Meeting Enhancing Integration of East African Savings, Credit Cooperatives Underway

Addis Ababa  May 23/2018 A regional meeting that enhances integration of savings and credit cooperatives of East African countries has been underway here in the capital. Speaking at the meeting today, African Confederation of Co-operative, Savings and Credit Association (ACCOSCA) Chairperson, Josephine Nabuyurgo said the key mandate of the association “is to empower people living in Africa through the cooperative business model.” The meeting is intended to start innovations that will work towards the growth of the sector in Africa, she added. Federal Cooperative Agency Director-General Usman Surur said on his part thousands of persons in African countries have benefited from their membership of savings and credit cooperatives (SACCOs). According to him, SACCOs are the root, stem and leaves in the country's cooperative movement and have shown significant changes in rural financial development. He further added that there are 20,063 primary saving and credit cooperatives operating in Ethiopia which serve 4.2 million members, of which 78 percent are rural based financial institutions. The agency that plans to mobilize 714 million USD saving at the end of GTP II has managed to save 607 million USD or 3.8 percent of the country’s domestic saving half way in the plan period, Usman revealed. The five-day East Africa Region meeting of African Confederation of Co-operative, Savings and Credit Association (ACCOSCA) is held under the theme: "Regional integration for cooperative, sustainable growth and development." The next East African regional meeting will be held in Tanzania.