Technology, good governance key to stronger SACCOS in Africa

AS financial services increasingly move towards digital platforms, savings and credit cooperative societies (SACCOs) across Africa face growing pressure to modernise their operations, strengthen accountability and develop services that respond to the needs of a younger generation. For millions of people who depend on cooperatives to save money, access loans and finance economic activities, the ability of these institutions to adapt to technological changes is becoming increasingly important. Beyond providing financial services, strong cooperatives can help households improve their livelihoods, support small businesses and widen opportunities for people who struggle to access conventional banking services.

These issues are taking centre stage at the 26th African Savings and Credit Cooperatives Congress (SACOS Congress 2026), currently taking place in Dar es Salaam. The gathering has brought together more than 1,300 participants from over 28 countries to exchange experiences, examine challenges facing the cooperative movement and identify strategies for improving its performance across the continent. ALSO READ: Tanzania and Saudi Arabia sign MoU to cement ties in energy sector Tanzania Federation of Cooperatives (TFC), Chief Executive Officer, Mr Fares Muganda said cooperatives needed to embrace modern technology, including artificial intelligence (AI), to improve efficiency, attract young people and women, and expand their contribution to economic development.

“The world today is driven by science and technology, and we cannot run away from it. This means our institutions cannot continue operating in the old ways. They have to adapt to emerging challenges and ensure that new technologies are incorporated into their activities so that they can reach more people,” he said.

Mr Muganda explained that technology was no longer simply an additional tool for institutions seeking to improve their performance, but an increasingly important part of modern economic participation. He said cooperatives needed to understand the interests of younger generations and create services that reflected their expectations, particularly as Tanzania pursued broader economic inclusion under its Development Vision 2050. “Young people are a significant part of today’s population.

When you look at our national policies and Tanzania’s Development Vision 2050, we are talking about how to b…