The Governor of Bank of Tanzania, Mr. Emmanuel Tutuba, has called on Savings and Credit Cooperative Societies (SACCOS) to operate commercially in order to promote their growth and bring benefits to their members.

Governor Tutuba made these remarks during the launch of the performance report of Savings and Credit Cooperative Societies (SACCOS) for the year 2022 in Mwanza. He emphasized that economic growth goes hand in hand with the presence of competitive SACCOS that operate efficiently to access markets for the various products and services they offer.

"The current SACCOS need to modernize their operations to differentiate themselves from the older ones that eventually went bankrupt. Carry out your activities in a commercial manner to ensure your continued existence and economic growth," he stated. 

Furthermore, he mentioned that the government, through the Ministry of Finance, has allocated over 700 billion Tanzanian shillings for the 2023/2024 fiscal year to encourage Tanzanians to export their products abroad to boost the economy. He urged SACCOS to take advantage of this opportunity to add value to their products to meet the criteria for international sales.

He also advised members, leaders, and executives of Tanzanian SACCOS to protect their assets, improve their services, and utilize modern technology to withstand the competition in the financial sector.

"We aspire to see SACCOS continue to grow and compete with larger financial institutions in providing quality services, rather than accumulating wealth or assets that do not benefit their members," he said.

Governor Tutuba assured SACCOS members, leaders, and executives in Tanzania that the Central Bank, in cooperation with the Tanzania Cooperative Development Commission (TCDC), will continue to create an enabling environment for their operations.

"My appeal to you is to adhere to the requirements of the laws, regulations, guidelines, and policies of your cooperatives to ensure the establishment of robust internal control systems and the safety of members' funds and assets," he concluded.

Dr. Benson Ndiege, the Registrar of Savings and Credit Cooperative Societies, stated that they have implemented various strategies to promote SACCOS in the country. Among the plans in place is the use of Information and Communication Technology (ICT) in the cooperatives' activities.

Dr. Ndiege added that the completion of the SACCOS annual performance report, 2022,  provides an opportunity to further strengthen the sector and enable society and stakeholders to understand the state of operations, growth, and benefits derived from the presence of SACCOS in the country.