Cooperatives urged to unlock affordable finance

The Assistant Registrar of Cooperatives in Mwanza, Hilda Boniface, has called for savings and credit cooperatives to serve as a primary mechanism for increasing access to affordable financing in Tanzania. The initiative encourages citizens to boost their personal savings levels to facilitate the distribution of low-cost loans for business ventures and productive economic activities.

This strategy aims to leverage the cooperative model to bridge the gap in financial inclusion. By strengthening the capital base of these institutions through increased member deposits, officials intend to provide more sustainable and accessible credit options for local entrepreneurs and individuals seeking to fund income-generating projects.