THE total loans
issued by the Savings and Credit Cooperative Societies (SACCOS), in the
country increased by 11.5 per cent in the year ending September last
year, a sign of rising credit to finance
According to the
Bank of Tanzania (BoT), Consolidated Zonal Economic Performance Report
for the period ending September last year shows that the total number of
loans rose to 912.45bn/-in the year ending September from 818.18bn/-
extended in the corresponding period 2018.
During the period,
the value of deposits, savings and loans issued increased whereas number
of SACCOS and members, shares value and outstanding loans decreased.
The value of shares
of the Saccos members in the country decreased 2.24 per cent to
54.52bn/-in the period under review compared to 54.52bn/- registered in
the corresponding period 2018.
The total savings
by the Saccos members increased to 192.82bn/-compared to 177.73bn/-in
2018, which is equivalent to 8.48 per cent change.
During the
reference period, the members' total deposits in the Saccos made 19.37
per cent increase to 46.71bn/-compared to 39.13bn/-in the period ending
September 2018.
The outstanding
loans of the Saccos members declined by 26.44 per cent to 234.33bn/-in
the period ending September compared to 318.57bn/-registered in the
corresponding period 2018.
The number of
Saccos members in the country increased to 728,727.8 in the year ending
period compared to 712,777 in the period ended 2018, which is equivalent
to 2.23 per cent change.
During the period
under review, the number of Saccos in the country decreased 4,023, which
is 13.9 per cent fall from 4,676 in the corresponding period.
Saccos play
important role in socioeconomic development of members and communities
in general as they enable easy access to financial services to people,
encourage savings, create employment opportunities, support directly
community development effort like helping community access to social
services, stimulate growth.
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