Colonel Freddy Joseph Onata, the Chief Executive Officer of UPDF’s Savings and Credit Cooperative dubbed as “Wazalendo”, has set a bold target for the institution, aiming to reach a remarkable one trillion shillings in assets by next year.
Expressing his unwavering confidence at the SACCO’s Annual General Meeting (AGM), Onata highlighted the impressive figures underpinning Wazalendo’s current standing: a membership exceeding 100,000, a substantial share capital of 240 billion, savings totaling 445 billion, and a robust loan portfolio of 737 billion, all contributing to a total asset base of 959 billion.
Onata outlined Wazalendo’s strategic plan, emphasizing their aspiration to achieve the one trillion shilling milestone by 2025. “Wazalendo SACCO should be a one trillion asset institution, and I can guarantee that if everything goes well, we are going to hit that in 2024,” he affirmed confidently.
He also disclosed plans to distribute 40% of the surplus, totaling 73.3 billion from the year ending 2023, to members, translating to an average of UGX 300,000 credited to each member’s account. Additionally, Onata announced a partial opening to allow other organizations to join the SACCO, fostering further growth and collaboration.
At the AGM, Gen Kale Kayihura, one of the founding figures of Wazalendo, reflected on its origins, highlighting its mission to address the welfare needs of soldiers. Former Deputy Chief of Defence Forces Lt Gen Peter Elwelu commended the late Gen Aronda Nyakayirima for his transformative leadership in the UPDF, attributing the success of initiatives like Wazalendo SACCO to Aronda’s vision and guidance.
Lt Gen Elwelu, representing outgoing CDF Gen Wilson Mbadi, acknowledged Aronda’s pivotal role in reshaping UPDF leadership, fostering a culture rooted in the organization’s founding principles. Gen Aronda’s legacy, he noted, continues to inspire and elevate the UPDF, with Wazalendo SACCO standing as a testament to his enduring impact.
Gen Aronda, a revered figure in UPDF history, served as CDF for nearly a decade, leaving an indelible mark before his untimely passing in 2015. His contributions to the institution and initiatives like Wazalendo remain deeply respected and celebrated within the military community and beyond.
