Wazalendo SAACO wants Co-operative Bank revived

Uganda People’s Defence Forces-owned Wazalendo Savings and Credit Cooperative Society (SACCO) has embarked on revamping the Co-operative Bank under its next five-year strategic Plan.

Wazalendo director of finance and administration Lt. Col. Yusuf Buha, who is also the director of Wazalendo Investment Ltd, the SAACO's real estate investment arm, said also plans to have three estates by next year.

In the Middle Gen.Sam Kavuma members of the Wazalendo SACCO and Lt. Col. Yusuf Buha, the director of Finance and Administration also the director of Wazalendo Investment Ltd (at the extreme end) listening during the ground breaking of the real estate mapping.

“We first thought of venturing into real estate because the project directly fits in the mission of Wazalendo in the context of access to decent accommodation, health and financial empowerment," he says.   

"Now that we are done with the real estate venture, we now plan to be part of the team that is to bring back the Co-operative Bank.

We are willing to do appraisal and partner with other SACCOs and other people willing to revive the Co-operative Bank," Buha adds.

He told New Vision in an interview on Thursday, March 30, 2023, that the SACCO has the money and they are willing to contribute a huge chunk in terms of capital towards the bank's revival.

He revealed in an interview that the SACCO is looking towards expanding its financial base to enhance the growth of its members.

The SACCO, whose total assets are worth sh784b, according to Buha, is also looking at going into grain processing.

“We want to produce the first cornflakes made in Uganda and that appraisal is in the final phase, we have done research and visited factories all around up to Soroti district.

We have also done appraisal for coffee processing and are awaiting approval from the board," he said.

Buha added that all these will be done through joint ventures and direct equity, while some of them will be undertaken after getting technical competencies and come in as mergers and partly acquisitions.

About the Co-operative Bank

The Co-operative Bank was registered in 1964 under the Co-operatives Act, but following the turbulent economic and political times, its operations were disrupted and it collapsed with the collapse of the Co-operative Movement.

Related story: https://www.newvision.co.ug/category/news/convert-post-bank-into-cooperative-bank---off-143325

In October 2009, then trade state minister Nelson Gagawala Wambuzi announced that the Government had set in motion plans to revive the defunct Co-operative Bank. 

Related story: https://www.newvision.co.ug/category/news/uca-wants-defunct-co-operative-bank-revived-152265

However, 14 years later, there is still back and forth with no clear estimate of when the bank will reopen.

Related story: https://www.newvision.co.ug/news/1340652/cooperative-bank-revived