Wamu SOS Sacco HISTORICAL BACKGROUND
Discover what you didn’t know about Wamu SOS Sacco! How we started and how we have been evolving to the current status.
Where We Started From
Wamu SOS Sacco Started In SOS Children’s Village Kakiri
What Caused SOS Kakiri Staff To Form Wamu?
SOS Children’s Village Kakiri started in 1991. From 1991 up to the year 2000, the organisation used to advance SOS staff part of their salary at the beginning of every year payable in monthly equal instalments before the end of the year.
Many SOS staff benefited from this good arrangement. They could easily access funds in a lamp-sum for their development needs.
In 2000, the organisation stopped abruptly to advance SOS staff money. They had no other options. Some tried to access salary loans from mainly Stanbic Bank because all staff had accounts there. However, it didn’t help them much because of high interest rates.
As a solution, the SOS management, at that time, conceived the idea of starting a savings scheme and sold it to all the SOS staff. Some staff perceived the idea positively while others were doubtful.
A proposal was drafted in 2001 and presented to the Regional Office for approval through the Uganda SOS Board of Trustees.
It took 4 years to finalise with the approval process. There were various ups and downs. Thankfully, a formal approval was received in 2004.
2004 Is A Cornerstone Year For Wamu SOS Sacco
2004 is a great year in the history of Wamu SOS Sacco because that’s when Wamu started operating after receiving the approval from the Board.
The name “Wamu” originated from the Luganda word, which means togetherness. We wanted to bring all the staff together for the common causes of saving and accessing affordable credit.
In August 2004, the actual saving started with one enthusiastic member saving UGX 100,000 per month. By the close of the year 2004, the membership had grown to 38 with a total savings of UGX 2,485,000.
Initially, Wamu SOS Sacco operated for 3 years without being formally registered. On 15th May 2007, we received a registration certificate as a private company limited by guarantee without share capital under the name of SOS Uganda Staff Savings and Welfare Society Limited.
Owing to the benefits SACCOs enjoy, SOS Uganda Staff Savings and Welfare Society resolved in an AGM held in 2013 to turn the society into a SACCO. On 24th August 2016, the society was officially registered as a SACCO, hence the name Wamu SOS Sacco.
Who We Are
We Are a Savings and Credit Co-operative Society Formed to Help SOS Staff, Former SOS Staff and Members of the Public (That Subscribe to Wamu Sacco Values) to Save and Access Affordable Credit Facilities for their Development
What we Do
We Encourage Members to Develop a Culture of Saving that would Guarantee their Financial Security …
Latest News Updates
Hello Wamu Members!
Welcome to the Wamu Sacco official website, where you will find useful information and updates about our Savings and Credit Co-operative Society. We are still developing the website, which will take us a while. But once we accomplish this project, it will be a useful...
Hello Wamu Members!
Welcome to the Wamu Sacco official website, where you will find useful information and updates about our Savings and Credit Co-operative Society. We are still developing the website, which will take us a while. But once we accomplish this project, it will be a useful...
Contact Us
Get in touch with us for help through the contacts below or you may also use the contact form option provided.