adminJethro Murahwi
THE fourth Southern Bloc Regional Forum of the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA), to facilitate the socio-economic empowerment of communities at grassroots level, got underway in Victoria Falls on Friday.
Women’s Affairs, Community, Small and Medium Enterprises Development Minister, Sithembiso Nyoni, hailed ACCOSCA for introducing a forum to support efforts towards accelerating the growth of Savings and Credit Cooperative Societies (SACCOS) in the region.
“I applaud ACCOSCA for organising such a forum which supports efforts towards accelerating growth of SACCOS in the region and their ability to enhance financial inclusion,” said Minister Nyoni.
She said the Government was undertaking research to review the Cooperative Model to ensure that cooperatives remain relevant to the country’s developmental path.
The research will also determine the viability, profitability, productivity and contribution of cooperatives to the socio-economic development thrust in line with international standards.
Minister Nyoni said the SACCOS business model enhances the socio-economic empowerment of communities at grassroots level and are connected to communities around them.
“It is true that SACCOS build a better world as they promote financial inclusion within communities and harness local resources in a bid to build inclusive economies and sustainable rural development.
“Indeed, SACCOS in Zimbabwe are advancing the Financial Inclusion Agenda as indicated in the National Financial Inclusion Strategy 11, (2022-2026).
“The Reserve Bank of Zimbabwe noted that SACCOS play a significant role in providing access to finance to group members who would otherwise not be able to access financial services from mainstream financial institutions for several reasons, including lack of collateral, lack of disposable income to save and invest, and stringent bank requirements to access formal banking services.
“SACCOS are, indeed, contributing immensely to the national vision of becoming an upper middle-income economy by 2030.”
Online Reporter