DAR ES SALAAM: Tanzanian Prime Minister Mwigulu Nchemba has called for Africa’s financial cooperatives to prioritise five areas: protecting members’ savings, digital innovation, youth empowerment, increased business financing and effective regulation.
Opening the SACCA Congress 2026, Nchemba said financial cooperatives play a vital role in financial inclusion, job creation and sustainable economic growth. He urged governments, regulators and cooperative leaders to channel Africa’s growing savings into productive investment.
Protecting savings. Nchemba said safeguarding members’ savings is essential to public trust, warning that weak accountability and poor oversight could put funds at risk.
Digitalisation. He urged cooperatives to speed up digital adoption to improve services, increase transparency and extend financial access to farmers, women, young people and entrepreneurs.
Youth. Young people should be treated not only as beneficiaries but as innovators, entrepreneurs, leaders and job creators, he said. He called on SACCOS to widen youth access to credit, digital financial services, skills training and leadership roles.
Financing. Nchemba challenged cooperatives to lend more to agriculture, manufacturing, processing and small and medium-sized enterprises, with support for women-owned and youth-led businesses. Directing savings to African enterprises, he said, would boost investment, strengthen local industry, create jobs and expand intra-African trade.
Regulation. He called for closer collaboration among governments, regulators and cooperative stakeholders to strengthen consumer protection, cybersecurity, transparency and institutional resilience.
Nchemba said the African Continental Free Trade Area gives businesses access to a market of more than 1.3 billion people, but cautioned that market access alone will not deliver prosperity without adequate financing, productive enterprises and investment.
“Let us build institutions that create jobs, expand opportunities, deepen financial inclusion and unlock Africa’s prosperity,” he said.
The congress was held under the theme “Building Trust, Driving Transformation: The Future of Financial Cooperatives in Africa.” It brought together stakeholders from across Africa and beyond.
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