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CRDB trains Saccos on audit of finances

7th February 2013
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CRDB Bank

CRDB Bank has said that savings and credit cooperative societies (SACCOS) are among key partners of the bank in the process of hastening people's development through fighting poverty, urging them to increase their savings in a bid to strengthen the economic positions of their societies.

The call was made over the weekend by the Korogwe CRDB Bank Branch Manager, Clement Mganga when opening five-day training for members of 15 Saccos management committees in Tanga Region.

Mganga said that the increase will enable societies to mostly depend on their own funds instead of funds from other sources as they will be in a position to take bigger loans for their own development.

“In principle, Saccos are a part of the banking system. Our future plan is to transform the ones we have strengthened to become micro-banks and observe banking management procedures, this will help people progress from one stage to the next,” said the manager.

Earlier, speaking during the ceremony, the Coordinator of the Training, CRDB Bank Empowerment Manager from the headquarters, Godwin Maimu, said lack of accounts books is one of the main challenges that has stagnated Saccos’ progress.

Maimu said that so far they have managed to prepare business plans for Saccos that will be used as guidelines in the implementation of their day to day activities.

“What causes Saccos to perform poorly is lack of account books for documentation of their day to day activities; this is the one area we want to focus on and improve,” said the coordinator/facilitator.

For his part, the CRDB Microfinance Public Relations Manager for Tanga Region, Godwin Alphonce, said the participants in the training were drawn from Saccos that work with the bank and that among topics to be covered in the training would include; cooperative law, risk management and auditing Saccos finances.

Alphonce said CRDB has been running the programme of training to members, leaders, management committees and society executives of the society.

“This training has been organised to remind ourselves the roles of  leaders in managing societies, build their legal understanding, auditing and internal monitoring,” said the Manager.

SOURCE: THE GUARDIAN