DODOMA: TANESCO Saccos has announced plans to reduce its loan interest rates to a single-digit in the next three years.
This move is part of the Saccos’ robust five-year strategic plan currently in implementation. TANESCO Saccos Chief Executive Officer Hilary Andrea said over the weekend during the 56th AGM in Dodoma that the interest rate is around 12 per cent.
The Saccos has over 5,000 members with a total asset of 71bn/-, making it the fourth largest in the country, according to Mr Andrea.
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TANESCO Managing Director, Eng Gissima Nyamo-Hanga, praised the Saccos’ management and board for their efforts in implementing strategies that have kept the organisation thriving during the AGM.
“Next year, this Saccos will complete two years of its five-year plan and I encourage the Board to continue overseeing its implementation to ensure all targets are met,” he said.
Earlier, the Saccos’ Chairperson, Mr Omary Shaban, acknowledged the liquidity challenge due to a decline in membership but expressed optimism, noting that ongoing strategies would attract more members.
As of December, last year, the Saccos had accumulated savings of 44.7bn/-, up from 44.1bn/- in 2022.
