By Spy Uganda
Kampala: The all-powerful UPDF Sacco has hit a remarkable 530 Billion shillings despite COVID 19 challenges.
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“Total Assets increased from UGX 413billion in 2019 to UGX 530 billion in 2020, ” said Col Freddy Onata, the CEO of WSACCO.
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 pronouncement was revealed while at the 15th Annual General Meeting of the Sacco’s to review its operational and financial performances for the Financial year 2020 at the Uganda Military Engineers College ( UMEC) in Lugazi.
The chief guest at the meeting and Minister for Trade Industry and Cooperatives Hon Amelia Kyambadde commended WSACCO for improving members’ welfare amidst the global economic challenges. This was contained in a speech read by the Minister of State for Cooperatives Hon Frederick Ngobi Gume, who emphasized the role of strengthening a strong savings culture for investment in agriculture, industry, services and ICT to grow.
” Share experiences and capitalize on opportunities to save for investment,” she noted, adding that the sustainability of the Sacco is guided by trust and excellent member services. She further called for embracing mindset change (educating members) for all borrowers to invest in income-generating activities so that they can payback.
The Board Chairman WSACCO Maj Gen Sam Kavuma appreciated MODVA/UPDF leadership, Sacco members, and its business partners for their constant support, trust and patronage. He said during the FY 2020, membership increased from 69,114 to 80,198, Business Savings Account and Tujeunge fund were launched and configured on the ATM to broaden saving options and enhance operational efficiency. Other investments were in mobile banking, data storage and disaster recovery; which help to mitigate the effects of COVID 19 by minimizing personal contacts.
Maj Gen Kavuma noted that the Sacco’s sustainability is premised on transparency, integrity, convenience, accountability, ethical values and equity.
However, Loan interest income has remained as the major source of revenue for WSACCO contributing 76.75% of the total revenue.
WSACCO membership is voluntary to UPDF personnel, civilians working with the MODVA, spouses and children of soldiers.
This year’s AGM was organized under the theme: ” Enhancing Members’ value amidst economic challenges.”
The AGM was also attended by WSACCO Board of Directors, Supervisory Committee, Members from UPDF Staff and Command, management, delegates and Partners, among others.