THE total loans issued by the Savings and Credit Cooperative Societies (SACCOS), in the country increased to 927.66bn/-in the year ending December last year from 833.89bn/-in the corresponding quarter which is a sign of rising credit to finance various economic activities.
According to the Bank of Tanzania (BoT), Consolidated Zonal Economic Performance Report for the period ending December last year shows that on quarterly basis, the total loans issued rose by 15.21bn/-compared from 912.45bn/-in the preceding quarter.
During the period, the number of SACCOS decreased from 4,177 at the end of December 2018 to 3,714 at the end of December 2019.
Despite the decrease in the number of SACCOS, the total number of members, share values, value of deposits, savings, loans issued and outstanding loans increased.
The value of shares of the Saccos members in the country decreased to 57.06bn/-in the period under review compared to 53.63bn/-registered in the corresponding period 2018.
The total savings by the Saccos members increased to 200.21bn/-compared to 176.48bn/-in 2018.
During the reference period, the members’ total deposits in the Saccos increased to 51.67bn/-compared to 39.53bn/-in the period ending December 2018.
The total outstanding loans of the Saccos members to 472.63bn/-in the period ending December compared to 332.78bn/-registered in the corresponding period 2018.
During the reference period, the number of Saccos members in the country decreased to 3,714 in the quarter ending December compared to 4,177 in the period ended 2018.
During the period under review, the number of Saccos in the country increased to 711,507 in the quarter under review from 620,616 in the corresponding quarter 2018.
Saccos play important role in socioeconomic development of members and communities in general as they enable easy access to financial services to people, encourage savings, create employment opportunities, support directly community development effort like helping community access to social services, stimulate growth.