By Racheal N. Namuli
More than 50 delegates from the Wazalendo SACCO have completed a seven-day philosophy training aimed at strengthening their knowledge and skills in cooperative management and governance.
Speaking during the closing ceremony, Wazalendo SACCO Chief Executive Officer, Brig. Gen. Yusuf Magero, said poor governance remains one of the major reasons many Savings and Credit Cooperative Organisations (SACCOs) in Uganda collapse before reaching ten years of operation.
Brig. Gen. Magero attributed poor governance largely to inadequate training and knowledge among SACCO board members, which affects their ability to effectively manage and oversee the institutions.
Wazalendo SACCO Chief Executive Officer, Brig. Gen. Yusuf Magero.
He said the training had brought together experienced facilitators from different countries who equipped the participants with technical knowledge and practical skills needed to manage SACCOs effectively.
“Good governance is critical for the survival of any SACCO. The knowledge and skills you have acquired should now be put into practice to ensure the continued growth and sustainability of Wazalendo SACCO,” Magero told the delegates.
Wazalendo SACCO is a financial cooperative serving members of the Uganda People’s Defence Forces (UPDF), with the objective of improving their financial wellbeing. Membership is voluntary.
One of the participants, Major Newton Isaac Namazima, encouraged all men and women serving in the armed forces to embrace the SACCO and make use of its services, particularly as they prepare for retirement.
Major Newton Isaac Namazima
Namazima said participation in the SACCO could help service members prepare financially for life after active service and avoid financial difficulties during retirement.
He noted that Wazalendo SACCO has established branches in several parts of the country, including Fort Portal, Kanungu, Moroto and Arua, among other locations.
Brig. Gen. Magero urged the trained delegates to translate the knowledge they had gained into practical action, saying this would be essential in strengthening the SACCO and preventing governance-related challenges that could threaten its future.
He further emphasized the need for continued capacity building to ensure that the cooperative remains financially sound and capable of serving its members effectively.
