Stakeholders in the African cooperative movement have called for stronger Savings and Credit Cooperative Societies (SACCOS) to support economic development. SACCOS have become a vital source of financial support for many Tanzanians, enabling members to access loans for daily needs and development activities. The call was made in Dar es Salaam ahead of a continental conference on strengthening financial services through SACCOS. The conference brings together over 600 stakeholders from within and outside Tanzania.
The Executive Secretary of The Savings and Credit Cooperative Union League of Tanzania (SCCULT 1992 LTD), Hassan Mnyone, emphasized the critical role of cooperative societies in improving people's livelihoods. He said SACCOS must provide community-focused financial services that respond to members' needs and contribute to economic growth. Mnyone highlighted the importance of cooperation among institutions within the cooperative system to improve service delivery. Tanzania's Cooperative Bank is a key partner in supporting SACCOS.
Cooperative Bank of Tanzania Managing Director, Godfrey Ng'urah, said the bank's participation in the continental conference reflects its commitment to strengthening collaboration with cooperative societies across Africa. The bank focuses on providing financial products and services to help SACCOS expand their capital base and economic activities. Ng'urah emphasized the bank's commitment to working with stakeholders to ensure the conference achieves its objectives.
The continental conference provides a platform for stakeholders to exchange ideas and explore strategies for improving financial services, strengthening institutional partnerships, and expanding access to finance. Discussions are expected to contribute to efforts to make SACCOS more responsive to members' needs and strengthen their contribution to financial inclusion and economic development. The conference is being held in Dar es Salaam.
SACCOS have become an essential source of financial support for many Tanzanians, enabling members to access loans to meet their daily needs and invest in various development activities. The cooperative movement plays a vital role in improving people's livelihoods through community-focused financial services. Stakeholders are urging SACCOS to strengthen their financial services to support economic development.
The Savings and Credit Cooperative Union League of Tanzania (SCCULT 1992 LTD) and the Cooperative Bank of Tanzania are working together to support SACCOS. The bank will use the meeting to showcase financial products and services available to members, customers, and the general public. This collaboration aims to improve service delivery and expand access to finance.
The conference aims to bring together stakeholders in the cooperative movement to discuss strategies for improving financial services and strengthening institutional partnerships. Over 600 stakeholders from within and outside Tanzania are attending the conference. The discussions are expected to contribute to efforts to make SACCOS more responsive to members' needs and strengthen their contribution to financial inclusion and economic development.
Key points
- SACCOS must ensure their services respond to members' needs and contribute meaningfully to economic growth.
- Cooperation among institutions within the cooperative system is essential in improving service delivery.
- The conference provides a platform for stakeholders to exchange ideas and explore strategies for improving financial services and strengthening institutional partnerships.
