In a recent address at the 19th Wazalendo SACCO Pre-Annual General Meeting Delegates Conference held at the 4th Air Force Wing in Gulu, Maj Gen Felix Busizoori, Commander of the 4 Infantry Division, warned of the increasing threat posed by fraudsters preying on soldiers’ savings. The general highlighted that those deceived by money laundering schemes often suffer from reduced morale, discipline issues, and, in some instances, even desertion.
During his speech, Maj Gen Busizoori stressed the importance of commanders playing an active role in advising soldiers on sound financial practices. He noted that while Wazalendo SACCO offers low-interest loans aimed at enhancing the welfare of military personnel, there remains a concern over poor enterprise choices among some UPDF members. The general urged soldiers to prioritize saving and to invest in ventures that promise long-term sustainability.
Emphasizing the SACCO’s impressive growth, Maj Gen Busizoori remarked that as Wazalendo SACCO expands, the welfare of its members should similarly progress. He encouraged commanders to keep a close watch on the performance of the soldiers’ chosen business endeavors to ensure steady financial improvement.
Adding to the discussions, Col Allan Kitanda, Vice Chairman of Wazalendo SACCO’s Board of Governors, shared that by December 31, 2024, the SACCO had exceeded its financial targets, establishing itself as the largest in Uganda. He also highlighted new affordable housing initiatives introduced by Wazalendo Investment Limited (WIL), which include housing projects in areas such as Bulamu along Mityana Road, Mukono-Wantone near Katosi Road, and Matugga. These projects are designed to enhance the social welfare of its members.
Since its inception on September 22, 2005, UPDF Wazalendo SACCO has consistently organized Pre-AGMs to review and improve proposals before the main Annual General Meeting. This year’s AGM is scheduled for March 17, 2025, at Gaddafi Barracks in Jinja.
The conference was attended by high-ranking officials from the 4th and 5th Infantry Divisions, including deputy division commanders, brigade and battalion commanders, administrative officers, and various SACCO delegates, all committed to promoting financial prudence within the military community.