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Wazalendo Savings and Credit Cooperative Society

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Wazalendo Savings and Credit Cooperative Society
Company typePrivate
IndustryFinancial services
Founded2005; 19 years ago (2005)
HeadquartersBombo, Uganda
Key people
Major General Samuel Kavuma[1]
Chairman
Colonel Joseph Freddy Onata
CEO
ProductsLoans, Savings, Investments
RevenueIncrease:Aftertax:UGX:54.9 billion (US$15.3 million) (2021)
Total assetsUGX:630.7 billion (US$176.3 million) (2021)
WebsiteHomepage

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.[2]

Overview

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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.[3] 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).[4]

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.[5]

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.[6][7]

Branch network

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As of March 2015, WSACCO maintained the following branches:[8]

  1. Achol-pii Branch - Achol-pii
  2. Arua Branch - Arua UPDF Barracks
  3. Head Office - Bombo UPDF Barracks
  4. Bombo Branch - Bombo
  5. Entebbe Branch - Entebbe
  6. Gulu Branch - Gulu
  7. Jinja Branch - Jinja
  8. Kakiri Banch - Kakiri
  9. Kotido Branch - Nakaprimoli, Kotido District*
  10. Masaka Branch - Masaka
  11. Masindi Branch - Masindi
  12. Mbale Branch - Mbale
  13. Mbarara Branch - Mbarara
  14. Moroto Banch - Moroto
  15. Mubende Branch - Mubende
  16. Muhooti Branch - Muhooti
  17. Nakasongola Branch - Nakasongola UPDF Air Base
  18. Ssingo Branch - Kaweweeta, Nakaseke District
  19. Mogadishu Branch - Somalia

(*) = Non-Networked branches

Governance

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As of March 2022, the Board of Directors of the society included the following:[6][7]

Board Members
SUPCO Members

See also

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References

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  1. ^ Vision Reporter (1 December 2017). "Kavuma promoted to Major General". New Vision. Kampala. Retrieved 3 December 2017.
  2. ^ "WSACCO: About Us: Who We Are". Wazalendo SACCO. Retrieved 11 April 2014.
  3. ^ Kasasira, Risdel (27 February 2012). "UPDF Sacco Grows Savings to Shs23 Billion In Eight Years". In2EastAfrica. Retrieved 11 April 2014.
  4. ^ Candia, Steven (10 April 2014). "Army SACCO Gets New Command". New Vision. Retrieved 11 April 2014.
  5. ^ Wazalendo Sacco Board (20 March 2015). "Wazalendo Savings & Credit Cooperative Society Annual Report for 31 December 2014" (PDF). Wazalendo Sacco Uganda. Retrieved 21 March 2015.
  6. ^ a b c Nicholas Agaba (25 March 2022). "Wazalendo SACCO Gets New Board of Directors". The Kampala Post. Kampala, Uganda. Retrieved 27 March 2022.
  7. ^ a b c SoftPower Uganda (25 March 2022). "Major General Sam Kavuma Retains Chair As Wazalendo Sacco Registers Biggest Growth". SoftPower Uganda. Kampala, Uganda. Retrieved 27 March 2022.
  8. ^ "Full List of Wazalendo Sacco Branches". Wazalendo Savings & Credit Cooperative Society (WSACCO). Retrieved 21 March 2015.
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