SAVINGS and credit cooperatives are being positioned as a key channel for expanding affordable financing to Tanzanians, with citizens urged to increase savings to unlock low-cost loans for businesses and productive activities.
The Assistant Registrar of Cooperatives in Mwanza, Ms Hilda Boniface made the call yesterday during the East African Business Exhibition at Furahisha Grounds in Mwanza, urging residents to join cooperatives and take advantage of their financial and investment opportunities.
She said cooperatives provide members with access to savings and loan services, while also supporting activities in agriculture, livestock and other productive sectors.
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“Cooperatives offer many benefits, and Tanzanians should be motivated to join them to realise both short- and long-term benefits,” Ms Boniface said.
She said cooperative societies operate without discrimination, giving people opportunities to participate in different economic activities according to their interests and needs. Among cooperatives participating in the exhibition were Nyanza Cooperative Association, FSA Mkolani Saccos and Rudea Saccos.
The Cooperative Officer with the Tanzania Cooperative Development Commission at Mwanza City Council, Mr Saguda Yohana, said regular savings enabled members to access loans at relatively low interest rates, helping businesses expand and invest in productive activities. “The interest charged in cooperative societies ranges from one to 14 per cent,” Mr Yohana said.
He said saving through cooperatives also allowed members to acquire shares in the societies, giving them an opportunity to benefit from profits generated from the capital invested. Mr Yohana urged more Tanzanians to view cooperatives not only as sources of affordable credit but also as vehicles for building savings, ownership and long-term financial resilience.
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