Tanzania's savings cooperatives have grown their assets to 1.69 trillion shillings in 2025, up from 1.4 trillion shillings the previous year, a government official said at the opening of a major congress in Dar es Salaam. Members' savings and deposits rose from 1.01 trillion shillings to 1.22 trillion shillings over the same period, while membership reached 1.9 million.
Asha Khamis Abdulla, Deputy Permanent Secretary for Public Finance Management at the Ministry of Finance, said the sector's expansion must translate into tangible benefits for households, farmers and small businesses. She stressed that the growth in savings needed to be channelled into productive investment, job creation and improved livelihoods as Tanzania implements its Development Vision 2050.
Cooperatives play a crucial role in serving groups underserved by conventional banks, including women, young people, farmers and small entrepreneurs, Abdulla said. Access to formal financial services nationally increased from 65 per cent in 2017 to 76 per cent in 2023, according to figures presented at the congress.
The government has introduced reforms including the National Microfinance Policy of 2017 and the Microfinance Act of 2018 to support sustainable sector growth and protect members. Abdulla called for sound governance, transparency, accountability, effective supervision and digital innovation to lower operating costs while extending financial services.