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Three SACCOs credit worth hits 261m/-
2006-12-25 10:46:59
By George Ramadhan, PST
Three savings and credit primary cooperative societies (SACCOs) in Magu District of Mwanza region have received more than 260.8m/- from various financial institutions for lending to their members.
Societies that have been allocated the funds include Sukuma which received 4.8m/- from the Savings and Credit Cooperative Union Ltd., (SCCULT), as well as HAWAKI Society that received 116m/- from the CRDB Bank.
Another fund of 140m/- went to Teachers’ Society in Magu, that was released by SELF and CRDB Bank.
Magu District Commissioner Mathew Nasei released the statistics in a recent report published here recently saying the funds had been released by the financial institutions this year.
The attitude of releasing the funds had become a challenge in bringing about developmental competitiveness mood among other SACCOs in the district, he said.
He said for example, a total of 568 self-lending groups in the district had closed ranks and formed their SACCOs, saying some of the groups had already merged before applying for registration.
Nasei added that in order to strengthen the SACCOS in the district, it had been resolved to start training members of the societies on the concept of savings and credit, together with cooperative management education for their leaders.
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