KILIMANJARO: THE Umoja wa Vikundi Marangu Savings and Credit Cooperative Society (UVIMA Saccos) Limited has provided loans to its members amounting to 6.4bn/- since it was established in 2007 up to October this year.
This was revealed recently by the UVIMA Saccos Manager, Mr Jackson Mtui, in a special interview with members of the press on the development of the institution since it was established 18 years ago.
He said that apart from the disbursed loans, the institution has also made great strides in development issues, including building its capacity to be financially independent without relying on external loans.
“We started with a capital of 6m/-, but today we are proud to have a capital of over 234m/- ; this is the result of collective commitment among the Saccos members as well as good leadership in the institution,” he noted.
Mr Mtui continued to say that the Saccos, which serves more than 1,000 members, started with shares worth 7m/-, and that so far the value of its shares has grown to more than 160m/-, while the value of its assets has now reached 830m/- from more than 500m/- recorded a few years ago.
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Commenting on the future plans of the institution, Mr Mtui said they include improving services, including the loan portfolio, with the aim of improving the well-being of members as well as improving the economic situation of the nation, especially in rural areas.
For his part, Chairman of UVIMA Saccos, Mr Mungubariki Tarimo, said that since the establishment of the Saccos in 2007, there have been achievements that members are proud of, including economic empowerment through loans, facilitating the education of their children, funding agricultural and livestock activities, as well as building good houses.
The founder of the Saccos, Ms Edith Banzi, expressed her happiness after seeing the institution she founded continue to operate effectively and benefit its members.
“Lack of microfinance products to match the needs of agricultural activities led to the establishment of UVIMA Saccos. It is encouraging to see that it continues to do well while members continue to benefit from it,” she said.
She continued to say that after its establishment, UVIMA Saccos has been effective in easing access to financial resources for members, as well as serving the agricultural activities conducted by members, most of whom could not access bank financial services due to various reasons.
She added, “May I take this opportunity to urge the relevant authorities in the Saccos to continue this good work for the benefit of members and the national economy as a whole.”