Africa-Press – Eswatini. Participants of Financial Cooperatives from over 22 countries are in the country for the 22nd Savings and Credit Cooperative Associations Congress.
This is the third time since inception in 1968 that Eswatini has been given the mandate to host the annual African Confederation of Cooperatives Savings and Credit Associations (ACCOSCA) Congress.
The official opening of the congress was last evening at Esibayeni Lodge.
Minister of Commerce, Industry and Trade Manqoba Khumalo said this reflected the appreciation and importance of the sector to the continent.
He said government acknowledged that the journey of financial cooperatives in Africa has seen tremendous and steady growth.
He thanked ACCOSCA for playing a significant role in supporting the development and growth of Financial Co-operative in the Kingdom of Eswatini. According to the minister, SACCOs are one of the biggest contributors to economic health (and local economies) and as government they acknowledge the unique nature and potential to support small to medium business (SMB) owners, particularly women entrepreneurs.
“SACCOs have the potential of providing financial facilities to citizens at competitive terms that are more favourable than commercial banks.
“As such, I would like to encourage SACCOs, in particular those in Eswatini, to provide financial resources for income generation initiatives in agriculture and small medium enterprises,” the minister said.
He said the 2023 SACCA Congress would be held in Botswana and they were sure it would be a great success. ESASCCO President Winile Vilane said they were happy that SACCO leaders from 22 countries were in the country so they could share knowledge and experiences for the benefit of SACCO members.
“We believe and hope that we shall all continue to engage in the coming sessions of the congress.
“This will ensure that we go back to our respective SACCOs and implement the lessons learnt for the benefit of our members. We note that SACCOs play a vital role in financial inclusion in Eswatini and the other parts of the world,” Vilane stated. She said the congress would surely help them improve more in making the lives of people better.
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