Africa-Press – Botswana. The residents of Mmaphula East ward in Palapye have been applauded for forming Phulong Savings and Credit Co-operative Society (SACCOS) as it is a noble and empowering initiative.
The formation of Phulong SACCOS has been viewerd as a shining example of community-driven development and financial inclusion an indication that citizens were now taking ownership of their economic destinies.
Assistant Minister of Trade and Entrepreneurship Mr Baratiwa Mathoothe said this during the society’s launch in Palapye on Thursday.
He recognised the visionary leadership and motivation provided by Mmaphula East Ward councillor Mr Mompoloki Mohutsiwa saying his passion for community upliftment and empowerment of SMMES played a significant role in the birth of Phulong SACCOS.
He said Mr Mohutsiwa saw the need for a financial support structure rooted in the community, and championed the idea with determination and foresight.
‘’Today’s milestone would not have been possible without his unwavering commitment and guidance,’’ he said.
He said the formation of Phulong SACCOS in January 2024 coincided with the implementation of the revised National Financial Inclusion Strategy and Roadmap 2024-2030 and it was evident that SACCOS play a crucial role in promoting access to affordable, appropriate and sustainable financial services, particularly for underserved and marginalised populations in the communities.
He said the newly established SACCOS already has 100 registered members, of whom 89 are women and of the total 100 members, 47 are youth.
He however said this was not only commendable but a powerful sign of inclusive participation.
“Women and youth are often the most excluded from formal financial systems. Their strong presence in this initiative signals a shift towards greater equality, empowerment and opportunity for all,’’ he said.
He said the critical role that SMMES including informal sector played in job creation, economic diversification and poverty eradication was highly recognised, yet, access to affordable finance remained a key barrier.
He said commercial banks often shied away from transacting with this segment, citing lack of collateral, informality, high risk and administrative costs and hence cooperatives like Phulong SACCOS were appropriate.
He said that SACCOS are a practical, community-based solution that fostered a culture of savings, responsible borrowing and collective economic empowerment.
They build social capital, promote financial literacy and most importantly, put economic power in the hands of the people, he said.
Mr Mathoothe said Phulong SACCOS was rooted in the lived experiences and aspirations of Mmaphula East community. “You have chosen to pool your resources, trust each other, and invest in yourselves – this is both inspiring and commendable.’ Furthermore, he reminded Phulong SACCOS members that member patronage was vital as drivers of local economies adding that cooperatives generated jobs, spurred innovation and strengthened communities.
He said the government will continue to support co-operatives through capacity-building, registration and policy frameworks that ensure sustainability.
He urged Phulong and other SACCOS to uphold the co-operative values such as self-responsibility, self-reliance, solidarity, honesty and caring for others.
Additionally, he said, members should align themselves with the defined cooperative principles: good governance, transparency and accountability.
He encouraged all the members to rally behind the initiative, save regularly, borrow responsibly and grow the enterprises and change the narrative around cooperatives being survival mechanisms to engines of prosperity.
He called on Phulong SACCOS members to benchmark from other established savings and credit co-operative societies for their growth, uplifting lives, supporting businesses and establishing beacons of empowerment in Palapye and beyond.
For More News And Analysis About Botswana Follow Africa-Press
