Africa-Press – Eswatini. OVER 30 women have been trained on entrepreneurship savings and credit co-operatives (SACCOs) awareness programme.
Small and medium entrepreneurs (SMEs) will be equipped with access to financial resources with little interest rates, playing a significant role in developing their businesses.
This was during a four-day workshop hosted by the #KhutsalaMfati Microfinance Project at Eswatini Co-operatives and Development College (ECODEC).
The modules covered under the training included co-operative philosophy, SACCO management and governance, credit management, SACCO surveillance, by-laws formation, savings and credit policy formation, credit risk insurance in SACCOs and the overview of the MAMBU System.
Project Advisor Grace Dludlu said the training aimed at also equipping them with the necessary skills and the background of co-operatives, as they will later form their own entrepreneurship SACCO with the support of the Microfinance Project.
She applauded all the entrepreneurs for their commitment and devotion towards attending the training.
The cooperative background and foundation was presented to the entrepreneurs where they showed great interest in learning about co-operatives and their formation.
Opportunity
She noted that a good number of entrepreneurs in the country were not part of co-operatives; therefore, the training afforded them the opportunity to learn first and later form their co-operative which will be registered as Kuyenteka Savings and Credit Co-operative Society Limited.
“You took your time to come attend the training and for this we as a project we appreciate you because it reflects the level of interest that you have in forming your own entrepreneurship SACCO,” she said.
ECODEC Principal Charles Khumalo emphasised the importance of entrepreneurs joining SACCOs where they will be able to save for their businesses.
He further mentioned that entrepreneurs who are members of SACCOs didn’t struggle for financial resources because they often request for loans in the SACCO and the interest rates are very low and affordable for everyone.
The entrepreneurs selected an interim committee that will be responsible for preparing the documentation of the SACCO and to speed-up the registration period.
The interim committee included the chairperson, vice- chairperson, treasurer, secretary and three members. Their term of office will be terminated once the co-operative is registered and launched.
Speaking on behalf of Kuyenteka Savings and Credit Society Limited, Nomphumelelo Mdlalose, extended her sincere gratitude to the Taiwan Technical Mission, Microfinance Project and ECODEC for affording them the opportunity to learn about co-operatives and forming one which has been the highlight of the training.
She further stated that they were very ecstatic to be part of the institution that would help sustain and develop their businesses.
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