UPDF SACCO Hits Shs 66bn Savings Mark


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Seven years down into business, the Wazalendo SACCO has evolved amidst huddles and steep resistance, to establish itself as one of the leading saving schemes in the region with more than 72,000 members.

The SACCO, according to Board chairman Brig Sentongo Ddiba, has accumulated up to sh66.5billion of savings, with sh19.4billionof investment and a loan portfolio of sh86billlion.

“On establishment in 2005 under the command of then CDF Gen Aronda Nyakairima, the scheme attracted immense outrage with claims all over that soldiers were being forced to part with huge sums of money from the already meager salaries.” Ddiba told our reporter in an interview on Thursday.

At the close of a 4day retreat of the SACCO’s top management, Deputy CDF Lt Gen Charles Angina castigated some negative elements in the forces that had embarked on misleading soldiers that the scheme had been set up by top UPDF Generals to plunder their salaries.

“But in life, every time we encounter a window of success, it is because we have done some sacrifice somewhere before,” he told the entourage.

The SACCO’s success has gone up to the simmering establishment of an insurance scheme in which members will collectively come to the rescue of a colleague in dire need.

Deputy Chief of Defence Forces (CDF) Lt Gen Charles Angina, however, noted that despite all these achievements, a lot is yet to be done especially in regard to improvement of appreciation of the scheme by all members in all army units.

“It is true we now have only less than 1000 soldiers who haven’t subscribed to Waazalendo SACCO, but my dream and everybody else’s here, should be to have every member of the UPDF onboard.”


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