Soldiers of the Uganda Peoples’ Defence Forces (UPDF) have been encouraged to focus on saving for future growth and to avoid unnecessary spending or taking out loans without proper planning.
This advice was shared during a meeting at the UPDF 5 Infantry Division, where a delegation from Wazalendo SACCO, led by Lt Col Mpabaisi, the SACCO’s Political Commissar, addressed the troops.
Lt Col Mpabaisi underscored the significance of effective business management to ensure long-term sustainability and success. He spoke about the impressive growth of Wazalendo SACCO since its inception in 2005, noting that as of November 2024, it has over 111,421 members, disbursed loans worth UGX 2.9 trillion, and amassed assets exceeding UGX 1.1 trillion.
He cautioned soldiers about the importance of properly managing their businesses, especially given the unpredictable nature of military life, and recommended selecting trustworthy individuals to oversee their ventures. “Mismanagement of businesses has led to conflicts within families, some of which have tragically escalated. Soldiers must prioritise effective management to avoid such situations,” he said.
Lt Col Watmon Richard, the 507 Brigade Commander, underscored the need for soldiers to save regularly and plan for retirement. He noted that sound financial management reduces stress and prepares soldiers and their families for the challenges of military life. “Financial security at home enhances soldier readiness and protects against predatory lending and fraud,” he said.
Maj Musime Livingstone also encouraged the soldiers to invest in businesses they fully understand and to avoid rushing into unfamiliar ventures. “Starting small and growing steadily is safer than jumping into projects that could result in losses,” he advised.
The meeting, attended by both senior and junior officers, also emphasised the importance of building investments, saving for retirement, financing education, and establishing transition funds for relocations due to permanent duty station changes.
