• Source: Wazalendo Savings and Credit Cooperative Society

Wazalendo Savings and Credit Cooperative Society (WSACCO), also referred to as Wazalendo Sacco, is a savings and credit co-operative society in Uganda. It is an institutional Sacco composed of Uganda People's Defence Force (UPDF) personnel and their families, UPDF Reserve Forces, and staff of Uganda's Ministry of Defence. WSACCO is affiliated with the Uganda Co-operative Savings and Credit Union Limited and with the Uganda Co-operative Alliance.




Overview


WSACCO was established on 22 September 2005 with initial savings of about US$96,000 (UGX:238 million). Membership is restricted to persons in active service with the UPDF and their families, UPDF veterans and their families, and staff of the Ministry of Defence in Uganda and their families. The main objective is to mobilize savings and make loans to members at reasonable interest rates to improve their welfare. WSACCO adopted “Save for the Future Development” as its slogan. By 30 June 2011, 61,482 members had joined. By February 2012, membership had increased to 65,741 and total savings were valued at approximately US$9.23 million (UGX:23 billion), making WSACCO the largest savings credit union in Uganda. As of April 2014 the WSACCO's total assets were valued at approximately US$43.7 million (UGX:109 billion) with shareholders' equity of about US$30.1 million (UGX:75 billion) and a loan portfolio estimated at US$35 million (UGX:87 billion).
As of December 2014, the WSACCO's membership had increased to over 73,000. Shareholders equity stood at USh67.4 billion (US$23.4 million). Total assets were valued at USh131.1 billion (US$45.5 million). The total loan book stood at USh116.3 billion (US$40.4 million). WSACCO made after-tax profits of USh9.5 billion (US$3.3 million), for the calendar year ending 31 December 2014.
As of 31 December 2021, the Sacco's membership exceeded 91,000. Total assets were UGX:630.7 billion (US$176.3 mullion). Shareholders' equity was UGX:219.8 billion (US$61.4 million). The Sacco's total loan book at that time was UGX:484.4 billion (US$135.4 million). WSACCO made after-tax profit of UGX:54.9 billion (US$15.3 million) in calendar year 2021.




Branch network


As of March 2015, WSACCO maintained the following branches:

Achol-pii Branch - Achol-pii
Arua Branch - Arua UPDF Barracks
Head Office - Bombo UPDF Barracks
Bombo Branch - Bombo
Entebbe Branch - Entebbe
Gulu Branch - Gulu
Jinja Branch - Jinja
Kakiri Banch - Kakiri
Kotido Branch - Nakaprimoli, Kotido District*
Masaka Branch - Masaka
Masindi Branch - Masindi
Mbale Branch - Mbale
Mbarara Branch - Mbarara
Moroto Banch - Moroto
Mubende Branch - Mubende
Muhooti Branch - Muhooti
Nakasongola Branch - Nakasongola UPDF Air Base
Ssingo Branch - Kaweweeta, Nakaseke District
Mogadishu Branch - Somalia
(*) = Non-Networked branches




Governance


As of March 2022, the Board of Directors of the society included the following:

Board Members
Chairman - Major General Sam Kavuma
Vice Chairman - Lieutenant Colonel Allan Kitanda
Treasurer - Lieutenant Colonel Benon Kato
Member Central - Captain Isaac Bisaalu
Member Gender - Major Mariam Kagoro
Member Western - Captain Dathan Bunanukye
Member Eastern - Captain Norah Ongodia
Member Northern - Major Peter Tuhairwe
Member West Nile - Staff Sergeant Peter Osuko
SUPCO Members
Chairman SUPCO - Brigadier Simon Ocan
Vice Chairman SUPCO - Colonel Justus Rukundo
Secretary SUPCO - Major Alexander Asiimwe.




See also






References






External links

Kata Kunci Pencarian:

• Wazalendo Savings and Credit Cooperative Society
• Exodus Savings and Credit Cooperative Society Limited
• List of cooperatives
• Sam Kavuma
• Makenke
• Index of Uganda-related articles