President Yoweri Museveni last evening addressed members of the Wazalendo Savings and Credit Co-operative Society Ltd (WSACCO) during the closing ceremony of the Society’s 10th Annual General Meeting at the Lugazi Town-based Uganda Military Engineering College (UMEC), advising them to practice the culture of saving because saving as it is very crucial for their economic development.
The president urged the men in Uniform to stop being extravagant and avoid irrational spending on such fancy things like weddings, graduation parties and birthdays. He also said that the only way to solve human needs is through collective effort rather than doing it individually adding that the State can easily offer help to collective effort.
WSACCO is a Ministry of Defence/UPDF cooperative society that enables the Army (UPDF), the staff of the Ministry of Defence (MOD) and their families, to pool together funds so that they can access loans, engage in productive activities and improve their welfare.
“The success of the Wazelendo has shown that collective effort is the way forward,” the President remarked.
Mr. Museveni, who was chief guest, also encouraged the members of Wazalendo Society to invest in easily manageable activities because they are still serving in the Army and might not have time to supervise long-term activities.
He promised the members of WSACCO that he is going to talk to the Ministry of Finance and Economic Planning not to tax their SACCO as well as other savings and credit societies of wananchi in the entire country.
The President, who accepted to buy shares in the society, observed that their organization is capable of being a very big enterprise for them if only it id well managed. He encouraged members to lead healthy lives in order to ensure that they able to enjoy the benefits of their effort.
