DAR ES SALAAM: SAVINGS and Credit Cooperative Societies (SACCOS) have expanded their assets to 1.69tri/-, with the government urging the sector to channel growing savings into productive investment, job creation and improved livelihoods.
Deputy Permanent Secretary responsible for Public Finance Management in the Ministry of Finance, Asha Khamis Abdulla, said the growth of savings and membership must translate into tangible benefits for households, farmers and small businesses.
Speaking yesterday at the opening of the SACCA Congress at in Dar es Salaam, she described cooperative finance as a key driver of financial inclusion and economic transformation.
The congress, held under the theme “Building Trust, Driving Transformation: The Future of Financial Cooperatives in Africa,” brought together stakeholders to discuss the future of financial cooperatives.
Ms Abdulla said SACCOS assets increased from 1.4tri/- to 1.69tri/- in 2025, while members’ savings and deposits rose from 1.01tri/- to 1.22tri/-.
Membership reached 1.9 million over the same period. She said the figures demonstrated the sector’s growing financial capacity but stressed that expansion must be accompanied by greater support for productive economic activities.
“As Tanzania implements Development Vision 2050 through the Fourth Five-Year Development Plan, our focus is not only on mobilising savings, but also on turning those savings into productive investment, employment opportunities and improved livelihoods,” she said.
Ms Abdulla noted that SACCOS provide savings and credit services to groups often underserved by conventional financial institutions, including women, young people, farmers and small entrepreneurs.
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Affordable financing, she said, could help small businesses expand, increase production and create jobs.
She added that the government had introduced reforms, including the National Microfinance Policy of 2017 and the Microfinance Act of 2018, to support sustainable sector growth and protect members.
Ms Abdulla stressed that sound governance, transparency, accountability and effective supervision were essential to maintaining public confidence.
She also encouraged digital innovation to lower operating costs and extend financial services, while emphasising the need for responsible management and consumer protection.
According to figures presented at the congress, access to formal financial services increased from 65 per cent in 2017 to 76 per cent in 2023.
She said the government committed to creating an enabling environment for SACCOS to grow sustainably and contribute to inclusive economic development.
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