FORT PORTAL THURS 8 AUG, 2024: The Wazalendo Savings and Credit Cooperative Society (WSACCO), a thriving cooperative society affiliated with the Uganda Peoples’ Defence Forces (UPDF), officially opened its new commercial building in Fort Portal City.
Strategically located on Balya Street, the three-storey building, was today commissioned by Maj Gen Richard Otto, Commander of the Mountain Division and Operation Shujaa. Maj Gen. Otto praised WSACCO’s leadership for their vision in acquiring prime land and establishing a strong commercial presence in the city. He commended the SACCO’s remarkable milestones since 2005, including the ownership of a permanent building in the city. “This is a great achievement. We need more projects like this,” he said.
The army General highlighted the convenience of WSACCO’s services, noting that loan processing takes only two hours. He emphasised the importance of financial discipline among troops and challenged WSACCO management to ensure the effective utilisation of loans.
Col Joseph Freddy Onata, CEO of WSACCO, thanked the Board of Directors for their guidance, which enabled the successful implementation of such projects. He noted several milestones, including the first loan disbursement in 2007, relocation to Kiwatule headquarters in 2015, and establishment of the first cash branch outside the barracks in 2021.
The Director of Operations, Mr. William Atalyeba, thanked the engineering team for delivering the building on time and to the required quality. He noted that the building will supplement other income streams for WSACCO. The established SACCO office is one of ten others spread across the cities in Uganda but the Fort portal branch is the first to have an extension of a commercial arm that will attract more revenue for the SACCO members.
Lt Col Allan Kitanda, Vice Chairman of the Board, thanked UPDF leadership for supporting WSACCO. He highlighted achievements such as saving members from expensive loans and becoming the largest SACCO in the country. He encouraged other professionals to form similar SACCOs to boost the economy.
Fort Portal City Engineer Mr. Jimmy Balyawa commended WSACCO for constructing a magnificent building that has transformed Balya Street. He described the structure as a worthwhile investment. The building boasts a rentable space of 1,161.45 square meters and houses WSACCO’s Fort Portal Cash Operating Branch.