Saccos to benefit from Yas, partners digital solution

DAR ES SALAAM: Mixx by Yas has partnered with UBX and the Savings and Credit Cooperative Union League of Tanzania (SCCULT) to provide digital solutions to Sacco’s members, a move welcomed by the Bank of Tanzania as a significant step toward building an inclusive financial system for all Tanzanians.

Through this strategic collaboration, Sacco’s members can now save and repay loans easily and securely using Mixx by Yas as their exclusive digital payments partner, regardless of their mobile network provider.

The digital solution is designed to improve access to financial services, especially for Tanzanians in underserved and remote areas.

The Bank of Tanzania (BoT) Acting Manager of the Financial Consumer Protection Department, Dr Khadija Kishimba, said the strategic partnership is crucial for SACCOs members, as it enhances financial inclusion and ensures safer, more accessible digital financial services.

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“SACCOs play a vital role in reaching communities that face challenges in accessing formal financial services. The partnership between Mixx by Yas, UBX, and SCCULT is a strong example of how the private sector can contribute to advancing the national financial inclusion agenda,” she said.

Chief Executive Officer for Mixx by Yas, Ms Angelica Pesha, said the partnership aims to advance financial inclusion for SACCO members by leveraging mobile technology.

The platform will enable members to save, repay loans and access a range of financial services without visiting physical offices or dealing with paperwork.

“At Mixx, we believe every Tanzanian—regardless of location—should have simple, secure, and modern access to financial services. This partnership marks a transformative step, especially given that fewer than 5 per cent of SACCOs currently utilise mobile technology to deliver their services,” she said.

According to the 2023 FinScope Report, only 2 per cent of Tanzanians currently use SACCO services, despite SACCOs playing a vital role in supporting both urban and rural communities.

The partnership between Mixx by Yas, UBX and SCCULT aims to change this by enabling SACCO members to conveniently access services through their mobile phones.

The UBX Chief Executive Officer, Mr Seronga Wangwe, said with this new system, SACCOs will be able to disburse loans instantly while ensuring transparency and data accuracy.

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“This is a crucial step in building trust between SACCOs and their members,” he said.

Managing Director of SCCULT, Mr Hassan Mnyone stated that this partnership is a milestone for SACCOs across Tanzania. It leverages technology to empower our members with convenient, secure, and efficient financial services.

“We are committed to supporting innovations that strengthen the cooperative movement and improve the livelihoods of our communities” he said.