Stakeholders push for stronger SACCOS across Africa

DAR ES SALAAM: SAVINGS and Credit Cooperative Societies (SACCOS) have been urged to strengthen financial services to meet members’ needs and support economic development, particularly by providing loans to finance businesses and other income-generating activities.

SACCOS have become an important source of financial support for many Tanzanians, enabling members to access loans to meet their daily needs and invest in various development activities.

Speaking in Dar es Salaam ahead of a congress on strengthening financial services across Africa through SACCOS (SACCA Congress 2026), Executive Secretary of The Savings and Credit Cooperative Union League of Tanzania (SCCULT 1992 LTD) Hassan Mnyone said cooperative societies play a critical role in improving people’s livelihoods through community-focused financial services.

He said SACCOS must ensure their services respond to members’ needs and contribute meaningfully to economic growth.

“When we talk about SACCOS, we are talking about the provision of financial services that target communities and directly affect people’s lives,” Mr Mnyone said.

He added that cooperation among institutions within the cooperative system was essential in improving service delivery, highlighting the role of Tanzania’s Cooperative Bank as a key partner in supporting SACCOS.

For his part, Cooperative Bank of Tanzania Managing Director Godfrey Ng’urah said the bank’s participation in the continental conference reflected its commitment to strengthening collaboration with cooperative societies across Africa.

He said the bank continued to focus on providing financial products and services that would help SACCOS expand their capital base and economic activities.

“Our presence here as stakeholders and contributors to this continental gathering in Africa is not accidental. We are at home,” Mr Ng’ura said.

He said the bank would continue working with ACCOSCA and other stakeholders to ensure the conference achieved its objectives.

Mr Ng’ura added that the bank would use the meeting to showcase financial products and services available to members, customers and the general public.

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The conference provides a platform for stakeholders in the cooperative movement to exchange ideas and explore strategies for improving financial services, strengthening institutional partnerships and expanding access to finance.

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.

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