Savings and Credit Cooperative Societies (SACCOS) have been urged to strengthen their financial services to meet members' needs and support economic development, particularly by providing loans for businesses and income-generating activities. The call comes as a continental conference on strengthening SACCOS across Africa takes place in Dar es Salaam, bringing together more than 600 stakeholders from within and outside Tanzania.
Hassan Mnyone, Executive Secretary of The Savings and Credit Cooperative Union League of Tanzania (SCCULT 1992 LTD), said cooperative societies play a critical role in improving people's livelihoods through community-focused financial services. SACCOS have become an important source of financial support for many Tanzanians, enabling members to access loans to meet daily needs and invest in development activities. Mnyone said cooperation among institutions within the cooperative system is essential to improving service delivery, highlighting the role of Tanzania's Cooperative Bank as a key partner.
Godfrey Ng'urah, Managing Director of the Cooperative Bank of Tanzania, said the bank remains committed to strengthening collaboration with cooperative societies across Africa. The bank continues to focus on providing financial products and services to help SACCOS expand their capital base and economic activities. Ng'urah said the bank would use the conference to showcase financial products and services available to members, customers and the general public.
The conference provides a platform for cooperative movement stakeholders to exchange ideas and explore strategies for improving financial services, strengthening institutional partnerships and expanding access to finance.