TFC, Wakandi partner to empower AMCOS
TANZANIA Federation of Cooperatives (TFC) in collaboration with Wakandi Tanzania has launched a programme for building capacity among leaders of Agricultural Marketing Co-operative Societies (AMCOS).
The partnership gears to enable AMCOS to establish and manage Savings and Credit Cooperative Societies (SACCOS) amicably.
The Wakandi Tanzania, Chief Product Officer, Mr Andreassen Stian, said they will provide education on the importance of using a modern digital system that simplifies financial management and information to facilitate the establishment of SACCOS in each AMCOS.
“We intend to assist TFC by making sure that all SACCOS are running accurately, safely, and quickly through the digital system that will simplify the operation and maintenance of financial information,” Mr Stian said yesterday in a statement.
The joint initiative is in line with the Agricultural Sector Development Programme (ASDP II) which aims at transforming the agricultural sector towards higher productivity, commercialisation level and smallholder farmer income for improved livelihood, food and nutrition security and contribution to the GDP.
TFC Chairperson Theresia Chitumbi said the joint programme will focus on providing a seminar on the importance of establishing SACCOS in each AMCOS to drive a culture of saving.
“This is expected to increase the opportunities for access to commercial funds and benefit farmers who are members of such associations in areas where access to bank services is a challenge,” Ms Chitumbi said.
The programme will be conducted in all regions, whereby during its first phase about 2,100 out of 5,200 cooperatives would be covered.
The next phase will start after the evaluation of the applicability and impact of the first phase. By end of the programme it is expected that all cooperatives would have been covered.
During the implementation, the Wakandi, a digital financial management company, will offer management solutions for SACCOS with their Association Management System (CAMS) that will benefit the programme.
CAMS is a financial system that helps one manage loans, keep transaction records, add or remove members, and other operations that have a great impact on the success of a savings group.
