Viwango SACCOS loan portfolio hits 11bn/-

DAR ES SALAAM: THE Tanzania Standards Bureau (TBS) Viwango SACCOS has recorded an 11bn/- loan portfolio, highlighting the growing role of workplace savings and credit cooperatives in mobilising savings and providing financing to members.

The society’s financial growth comes amid efforts to expand its membership, improve loan administration and strengthen its capacity to meet members’ financing needs.

Speaking during its 40th Annual General Meeting, Board Chairman, Innocent Johnbosco said audited accounts showed a loan portfolio of 9bn/-, while unaudited financial statements indicated 11bn/-.

Members’ savings had also reached 8bn/-, with loans worth 8bn/- disbursed during the current year. He said the figures reflected progress in savings mobilisation, deposits and lending activities since the society’s establishment.

“We have come a long way and achieved significant progress in increasing membership, savings, deposits and our capacity to provide loans to members,” he said adding our targets is reaching 600 members by next year.

Mr Johnbosco said the society had 481 members drawn from different parts of the country, representing approximately half of all TBS employees.

The society has also maintained a position among Tanzania’s top 20 SACCOS for two consecutive years, out of 981 registered societies nationwide.

He said development loans attract interest of one per cent per month, in accordance with cooperative regulations approved by the Registrar of Cooperatives.

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For the 2027 financial year, the society has identified 11 strategic priorities aimed at improving operational efficiency and financial sustainability.

“Including recruiting an accountant and an Information and Communications Technology (ICT) officer, upgrading electronic payment systems, strengthening liquidity and reducing loanprocessing delays,” he said.

He cited financial education, spouse membership and reforms in credit information and savings policies as key priorities. Mr Johnbosco urged members to fulfil their financial obligations and participate in decision-making to support the society’s sustainability.

TBS Administrative Officer Irene Makongoro said the cooperative provides employees with an avenue to build savings and access credit for personal and household needs.

Member Harry Kisiwa said loans had helped him finance his children’s education and meet family needs. He added that mandatory monthly contributions of 100,000/- alongside voluntary savings had strengthened his financial discipline and encouraged a consistent saving culture.