PM outlines five priorities for Africa’s cooperative sector

DAR ES SALAAM: PRIME Minister Dr Mwigulu Nchemba has outlined five key priorities for transforming Africa’s cooperative movement, urging governments and sector stakeholders to protect members’ savings, embrace digitalisation, empower young people, finance African enterprises and strengthen regulatory systems.

Speaking today, October 15, when officially opening the SACCA Congress 2026 in Dar es Salaam, Dr Nchemba said the priorities were critical to building public trust, expanding financial inclusion and positioning financial cooperatives as drivers of Africa’s economic transformation.

Representing President Samia Suluhu Hassan, the Prime Minister said the continent needed to turn its growing savings into productive investments capable of creating jobs, expanding businesses and improving people’s livelihoods.

He said the five priorities should guide governments, regulators and cooperative leaders in building institutions that respond to members’ needs while supporting sustainable economic growth.

On protecting members, Dr Nchemba stressed that trust was the foundation of every cooperative institution, warning that poor governance and weak accountability could undermine public confidence and threaten members’ savings.

He called for competent management, transparency, effective supervision and responsible leadership, noting that every deposit represented the sacrifices and aspirations of members and their families.

He also urged cooperatives to accelerate digital transformation to improve access to financial services, enhance transparency and bring services closer to farmers, women, young people and entrepreneurs.

On youth empowerment, the Prime Minister said young people should not be regarded merely as beneficiaries of cooperative services but as innovators, entrepreneurs, leaders and job creators.

He called on SACCOS to expand young people’s access to finance, digital services, skills development and leadership opportunities.

The Prime Minister further urged financial cooperatives to increase financing for African enterprises, including agricultural producers, processors, manufacturers, women-owned businesses, youth-led enterprises and small and medium-sized enterprises.

He said strengthening access to finance would help transform African savings into investments, businesses and employment opportunities while supporting trade and production across the continent.

Dr Nchemba also emphasised the need to strengthen cooperative regulatory systems through closer collaboration among governments, regulators and industry stakeholders.

He said effective regulation was essential to promoting sound governance, consumer protection, cybersecurity, transparency and institutional resilience.

The Prime Minister noted that Africa had an opportunity to expand economic prosperity through the African Continental Free Trade Area, which provides access to a market of more than 1.3 billion people.

However, he said trade agreements alone could not deliver prosperity without productive enterprises, investment and accessible financing.

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“Let us build institutions that create jobs, expand opportunities, deepen financial inclusion and unlock Africa’s prosperity,” he said.

The congress is being held under the theme “Building Trust, Driving Transformation: The Future of Financial Cooperatives in Africa,” bringing together cooperative sector stakeholders from across Africa and beyond to discuss strategies for strengthening financial cooperatives and advancing inclusive economic development.