MOROGORO: HAZINA Savings and Credit Cooperative Societies (SACCOS) is powering a surge in financial growth, with its assets jumping by nearly 30 per cent to 63.75bn/- by August this year from 49.4bn/- in 2025, fueled by rising membership, savings and lending.
Deputy Minister for Finance, Engineer Mshamu Munde, said the growth demonstrates the important role SACCOS play in driving economic growth and improving family welfare, while urging them to strengthen professionalism, transparency and protection of members’ funds.
Speaking at the opening of the 13th Annual General Meeting of representatives of Hazina SACCOS Limited in Morogoro yesterday, Eng Munde said SACCOS have enabled people to save, access affordable loans, expand businesses and improve their livelihoods.
The two-day meeting is reviewing the SACCOS’ financial position, implementation of previous resolutions, priorities for the coming period and the election of new leaders.
Eng Munde said the Ministry of Finance has directed SACCOS, including Hazina SACCOS, to continue providing quality services while operating in accordance with laws, regulations and government guidelines.
“There is a need to strengthen the management of SACCOS to enhance professionalism, transparency and accountability,” he said.
He also urged the institutions to safeguard members’ funds, describing public trust as one of their greatest assets.
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The deputy minister said cooperative societies provide an important platform for people to pool resources and access financial services that would otherwise be difficult to obtain individually.
He said loans issued by Hazina SACCOS have enabled members to establish businesses, build houses, finance education, overcome financial challenges and undertake other development activities.
Eng Munde commended the institution for promoting women’s economic empowerment, noting that women account for 55.4 per cent of borrowers.
“This is significant. As is well known, women are also good borrowers and reliable in repaying loans,” he said.
He urged members to save consistently and repay their loans on time, saying the long-term growth of any SACCOS depends on members fulfilling their responsibilities.
“A SACCOS cannot grow if members do not save and fulfil the conditions attached to their loans,” he said.
Hazina SACCOS Chief Executive Officer, Dr Festo Mwaipaja, said membership rose from 10,326 at the end of 2025 to 12,000 between January and August this year.
He said members’ deposits reached 50bn/-, while the outstanding loan portfolio stood at about 48.5bn/-.
Dr Mwaipaja said the SACCOS issued 2,318 loans worth approximately 22.8bn/- during the first eight months of 2026, with women continuing to account for the largest share of borrowers at 55.4 per cent.
