SACCOS capital hits 1.2tri/-

MWANZA: SAVINGS and credit cooperatives (SACCOS) capital has jumped to 1.2tri/-, Tanzania Cooperative Development Commission (TCDC)’s latest data shows.

Last year, the cooperatives managed to mobilise a total of 846bn/-.

The TCDC managing director Dr Benson Ndiege revealed this during celebrations of the International Co-operative Day which was nationally held at Furahisha grounds in Mwanza region.

Dr Ndiege added that a total of 1,211 cooperatives applied for a license but only 845 met the criteria.

According to him, 386 associations did not meet the criteria.

He called upon illegally operating SACCOS to get registered otherwise; strictly measures will be taken against them.

On his side, acting Mwanza regional administrative secretary (RAS) Mr Daniel Machunda said there are a total of 371 registered cooperatives which have cumulatively 14,000 members.

Annually, he added, the cooperatives issue loans worth 12.5bn/- which are being injected into various sectors including business education and agriculture.