The all powerful UPDF Sacco has hit a remarkable 530 Billion shillings despite COVID 19 challenges, Total Assets increased from UGX 413billion in 2019 to UGX 530 billion in 2020 revealed by Col. Freddy Onata, the CEO WSACCO, while at the 15th Annual General Meeting of the Sacco to review its operational and financial performances for the Financial year 2020 at the Uganda Military Engineers College ( UMEC) in Lugazi
Col Joseph F. Onata also presented that, interest on savings ranges from 4-7 percent depending on savings account type and volume of savings. While interest on Loans is 12 percent per annum on Waza Quick Loan and 13 percent on other loans charged on reducing balance.
The Board Chairman WSACCO Maj Gen Sam Kavuma appreciated MODVA/UPDF leadership, Maj Gen Kavuma noted that the Sacco’s sustainability is premised on transparency, integrity, convenience, accountability, ethical values and equity.
Gen David Muhoozi thanked the UPDF Leadership and management of WSACCO for steering the SACCO despite the Covid -19 Pandemic. He Urged the members to maintain the trust, exhibit best practices and be cautious in all businesses for the SACCO.
“The SACCO is for you and only you can keep it alive, i thank you for your resilience that has secured the country”. Gen Muhoozi.
The chief guest Minister for Trade Industry and Cooperatives Hon Amelia Kyambadde, in her speech through minister of state for cooperatives Hon. Fredrick Ngobi Guma, commended WSACCO for improving members’ welfare amidst the global economic challenges.
” Share experiences and capitalize on opportunities to save for investment, the sustainability of the Sacco is guided by trust and excellent member services.” Said Amelia.
She called for embracing mindset change (educating members) for all borrowers to invest in income generating activities so that they can pay back.