TANESCO saccos dishes out 27.2bn/- loans in six months

MOROGORO: TANZANIA Electric Supply Company (TANESCO) Savings and Credit Cooperative Society (SACCOS) has disbursed loans worth 27.2bn/- in the eight months of this year.

TANESCO SACCOS Chairman Omari Shaaban told members during the 57th annual general meeting held over the weekend in Morogoro that the loans were provided to 4,031 members as part of the cooperative’s mission to support members’ economic well-being.

“These loans were provided following the procedures and criteria set by the cooperative through its loan policy,” Mr Shaaban said adding that the society capital has increased by 75 per cent from 4.9bn/- in 2023 to 7.1bn/- last year.

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Also, members’ shares for the year ending last December he said they increased by 5.0 per cent to 11.18bn/- from 10.62bn/- in 2023 while savings increased from 44.74bn/- as 2023 to 46.96bn/- last year.

In line with its commitment to social responsibility, the cooperative spent 23m/- so far and to distribute 1,300 blankets to regional and referral hospitals, starting with Dodoma, with plans to extend the initiative to other regions.

TANESCO Deputy Managing Director for Generation, Engineer Antony Mbushi, said the company is proud of the existence of the SACCOS.