October 7th, 2022, Msasani, Dar es Salaam.
Wakandi Tanzania in partnership with Tanzania Federation of Cooperatives (TFC) launched the Agricultural Sector Development Program (ASDP II) at an event in Dar es Salaam. The ASDP II program will establish SACCOs for every Agricultural Marketing Cooperative Societies (AMCOS) in Tanzania in its first phase. In Tanzania there are around 4000 AMCOS, that caters to Cotton, Cashewnut, Coffee, Tobacco, and other cereal crop producers. In these areas, very few SACCOs are established as most of them are employee based and located in urban areas.
The concept of establishment of SACCOs in every AMCOS is to solve the problem of savings and increase funding opportunity to the business and life expenses of famers. AMCOS members staying in remote areas have no access to banking services.
This program aims to:
- Provide awareness to AMCOS leaders about the concept of Saving and Credit Cooperatives Society.
- Give guideline of the establishment of SACCOs to the members of AMCOS
- Demonstrate the participant on different opportunity for growth of SACCOs including fintech solutions
- Officialise the programmes for establishment of SACCOs in every AMCOS.
- Build capacity of AMCOS leaders to participate in ASDP II.
While launching this program at the event, the Chairperson of TFC, Mr. Charles Jishuli elaborated on the direction of the ASDP II program. Mr. Jishuli said that “This program will be conducted in all Tanzanian regions. In the phase one around 2100 cooperatives are expected to be covered. The next phase will start after the evaluation of the applicability and impact of phase one. TFC intends to cover all 5,200 cooperatives at the end of the program”.
Wakandi as a digital financial management company offers solutions for SACCOs to help the program. Wakandi Tanzania will provide detailed education about the importance of using a modern digital system. The digital system that simplifies financial management and information for those cooperatives to facilitate the establishment of SACCOs in each AMCOS. Know how the system can help cooperative socities grow and achieve their goals.
This will benefit the development of the agricultural sector and economy in general. “Wakandi’s mission is to help TFC and support the ASDP II program by making sure all SACCOs are running their activities accurately, safely, and quickly through our digital system that will simplify the operation and maintenance of financial information,” said Mr. Stian Andreassen, Chief Product Officer at Wakandi Tanzania at the event.
Benefits of the program
For cooperative movement
- ASDP II program will establish SACCOs for famers and increase cooperative society members.
- The programs will motivate savings habit to the cooperatives member which in turn will reduce poverty.
- The programs will enhance chances of getting loans for AMCOS members.
- The programs will increase employment in the community through services coordination and capital availability.
- The member of AMCOS will have opportunity to access different projects and programs related to ASDP II.
For supporting institutions/sponsors
- The program will increase the market for digital management solutions that cater to SACCOs like Wakandi CAMS.
- The program will increase visibility of institutions through media coverage during sessions.
- There will be increased interactions between supporters, cooperative societies and stakeholders involved.