President Yoweri Museveni has advised members of Wazalendo Savings and Credit Cooperative (WSACCO) to practice the culture of saving because saving is very crucial for their economic development.
The President was Wednesday presiding over the closing ceremony of the SACCO’s 10th Annual General Meeting at Uganda Military Engineering College (UMEC) in Lugazi.
He urged them to stop being extravagant and avoid irrational spending on fancy things like weddings, graduation parties and birthdays.
He 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 to access loans, engage in income generating activities and improve their welfare.
“Success of Wazalendo is proof that collective effort is the way forward,” the President remarked.
President Museveni, who was chief guest, also encouraged the SACCO to invest in easy to manage activities because members 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 SACCO, observed that the organization is capable of running big enterprises.
He encouraged members to lead healthy lives in order to ensure that they enjoy benefits of their efforts.