Wazalendo SACCO has called on officers and soldiers retiring from the Special Forces Command (SFC) to maintain their membership in the cooperative and continue benefiting from its savings, credit and investment services even after leaving active military service.The appeal was made by the Vice Chairperson of the Wazalendo SACCO Supervisory Board, Maj. Newton Namazima, while speaking at a ceremony held at SFC Headquarters to congratulate 67 personnel who have retired from the Uganda People’s Defence Forces (UPDF).
Namazima cautioned the retirees against treating retirement as a reason to sever their relationship with the SACCO, reminding them that many have built substantial savings and investments with the cooperative since its establishment in 2005. He said leaving the SACCO could deprive them of financial opportunities available to members.“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 building their savings through standing orders linked to their commercial bank accounts, allowing them to remain financially active within the SACCO while also retaining access to credit and other services.
For those planning to venture into business after retirement, Namazima encouraged them to open business accounts with Wazalendo SACCO, route their business income through the accounts and keep clear financial records. Such records, he said, would enable the SACCO to assess the performance of their businesses and potentially facilitate access to loans on more favourable terms than those offered by commercial banks.The SACCO official also urged the retirees to handle their retirement packages carefully by investing in productive ventures capable of generating sustainable income instead of quickly exhausting their benefits.
He said disciplined financial planning would be critical in protecting their livelihoods and strengthening their economic security after military service.Established in 2005, Wazalendo SACCO serves personnel of the Uganda People’s Defence Forces, the Ministry of Defence and Veteran Affairs, as well as their families. The cooperative offers savings, credit and investment services designed to support members in building financial stability during and after their careers.
