The Board Chairman Wazalendo SACCO (WSACCO) Maj Gen Sam Kavuma cautioned Military Police personnel against investing in liabilities so as to have a meaningful life during and after service (retirement).
Gen Kavuma was speaking to the troops during the Annual WSACCO Mobilization Tour of units on Wednesday at the Brigade headquarters in Makindye, Kampala.
The Annual Mobilization Tour of Units and Formations by WSACCO’S staff is purposely to enlighten soldiers on the need to save or buy and later invest the profits.
Maj Gen Kavuma argued that investing in enterprises like animal rearing (cattle, goats, and sheep), among others; is far better than buying expensive phones, cars, or gold chains.
He warned that liabilities depreciate in value by draining the available resources.
Maj Gen Kavuma, therefore, urged soldiers, most especially the new personnel at Military Police, to join WSACCO and gain access to cheaper loans, which can thereafter; be used for productive purposes to improve members’ welfare.
“With a SACCO, we have a bigger pull that enables members to get cheap loans for personal development,” remarked Maj Gen Kavuma.
He said that the low-interest loans ease the process of investing for retirement. The Board Chairman Wazalendo SACCO added that the interest paid on WSACCO loans is low to cater for recurring costs and the sustainability of the business.
He advised soldiers to live within their means irrespective of the circumstances. “0nly take projects that are within your means and manageable,” he said, adding that the SACCO is 100 percent soldiers’ money and every year profits are shared between members as dividends.
Speaking at the same function, the Chief Executive Officer for WSACCO Col Joseph Freddy Onata encouraged soldiers to save more for the growth of SACCO.
He also called upon troops to share experiences on financial management and insulate themselves against luxury.
Wazalendo Savings and Credit Cooperative Organisation Society Limited comprises UPDF personnel, staff of the Ministry of Defence and Veteran Affairs, reserve forces, civilian staff of Wazalendo, and all spouses and children of existing members.
The mobilization tour was also attended by the Military Police commandant Maj Gen Don Nabasa, heads of departments, senior and junior officers, and militants.