Africa-Press – Botswana. In the face of complex economic challenges besieging the nation, cooperative programmes are emerging as inspiring examples of an alternative future, one where solidarity enterprises place workers and societal welfare before profit.
The influence of the cooperative movement in Botswana is a remarkable story and its contribution to financial inclusion for communities cannot be overstated.
Central to this success is a philosophy rooted in trust, fairness, inclusion, collective empowerment and long-term financial wellbeing.
As the nation continues to chart its path toward financial strength and economic stability, the cooperative movement is expected to remain pivotal to that growth.
To support this journey, government through the Banking Act of 2023 has placed all Savings and Credit Cooperative Organisations (SACCOs) under the oversight of the Bank of Botswana.
This milestone marks a new chapter focused on institutional stability, transparency, accountability and stronger protection for members, aimed at reinforcing confidence in the SACCOs movement and ensuring its sustainability.
Delivering a keynote address at the Botswana Savings and Credit Cooperative Association (BOSCCA) Conference on Friday, Vice President Ndaba Gaolathe said cooperative finance remained a defining feature of Botswana’s economic architecture.
Mr Gaolathe also Minister of Finance noted that SACCOs were among the most effective people-centred financial models globally and Botswana was no exception.
“Under BOSCCA, more than 27 SACCOs have mobilised over P2 billion in savings, issued more than P1.9 billion in credit to their members, and now serve a membership exceeding 60 000 people nationwide truly impressive figures,” he said.
He said government would continue working with BOSCCA and all stakeholders to ensure cooperative financing played a central role in employment creation and poverty reduction uniting over 200 000 members across diverse sectors, from farming to finance, while evolving with modern economic goals such as social enterprise.
Mr Gaolathe emphasised that financial inclusion remained one of the clearest expressions of an equitable economy, with SACCOs continuing to be among the most effective vehicles for achieving it.
He added that government was committed to supporting Botswana’s leverage of the SACCOs model to advance financial inclusion, citizen empowerment and broader economic participation.
“We recognise that no single financial player, public or private, can close the inclusion gap alone. SACCOs are key partners in expanding access to credit, mobilising household savings, supporting micro and small enterprises, and fostering financial literacy and resilience,” he said.
He further highlighted SACCOs’ alignment with national development priorities, particularly the Botswana Economic Transformation Plan (BETP), which prioritised economic diversification, private-sector leadership, digital enablement and citizen inclusion.
Through the BETP, Botswana aims to build a broad-based and inclusive economy by expanding equitable access to financial services, enabling citizens to build assets and sustainable livelihoods, promoting community-based and citizen-driven enterprises, strengthening financial sector stability and resilience, and extending meaningful economic participation to every Motswana.
As the country marked International SACCOs Day on Friday, Mr Gaolathe reiterated government’s commitment to deepening cooperation among SACCOs and strengthening the systems that sustain them.
Source: dailynews
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