Africa-Press – Botswana. Savings and Credit Co-operatives (SACCOS) play a vital role in fostering financial well-being and economic resilience in the country, says Vice President and Finance Minister, Mr Ndaba Gaolathe.
Officiating the Matlotlo SACCOS Annual General Meeting in Gaborone on November 15, he described SACCOS as more than just financial institutions, but community pillars built on trust, self-reliance, and collective effort.
Mr Gaolathe said that the economic security of the country’s citizens depended not only on large enterprises but also on inclusive, well-managed financial institutions that served ordinary people.
SACCOS enable members to save collectively, access credit on better terms, and cultivate a culture of financial discipline thereby, contributing to individual prosperity and national resilience, Mr Gaolathe said and encouraged the organisations to continually innovate and improve governance, because trust was at the heart of financial well-being and safeguarding it was paramount.
The Vice President also linked the work of SACCOS to the broader national development agenda, including the Botswana Economic Transformation Programme and the 12th National Development Plan, initiatives that aim to diversify the economy, create jobs, and promote inclusive growth, with SACCOS playing a strategic role in these efforts.
Mr Gaolathe drew inspiration from regional successes, mentioning Kenya, where SACCOS contributed approximately six per cent to the country’s Gross Domestic Product.
He expressed confidence that, with sound regulation and innovation, Botswana’s SACCOS movement could achieve a similar impact, further boosting the nation’s economic development.
Mr Gaolathe called on SACCOS to broaden membership, adopt digital technologies, and foster entrepreneurship to enhance their impact.
He praised Matlotlo SACCOS’ stability, with assets exceeding P70 million, and encouraged the organisation to open its doors wider to more citizens.
Botswana Savings and Credit Co-operatives Association (BOSCCA), chief executive officer, Ms Kefilwe Masalila, said the SACCOS, which was two decades old and had faced challenges, was making strides across the borders despite operating in a small populated country.
Having held its AGM after a decade, she encouraged participants to avoid waiting so long between meetings.
She added that with new regulatory reforms in place and the Bank of Botswana working with Matlotlo SACCOS through BOSCCA, there was hope for a new phase of financial change in cooperatives.
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