflected strong leadership and prudent management.
He advised the SACCO leadership to remain responsive to changes in the financial sector by strengthening digital financial services, enhancing financial literacy among members, maintaining sound risk management practices, and exploring safe investment opportunities for sustainable growth.
“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.
On his part, the Commander Land Forces, Lt Gen Kayanja Muhanga, congratulated Wazalendo SACCO upon reaching its 20-year milestone, describing its growth as a reflection of discipline, commitment, and sound institutional stewardship.
In his message delivered by the Commander Land Forces, Lt Gen Kayanja Muhanga, the Chief of Defence Forces and Senior Presidential Advisor on Special Operations, General Muhoozi Kainerugaba, congratulated the SACCO on what he described as a major milestone in its journey.
“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 in his message.
He said the SACCO’s steady rise in surplus, lending, and assets over the years had elevated it into one of the most prominent cooperative institutions on the continent and positioned it to contribute meaningfully to national economic transformation.
The CDF called for prudence and self-reliance in the face of global economic uncertainty, urging leaders and members alike to strengthen resource management and avoid waste.
“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 remained the highest accountability platform of the SACCO because it brings together the full membership to assess the performance of elected leaders and management.
“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.
On the SACCO’s performance, Lt Gen Sam Kavuma said Wazalendo SACCO had emerged as the fastest-growing SACCO on the African continent, comparing its progress to some of the top-performing SACCOs that have been in existence much longer.
“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,” Lt Gen Kavuma said.
The Chief Executive Officer of Wazalendo SACCO, Col Yusuf Magero Buha, said the SACCO’s loan portfolio had grown to in the 2025 financial year due to an increased uptake of different loan products covering sectors such as agriculture, housing, and development, among others.
He said the institution had continued to provide affordable credit at interest rates ranging between 12 and 13 percent, enabling members to meet personal and productive financial needs.
“Members have got loans ranging from agricultural loans, housing loans and development loans at very affordable interest rates,” Col Magero said.
He added that the SACCO had continued to expand service delivery through physical outreach and technology.
“We now have 19 branches across the country, with 14 cash branches and we are opening the 15th one very soon,” he said.
He noted that the SACCO also operates several liaison offices both within and outside the country to bring services closer to members, many of whom are deployed in different locations.
On the digital front, Col Magero said the institution was preparing to roll out digital lending, which will allow members to apply for and process loans remotely using their mobile phones.
“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.
Col Buha said Wazalendo SACCO is also broadening its long-term investment strategy through Wazalendo Investment Limited, a special purpose vehicle established to undertake ventures outside the SACCO’s direct regulatory scope.
He explained that the investment arm was created to channel accumulated reserves into profitable ventures that can both generate revenue and directly empower members through opportunities such as real estate, housing, road construction, and employment creation.
Relatedly, the AGM also elected a new Board of Directors and Supervisory Committee to steer the institution into its next phase of growth.
The newly elected Board of Directors is headed by Lt Gen Sam Kavuma as Chairman, Brig Gen Peter Omola as Vice Chairman, Col James Okiring as Treasurer, and Maj Mariam Kagoro representing Gender.
The elected Regional Representatives are Capt Dathan Bunanukye for Western Region, Capt Isaac Bisaalu for Central Region, Capt Nathan Mwebasa for Northern Region, WO2 Osuku Peter for West Nile, and WO2 Bashaija Wilber for Western Region.
The Supervisory Board will be led by Brig Gen Justus Rukundo as Chairman, Maj Newton Namaziima as Vice Chairman, and Capt Asha Praise Mbwali as Secretary.
The AGM was attended by Commander Air Force, Lt Gen Charles Okidi; Chief of Joint Staff, Lt Gen Jack Bakasumba; Deputy Service Commanders, Service Chiefs of Staff, Formation Commanders, Divisions Commanders, Joint Staff of the Defence Forces, The Chairman Board of Uganda Cooperative Alliance Rev. Fr. Emmanuel Safari and His General Secretary CPA Ivan Asiimwe, CEO of Uganda Cooperatives Savings and Credit Union Dr Sylvester Ndirora Mukama, Senior and Junior Officers among other delegates and invited guests.
