Mwanza-In a remarkable achievement, the capital of Savings and Credit Cooperatives (SACCOS) in Tanzania has surged to an impressive 1.2 trillion shillings, as per the latest data from the Tanzania Cooperative Development Commission (TCDC). This significant increase comes in comparison to the 846 billion shillings mobilized by the cooperatives in the previous year.
The announcement was made by Dr. Benson Ndiege, the Managing Director of TCDC, during the celebrations of International Co-operative Day, which were nationally observed at Furahisha grounds in the Mwanza region. Dr. Ndiege revealed that a total of 1,211 cooperatives applied for licenses, out of which only 845 met the stringent criteria set by TCDC. Regrettably, 386 associations did not fulfill the necessary requirements and were thus unable to obtain licenses.
Addressing the issue of unregistered and illegally operating SACCOS, Dr. Ndiege sternly warned them to register promptly. He emphasized that strict measures would be taken against those failing to comply with the legal framework.
Adding to the achievement, Mr. Daniel Machunda, the Acting Regional Administrative Secretary (RAS) of Mwanza, stated that there are currently 371 registered cooperatives in the region, boasting a total membership of 14,000 individuals. These cooperatives play a crucial role in the local economy, annually disbursing loans totaling 12.5 billion shillings. These funds are injected into diverse sectors, including business, education, and agriculture, fostering growth and development in the region.
The surge in SACCOS capital not only signifies the financial prowess of cooperatives but also reflects the cooperative sector's vital contribution to Tanzania's economic landscape, underlining the significance of cooperative endeavors in the nation's growth story.