DAR ES SALAAM: SAVINGS and Credit Cooperative Societies (SACCOS) are becoming an increasingly important resource for citizens seeking financial stability and an improved quality of life.
Ms Olivia Kaiza, the Acting Assistant Registrar of Cooperative Societies in the Dar es Salaam Region, stated that by joining SACCOS, individuals can benefit from collective savings, access affordable loans and build a supportive community.
“This cooperative model not only empowers individuals to take control of their financial futures but also fosters a sense of community and shared purpose, driving economic development and improving living standards for everyone,” she remarked during the 38th Annual General Meeting of Viwango SACCOS, formed by workers of the Tanzania Bureau of Standards (TBS) over the weekend.
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The Chairperson of Viwango, Eng Innocent Johnbosco, mentioned that the society is considering recruiting members from other government institutions and departments to further enhance the SACCOS capital base, thereby strengthening their lending capacity.
“If members collectively agree to welcome other government employees to join Viwango, then this initiative will move forward,” the Chairperson stated. Currently, SACCOS has 462 members with a loan portfolio of 7.0bn/-.
They have disbursed loans totalling 4.5bn/- to their members, who can borrow up to 60bn/- at an interest rate of 12 per cent.
Emmanuel Chilala, a member of Viwango SACCOS since 1997, noted that the society has continued to improve over the years, offering various types of personal loans.
“Thanks to a loan from our SACCOS, I was able to build my house, which has transformed my living standards and contributed to my financial stability,” Mr Chilala added.
