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The Wazalendo Savings and Credit Cooperative Society (WSACCO) kicked off a two-day Pre-Annual General Meeting (AGM) workshop at the Ministry of Defence and Veteran Affairs Headquarters, Mbuya. This workshop aimed to prepare for the upcoming 18th AGM scheduled for March 25, 2023, to be held in Gaddafi Barracks.
During the workshop’s inauguration, Brigadier General Abdul Rugumayo, the Deputy Chief of Military Intelligence, delivered a message urging Wazalendo SACCO delegates to increase their savings and invest more in share capital. He emphasized that such actions would enable them to reap benefits from the interest on savings and dividends from shares.
Furthermore, Brig Gen Rugumayo encouraged members with projects generating verifiable cash flows to consider cash flow loans for financing. These loans are repaid through project-generated cash flows rather than solely relying on members’ UPDF salaries. However, he cautioned against acquiring unplanned loans that could potentially be diverted, thus undermining the SACCO’s mandate of improving welfare.
The Vice Chairman of the Board of Directors, Lt Col Allan Kitanda, outlined the workshop’s objectives, emphasizing the need to review the previous year’s progress and outline plans for the current year. He expressed gratitude towards UPDF leadership for providing strategic guidance, which has kept WSACCO’s leadership and management aligned with its vision, mission, and objectives.
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Col Joseph Freddy Onata, the Chief Executive Officer of Wazalendo SACCO, highlighted the significance of the Pre-AGM workshop as a crucial platform for delegates to discuss the SACCO’s performance comprehensively. He explained that the workshop ensures thorough discussions, leading to resolutions during the AGM, enabling effective SACCO management in the subsequent year. Col Onata emphasized the workshop’s role in educating delegates about their responsibilities and ensuring informed decision-making during the main AGM.
The event saw the presence of Generals, senior officers, and various representatives of Wazalendo SACCO, signifying the collective commitment to the SACCO’s success and the welfare of its members.
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