Dr Nchemba sees trust and digital transformation as key players in advancing cooperative societies

DAR ES SALAAM: TRUST, accountability and digital transformation are critical to strengthening Africa’s cooperative movement and expanding its contribution to economic development, job creation and financial inclusion, the government has said.

The call was made by Prime Minister Mwigulu Nchemba during the official opening of the 26th African SACCOs Congress in Dar es Salaam, where the he emphasised the need for cooperative institutions to strengthen governance, improve transparency and embrace innovation to meet the growing financial needs of their members.

Nchemba said the congress theme, Building Trust, Driving Transformation, reflected the importance of building reliable cooperative institutions capable of turning members’ savings into productive investments.

“Trust is the foundation upon which every cooperative is built. Without trust, the cooperative movement cannot exist, and without transformation, there is no future,” he said.

PM noted that cooperatives play a significant role beyond providing financial services, supporting farmers, women, workers and young entrepreneurs to develop businesses, improve household welfare and create employment opportunities.

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It was emphasised that every contribution made by cooperative members represents personal sacrifice and hope for a better future, placing a responsibility on leaders to safeguard members’ funds through sound management and accountability.

He further called on cooperative leaders to strengthen professional management, effective supervision, transparency and cybersecurity as the sector expands its operations and reaches more members.