Government calls for tighter internal controls and stronger loan management as the cooperative’s membership rises above 11,500
By Correspondent Ramadhani Kissimba, Morogoro
Hazina SACCOS has grown its assets to more than TSh63 billion and pushed membership above 11,500, highlighting the expanding role of savings and credit cooperatives in providing financial services to Tanzanians.
The growth, however, is bringing increased pressure on the institution to strengthen internal controls, protect members’ savings and ensure loans are properly managed and recovered.
Deputy Finance Minister Eng Mshamu Ali Munde has directed Hazina SACCOS management to strengthen monitoring, internal audit and credit controls as the cooperative expands its financial operations.
Speaking at the opening of the cooperative’s 13th Annual General Meeting in Morogoro, Munde said protecting members’ money should remain at the centre of the institution’s operations.
“I direct the leadership and management of Hazina SACCOS to ensure members’ funds are protected to the highest standards. Every transaction must have the appropriate documentation, verification and proper monitoring,” he said.
Munde said a strong internal audit system, backed by effective risk management, was essential to the long-term sustainability of the cooperative.
He also called for stronger security of financial systems and confidentiality of members’ information, alongside greater awareness among members about the safe use of financial services.
Membership passes 11,500
Hazina SACCOS Board Chairperson Neema Mwakitalima said the cooperative has continued to expand rapidly, providing financial services to members drawn from 432 government votes.
Between January and August 2026, 1,367 new members joined the cooperative, taking total membership to 11,507, compared with 10,326 at the end of 2025.
Over the same period, Hazina SACCOS’ assets increased to more than TSh63 billion, while members’ savings and deposits reached more than TSh50 billion.
The figures underscore the scale of resources now being managed by the institution and, consequently, the importance of stronger governance and financial controls.
Munde said savings and credit cooperatives play an important role in expanding access to finance by allowing members to save, obtain affordable loans, invest in businesses and improve household welfare.
“The government recognises that cooperatives and SACCOS make a significant contribution to improving citizens’ economic wellbeing,” he said.
He also challenged Hazina SACCOS to expand its reach among young people, women and other groups that have yet to make full use of formal financial services.
Loan discipline critical
As the cooperative grows, loan repayment is another area requiring close attention.
Munde urged members to save regularly and repay loans on time, warning that the financial strength of a member-owned institution ultimately depends on the discipline of its members.
A SACCOS, he said, cannot grow sustainably if members fail to build savings or honour their loan obligations.
Hazina SACCOS Chief Executive Officer Dr. Festo Mwaipaja said the annual meeting provides members with an opportunity to review the institution’s financial position, assess implementation of previous resolutions and determine priorities for the next period.
“This 13th meeting gives us an opportunity to assess where we have come from, where we are now and where we want to go,” Mwaipaja said.
He said Hazina SACCOS had continued to strengthen its savings culture, lending services, loan recovery, asset protection and internal systems.
Mwaipaja urged members to participate actively in the cooperative’s decision-making process and provide their views openly and constructively, saying members’ concerns would be considered in the wider interests of the institution.
The AGM brought together representatives of members from the 432 government votes served by Hazina SACCOS.
Beyond reviewing financial performance, the meeting provides members – as owners of the cooperative – with an opportunity to assess progress, identify challenges and make decisions on its future direction. For Hazina SACCOS, its expanding membership, TSh50 billion-plus deposit base and assets exceeding TSh63 billion point to growing financial muscle. The challenge now is ensuring that governance, risk controls and loan management keep pace with that growth.
