Good Governance is a Recipe for Sustainability of SACCOs- Wazalendo’s Col Onata

Wazalendo Savings and Credit Cooperative Society (WSACCO) hosted representatives of Zambia National Assembly SACCO Board of Directors and Management who are in the country for a benchmarking visit at the WSACCO Headquarters in Kiwatule.

The Chief Executive Officer Colonel Joseph Freddy Onata in his lecture of opportunity to guests highlighted the background to the formation of WSACCO and its strategic direction as summarised in the SACCOs vision, mission and objectives and the achievements and factors behind WSACCO’S success over the last 17 years.

Col Onata encouraged the members of the delegation to build a legacy that will be counted on them in future. “We are very sure that the knowledge that you have acquired from WSACCO is going to create a difference in your operations when you go back. Believe that you are up to the task given to you and work to create a legacy that you will be remembered for in terms of contributing to the growth and sustainability of your SACCO.”

Col Onata underscored the importance of good governance, continuous member training, capacity building, professionalism and management commitment to ensure the sustainability and success of the SACCO. 

The Chairman BOD of Zambia National Assembly SACCO, Mr Obrey Katungu, who spoke on behalf of the delegation applauded WSACCO for its commitment and ability to design various products that address the needs of its members.

“What has stood out from this benchmarking is that you have a fund where your members can save for their retirement. This is the issue that has been under discussion in the National Assembly to see how we can help our members have long-term social protection when they retire. I am impressed that your SACCO has specifically provided for social protection in terms of the retirement fund. It is a lesson that we shall take back to our country and see how to incorporate into our service profile,” said Mr Katungu.

The Chief Executive Officer of Uganda Parliamentary SACCO Mr Methods Mureebe said that the Zambian delegation came to Uganda to benchmark on its sister SACCO, the Uganda Parliamentary SACCO which also referred the delegation to Wazalendo SACCO as one of the biggest and most successful SACCO in Uganda with more than 90000 members and total assets of 873Bn.

In attendance were the WSACCO BOD Secretary Col Dan Tizihwayo, Director of Finance and Administration Lt Col Yusuf Buha Magero, Acting Director Operations Maj Arthur Kwezi and all members of top Management.