DAR ES SALAAM: THE Tanzania Roads Agency Employees’ Savings and Credit Cooperative Society (TANROADS Saccos) has seen deposits rise to 7.12bn/- as of September, up from 6.28bn/- last year, driven by increasing member awareness of the benefits of saving within the society.
This was revealed by e Director of Projects at TANROADS, Eng Japherson Nnko, who represented the Agency’s Managing Director, Eng Mohamed Besta, during the opening of the 11th TANROADS Saccos meeting, held in Dar es Salaam, recently.
“As members recognise the benefits of saving, such as earning interest and accessing favourable loan terms, the cooperative’s growth and profitability are strengthened, benefiting both individual members and the society overall,” he noted.
He also encouraged members to think big in their growth, including expanding their offerings beyond shares, savings and loans, to include development loans, emergency loans and educational loans.
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Eng Nnko noted that with TANROADS’ relocation to Dodoma, the Saccos should seize opportunities, including purchasing land to build service facilities like conference halls.
“There are standards for representation; let’s avoid complacency and think ambitiously, envisioning great things for our development,” emphasised Eng Nnko. Eng Nnko praised the organisation for its large membership, which stood at approximately 1,927 as of last Saturday and its strong capital base.
“He also encouraged members to learn to save, which will assist them in various situations,” he stressed. TANROADS Saccos Chairman, Mr Meritus Njeama, stated that the society’s loan book has grown to 7.85bn/- as of September, up from 6.28bn/- last year.
Furthermore, shareholders value has increased to 554.55m/- in the period under review from 470.90m/- in the preceding period. Mr Njeama also highlighted several key achievements, including ranking 17th nationally among the top 20 cooperatives for its significant savings and deposit base, 20th for its large loan portfolio and 20th for its substantial resource base.
He noted that over the cooperative’s existence, they have successfully increased membership, grown profits after tax, maintained strong share and savings levels, boosted resources, and strengthened capital.
Looking ahead to 2025, despite market challenges, Mr Njeama emphasised their commitment to improving service delivery and providing education to members.
