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NEEC: Credit societies repayment of loans satisfactory

30th January 2013
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NEEC executive Secretary, Dr Anacleti Kashuliza

The repayment rate for most of savings and credit cooperative societies (SACCOS) which have taken loans from the Mwananchi Empowerment Fund which is managed by the National Economic Empowerment Council (NEEC) is encouraging, the management has said.

Speaking to this paper in an interview, the NEEC executive Secretary Dr Anacleti Kashuliza said save for some SACCOS in Lindi and Mtwara, the repayment rates are encouraging.
 
However, he did not reveal the total loans repaid but noted that during the 2012/2013 financial year the fund had disbursed a total of 600m/-.
He said the SACCOS which benefited with the loans were those operating in nine regions countrywide.
 
Dr Kashuliza mentioned the benefited regions as the Coast Region, Dodoma, Lindi, Manyara, Mtwara, Rukwa, Ruvuma, Singida and Tanga.
According to him the Mwananchi Empowerment Fund has disbursed to a number of SACCOS a total of 8.1bn/- since its establishment in 2008. 
 
The Council in collaboration with other stakeholders has been encouraging development of existing SACCOS and initiating the establishment of new ones. 
The number of SACCOS in the country has increased from 1,875 in the year 2005 to 5,351 in September last year.
 
NEEC has been working with different stakeholders through researches and surveys aimed at improving the citizens' economic activities.
 
“We have also been facilitating the implementation of some of the recommended measures aimed at empowering people’s economy,” he said.
NEEC is the government institution established by the National Economic Empowerment Act, 2004 (Act No. 16 of 2004) and is the apex body with the responsibility of supervising, monitoring and coordinating all economic empowerment activities.
SOURCE: THE GUARDIAN