Military SACCO grows to 111,000 members, disburses over Shs3.6t in loans

The army’s Wazalendo Savings and Credit Cooperative Society Limited (SACCO) has grown from a small cooperative of 30 members to over 111,283 members in just two decades, marking a significant milestone in Uganda’s financial sector.

Speaking at the 19th Annual General Meeting at Gaddafi Barracks in Jinja, Lt Gen Sam Kavuma, Chairperson of the Board of Governors, attributed the SACCO’s success to strong governance and a commitment to member-driven principles.

“From humble beginnings to remarkable success—our membership has skyrocketed from just 30 founder members 20 years ago to an impressive 111,283 today,” Lt Gen Kavuma said.

The SACCO, which primarily serves members of Uganda’s armed forces, has disbursed Shs3.6 trillion ($920 million) in loans since its lending program began.

In 2024 alone, Shs918 billion ($235 million) was loaned out through 19 branches across the country.

Wazalendo SACCO has seen substantial growth in its financial assets. Lt Gen Kavuma reported that:

Lt Gen Kavuma attributed this success to the SACCO’s member-driven approach, noting that many SACCOs in Uganda fail because they are formed to seek political funding rather than serve financial needs.

“Unfortunately, many registered SACCOs in Uganda lack a fundamental element—they weren’t formed based on member willingness,” he said. “A true SACCO must be member-owned, member-managed, and member-financed,” he observed.

While acknowledging the SACCO’s financial stability, Lt Gen Kavuma said he had previously been cautious about seeking government assistance, fearing it could destabilize operations.

However, with Wazalendo SACCO now firmly established, he believes the cooperative can now request agriculture-specific support.

His remarks came in response to former Inspector General of Government, Gen Kale Kaihura, who suggested that the SACCO should seek financial backing from President Museveni.

“You’ve successfully developed, grown, and delivered Wazalendo SACCO over the decades, which is no small achievement,” Gen Kaihura said, citing Kenya’s Harambee SACCO, which collapsed despite its early success.

He emphasized that Wazalendo SACCO’s strong capital base could enable it to establish its own bank, surpassing some commercial banks in Uganda.

Expansion plans

According to Brig Gen Joseph Freddy Onata, CEO of Wazalendo SACCO, transparency, accountability, and trustworthiness remain the core principles of leadership.

Brig Gen Onata also announced that Wazalendo SACCO plans to expand its financial services by opening four new forex bureaus through its business arm, further strengthening its position in Uganda’s financial sector.