TZ SACCOs given deadline to obtain licences
DODOMA, October 11, 2023 – The Governor of the Central Bank of Tanzania, Emmanuel Tutuba, has urged the Savings and Credit Cooperatives [SACCOs] to obtain licences before April 30, 2024, so that they can be able to run smoothly.
Tutuba made the call recently during the launch of the SACCO sector performance report for the year 2022 held in Mwanza.
“I would like to remind you that the transitional period for obtaining the licences issued by the Central Bank is about to end, that period will end on April 30, 2024. Therefore, it is good that the SACCOs use this remaining time,” he said.
In addition, Tutuba urged all SACCOs in Tanzania to continue to strengthen their union so that it can serve its members well.
The Vice Chancellor of Moshi Cooperative University [MoCU] Prof. Alfred Sife speaking on behalf of the Chairman of the Cooperative Development Commission said the Commission would continue to cooperate with the SACCOs in order to achieve the goals of economic growth.
Presenting data on the performance of SACCOs, the Registrar and Chief Executive of the Tanzania Cooperative Development Commission [TCDC], Dr. Benson Ndiege said SACCOs must be registered in accordance with the Cooperative Societies Act before applying for and being granted licenses to provide small financial services.
“If the association is registered, it has the qualifications to apply for and be granted a licence for small financial services in accordance with the law on small financial services and its regulations,” he said.
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