The Tanzanian government has recognized the significant contribution of Savings and Credit Cooperatives (Saccos) to the country's economic growth and financial inclusion. According to Deputy Minister of Finance, Engineer Mshamu Munde, Saccos have enabled citizens to save, access affordable loans, and promote business growth, ultimately improving family welfare. He made these remarks while opening the 13th annual general meeting of Hazina Saccos Ltd in Morogoro.
Engineer Munde emphasized the importance of strengthening Saccos' management to increase efficiency, transparency, and accountability. He instructed the Ministry of Finance to ensure that Saccos, including Hazina, continue to provide quality services, operate within the law, and prioritize members' funds. The Deputy Minister also highlighted that Saccos allow citizens to pool their economic resources and access services that might be difficult to obtain individually.
The Hazina Saccos' 13th annual general meeting aimed to discuss various reports, evaluate the implementation of previous decisions, set priorities for the upcoming period, and conduct new leadership elections. Engineer Munde commended Hazina Saccos for providing loans that have empowered members to run businesses, build houses, finance education, and respond to emergencies. He noted that women have been the largest group of borrowers, accounting for 55.4% of loans.
The Deputy Minister pointed out that the significant participation of women in borrowing from Hazina Saccos demonstrates the organization's contribution to economically empowering women and achieving the government's goal of increasing financial inclusion. He encouraged the management of Hazina Saccos to ensure that members' funds are protected at a high level, which is a significant expectation for members.
Engineer Munde urged members to fulfill their responsibilities by saving regularly and repaying loans on time, as Saccos cannot grow without these essential practices. He also acknowledged that the government's 10-15% revenue from local authorities comes from borrowers and good payers, primarily women. This, he said, highlights the crucial role of Saccos in promoting economic growth.
Chief Executive Officer of Hazina SACCOS Limited, Dr. Festo Mwaipaja, reported that the organization's membership has grown rapidly, reaching 12,000 members from 10,326 at the end of 2025. He also announced that Hazina Saccos has increased its assets from approximately TSH 49.4 billion in 2025 to around TSH 63.75 billion in August 2026.
Dr. Mwaipaja further revealed that members' deposits have grown to TSH 50 billion, while the loan portfolio has reached approximately TSH 48.5 billion. During the first eight months of 2026, the organization disbursed 2,318 loans worth around TSH 22.8 billion, with women leading in loan uptake at 55.4%. The growth and performance of Hazina Saccos demonstrate its potential to drive economic growth and financial inclusion in Tanzania.
Key points
- The Tanzanian government recognizes Saccos' significant contribution to economic growth and financial inclusion.
- Hazina Saccos has experienced rapid growth, with increased membership, assets, and loan disbursement.
- Women have been the largest group of borrowers from Hazina Saccos, accounting for 55.4% of loans.
