{"id":17058,"date":"2020-10-20T19:24:27","date_gmt":"2020-10-20T19:24:27","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=17058"},"modified":"2020-10-20T19:24:27","modified_gmt":"2020-10-20T19:24:27","slug":"coasco-says-90pc-of-saccos-accounts-unhealthy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/coasco-says-90pc-of-saccos-accounts-unhealthy","title":{"rendered":"COASCO SAYS 90PC OF SACCOS ACCOUNTS \u2018UNHEALTHY\u2019"},"content":{"rendered":"

Author:<\/i> YASINTA AMOS\u00a0<\/strong>
\nAfricaPress-Tanzania:<\/strong> COOPERATIVE Audit and Supervision Corporation (Coasco) has said almost 90 per cent audited Savings and Credit Cooperative Societies (Saccos) have been found with unhealthy financial accounts.<\/p>\n

It noted that out of 2,227 audited Saccos at the end of June only 227 of them were found with clean accounts. The country has some 6,021 Saccos.<\/p>\n

Coasco Acting Director for the Cooperative Audit and Supervision Corporation Zavery Mkingule said most Saccos lacked proper systems of monitoring internal accounts and transactions.<\/p>\n

\u201cWe have discovered unaccounted payments, ghost transactions and plenty of miscalculations,\u201d Mr Mkingule said at the climax of 11th National Cooperative Week, whose exhibition was held in Arusha.<\/p>\n

\u201cBut even worse,\u201d the director said, \u201cthe management of the cooperative societies seem clueless regarding what was transacted by who and when,” Mr Mkingule added.<\/p>\n

The director also said that most Saccos lacked qualified accounting personnel to manage their finances, maintain and compile their reports in a proper auditing language.<\/p>\n

Deputy Permanent Secretary in the Ministry of Agriculture, Prof Siza Tumbo, said he was not intending to interfere with cooperatives’ affairs they had the obligation to safeguard and protect members\u2019 welfare. The deputy PS was the guest of honour at the event.<\/p>\n

CRDB Bank Northern Zone Business Manager David Peter said they had been dealing with cooperative societies for over 20 years and were training their members in how to manage their finances.<\/p>\n

In the last two decades the lender, one of the largest in the country, had served more than 450 Saccos and so far had loaned 300 of them.<\/p>\n

Before the establishment of the Coasco in the early 1980s cooperative societies in the country were audited by the then Audit and Supervision Fund (ASF), a fund that was under the Prime Minister’s Office since 1965.<\/p>\n","protected":false},"excerpt":{"rendered":"

Author: YASINTA AMOS\u00a0 AfricaPress-Tanzania: COOPERATIVE Audit and Supervision Corporation (Coasco) has said almost 90 per cent audited Savings and Credit Cooperative Societies (Saccos) have been found with unhealthy financial accounts. It noted that out of 2,227 audited Saccos at the end of June only 227 of them were found with clean accounts. The country has […]<\/p>\n","protected":false},"author":84,"featured_media":17043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[1531,6280,1033],"class_list":["post-17058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-coasco","tag-david-peter","tag-saccos"],"yoast_head":"\nCOASCO SAYS 90PC OF SACCOS ACCOUNTS \u2018UNHEALTHY\u2019 - Tanzania<\/title>\n<meta name=\"description\" content=\"COOPERATIVE Audit and Supervision Corporation (Coasco) has said almost 90 per cent audited Savings and Credit Cooperative Societie\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/economy\/coasco-says-90pc-of-saccos-accounts-unhealthy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COASCO SAYS 90PC OF SACCOS ACCOUNTS \u2018UNHEALTHY\u2019\" \/>\n<meta property=\"og:description\" content=\"COOPERATIVE Audit and Supervision Corporation (Coasco) has said almost 90 per cent audited Savings and Credit Cooperative Societie\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/coasco-says-90pc-of-saccos-accounts-unhealthy\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-20T19:24:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/10\/56de1bac8396f8b56b9801a9877345d1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"754\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/coasco-says-90pc-of-saccos-accounts-unhealthy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/coasco-says-90pc-of-saccos-accounts-unhealthy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"COASCO SAYS 90PC OF SACCOS ACCOUNTS \u2018UNHEALTHY\u2019\",\"datePublished\":\"2020-10-20T19:24:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/coasco-says-90pc-of-saccos-accounts-unhealthy\"},\"wordCount\":297,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/coasco-says-90pc-of-saccos-accounts-unhealthy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/10\/56de1bac8396f8b56b9801a9877345d1.jpg\",\"keywords\":[\"COASCO\",\"David Peter\",\"SACCOS\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/coasco-says-90pc-of-saccos-accounts-unhealthy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/coasco-says-90pc-of-saccos-accounts-unhealthy\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/coasco-says-90pc-of-saccos-accounts-unhealthy\",\"name\":\"COASCO SAYS 90PC OF SACCOS ACCOUNTS \u2018UNHEALTHY\u2019 - 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