UPDF Sacco grows savings to Shs23b in eight years
Army Chief Gen. Aronda Nyakairima (L) chats with UPDF MP Gen. Elly Tumwine at Uganda Mechanised Engineering College in Lugazi yesterday. PHOTO BY STEPHEN OTAGE
What you need to know:
Soldiers have been advised to set up agro-based projects in their villages to supplement their incomes.
Kampala
UPDF Wazalendo Savings and Credit Cooperative Society deposits have grown from Shs238 million to Shs23 billion in the last eight years, making it the biggest Sacco in Uganda.
During the sixth general assembly meeting of Wazalendo yesterday in Lugazi, the Chief of Defence Forces, Gen. Aronda Nyakairima, commended the soldiers and was pleased with the growth.
“This cooperative society from its inception in 2005 started with less than half of the forces’ strength as its membership. The savings then only stood at Shs238m,” he said.” “However, today, we are proud to have saved Shs23 billion in this short period.”
Progress
The chairperson of the Sacco, Col. Joseph Musanyufu, said the current membership of the group stands at 65,741 and has given out loans worth Shs90b to UPDF soldiers and Ministry of Defence workers.
Col. Musanyufu said they charge 13 per cent interest rate on their loans for agricultural projects and 15 per cent for others, adding that it is the lowest compared to other Saccos. He said the Sacco is hindered by lack of skills and knowledge by soldiers to invest in viable projects.
Gen. Nyakairima advised soldiers to set up agro-based income projects in their villages to supplement their incomes.
“The norm has been that government entirely provides for the welfare of the troops. This practice was on until the economic situations could not adequately support this arrangement,” he said.
Armed forces are among poorly paid government employees in the country. A UPDF private earns Shs280,000 per month while a special police constable earns Shs260,000.
