The 26th edition of the Savings and Credit Co-operatives Association (Sacca) Congress is under way in Dar es Salaam, Tanzania, gathering leaders, policymakers, central bankers, and financial inclusion experts.
The annual event, organised by the African Confederation of Cooperative Savings and Credit Associations (Accosca), addresses pressing developments for Africa’s co-op movement.
This year’s discussion focuses on ways to speed the digital transformation, expand access to micro-finance in underserved rural areas, and strengthen regulatory compliance for credit unions.
Opening the event, Tanzanian PM Mwigulu Nchemba called on policy makers and stakeholders to protect members’ savings, embrace digitalisation, empower young people, finance enterprises and strengthen regulation.
The needs to productively invest its growing savings, he added, in order to create jobs, expand businesses and improve livelihoods.
Reported in the Tanzanian Daily News, Nchemba said trust is fundamental to co-ops, and warned that poor governance and weak accountability could undermine public confidence and threaten members’ savings. The answer, he said, is competent management, transparency, effective supervision and responsible leadership.
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And wants to see regulatory systems strengthened through closer collaboration among governments, regulators and industry stakeholders.
He also called on co-ops to accelerate the digital transformation to improve access to financial services for farmers, women, youth and entrepreneurs.
Young people, he added, should be seen as innovators, entrepreneurs, leaders and job creators, while savings and credit co-operative organisations (saccos) should expand young people’s access to finance, digital services, skills development and leadership opportunities.
And he wants financial co-ops to increase financing for African enterprises, including agricultural producers, processors, manufacturers, women-owned businesses, youth-led enterprises and small and medium-sized enterprises.
Accosca says this year’s congress is looking for practical solutions, and will hopefully build partnerships as the continent looks to transform its financial co-op sector.
Patrick Kilemi, Kenya’s principal secretary for co-ops, told the event that collaboration and innovation are crucial for empowering members, expanding economic opportunities and promoting sustainable development across Africa.
As reported in Sacco Review, he also told delegates that stronger co-op institutions will help improve financial services, increase access to affordable credit and support members as they find ways to generate income.
