Wazalendo SACCO has urged retiring Special Forces Command (SFC) officers and soldiers to retain their membership and continue using the cooperative’s financial services after leaving active military service.
The call was made by the Vice Chairperson of the Wazalendo SACCO Supervisory Board, Maj. Newton Namazima, while congratulating 67 SFC personnel who retired during a ceremony at SFC Headquarters.
Maj. Namazima encouraged the retirees not to regard retirement as a reason to withdraw from the SACCO, noting that many of them have been members and investors since its establishment in 2005. “Retirement should not mean that you chase yourself away from Wazalendo SACCO.
If you exit because you are retiring, you are the one who will lose as an individual because the SACCO continues to provide opportunities for its members,” he said.
He explained that retirees can continue saving through standing orders from their commercial bank accounts, enabling them to maintain their savings and access loans and other SACCO services.
Maj. Namazima also encouraged retirees engaged in business to open business accounts with the SACCO, channel their earnings through the accounts and maintain proper financial records.
He said maintaining accurate business records would help the SACCO assess the performance of their enterprises and make it easier for members to access loans at more favourable interest rates than those offered by commercial banks.
He further urged the retirees to use their retirement benefits prudently and invest in productive ventures that can provide sustainable income and strengthen their financial wellbeing after service.
Established in 2005, Wazalendo SACCO serves personnel of the Uganda People’s Defence Forces (UPDF), the Ministry of Defence and Veteran Affairs, and their families. The cooperative provides members with savings, credit, and investment services tailored to their financial needs. URN