COOPERATIVES URGED TO PROVIDE FINANCIAL RESOURCES

MATSAPHA – The Minister of Commerce, Industry and Trade, Manqoba Khumalo, yesterday urged cooperatives in Eswatini to provide financial resources for income generation initiatives in Agriculture and Small Medium Enterprises (SMES).

This was during the 2022 SACCA Congress official opening ceremony organised by the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA) at Esibayeni Lodge. Khumalo said SACCOs were one the biggest contributors to economic health and local economies, and had the unique nature and potential to support small to medium business (SMB) owners, particularly women entrepreneurs.

Forums

The minister said ACCOSCA had organised such forums across the continent with the view of working to help overcome hurdles by creating access to funding and education for young adults and women-owned small businesses on the continent. “I acknowledge that SACCOs have the potential of providing financial facilities to citizens at competitive terms that are more favourable than commercial banks,” he said. The minister added that that these initiatives had the potential to improve the country’s ability to organise the rural sector and mobilize the rural population.

Appreciate

Eswatini Association of Savings and Credit Co- operatives (ESASCCO) President Winile Vilane said they would like to appreciate the Government of Eswatini for providing an enabling environment for Savings and Credit Cooperatives to operate through the Ministry of Commerce, Industry and Trade. Vilane said they were happy that SACCO leaders from 22 countries were there so they could share knowledge and experiences for the benefit of SACCO members. “We believe and hope that we shall all continue to engage in the coming sessions of the congress. This shall ensure that we go back to our respective SACCOs and implement the lessons learnt for the benefit of our members”, she said. Deputy Prime Minister Themba Masuku added that financial cooperatives had long been recognised as an essential tool for eradicating poverty and by extension, advancing community development. He said financial cooperatives had metamorphosed to become a critical factor in poverty reduction, creation of employment, and the promotion of social integration in  local communities. “I applaud ACCOSCA’s efforts in working with stakeholders and governments for their contribution towards the continent’s stimulating economic growth and development using the Co-operative Business Model,” he said.

Project

The DPM also mentioned he was pleased with the financial inclusion project undertook jointly with the International Fund for Agricultural Development (IFAD) in Tanzania, Malawi, and Ethiopia and the Inclusivity Project being implemented by the Co-operative Development Foundation of Canada in Kenya, Malawi, Ethiopia, Ghana and Senegal.

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