DAR ES SALAAM: SAVINGS and Credit Cooperative Societies (SACCOS) across Africa have been urged to embrace technology and create an enabling environment to attract more young people, as part of efforts to improve financial services and enhance operational efficiency.
The call was made in Dar es Salaam today, October 13, during a meeting of African cooperative societies organised by the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA), which is discussing financial sector achievements, the role of technology in service delivery and challenges facing youth participation.
Speaking during the meeting, Deputy Registrar of Cooperatives at the Tanzania Cooperative Development Commission (TCDC), under the Ministry of Agriculture, Mr Collin Nyaunga, highlighted the importance of strengthening the cooperative sector to keep pace with changing financial needs.
He said the meeting provides an opportunity for stakeholders to explore ways of adapting cooperative societies to technological developments and the changing expectations of members, particularly young people who need accessible and timely financial services.
Technology remains a key tool in improving financial service delivery, facilitating transactions and enhancing the efficiency of cooperative operations.
Digital systems can also improve access to financial services and strengthen communication between cooperative societies and their members, particularly as demand for convenient and efficient transactions continues to grow.
For SACCOS, embracing digital solutions is increasingly important in meeting members’ expectations and ensuring services remain accessible and responsive to their needs.
The meeting is also focusing on youth participation, with stakeholders recognising the need to develop strategies that encourage more young people to join and actively participate in cooperative societies.
Through participation in SACCOS, young people can develop a culture of saving, improve their financial management skills and gain access to services that support their economic activities.
However, attracting young members remains a challenge, highlighting the need for cooperative societies to adopt approaches that respond to the interests and expectations of the younger generation.
The ACCOSCA meeting brings together three key priorities for the development of cooperatives across Africa: financial sector achievements, technological advancement and youth participation.
Stakeholders are expected to use the discussions to explore ways of improving cooperative services and strengthening the role of SACCOS in promoting financial inclusion and economic development.
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