07 Dec 2015

The Botswana Public Employees Union (BOPEU) has launched Babereki Savings and Credit Cooperative Society (SACCOS).

Babereki SACCOS is a savings and credit union that provides essential financial services to members.

Launching Babereki SACCOS in Palapye recently, the chairperson of AFENA Capital Botswana, Mr Tebogo Naledi commended the BOPEU leadership members for the visionary initiative aimed at pooling financial resources of members of the union with the view to creating economic value for members by offering savings and credit services.

He said cooperatives have been a powerful tool for empowering workers across the world, adding that globally cooperative enterprises have become important providers of employment across numerous sectors.

He said cooperative enterprises have the potential to address the flaws of the current global capitalist system by giving economic power back to ordinary men and women in a meaningful way that focuses on financial and other non-financial sustainable shareholder returns.

He said it was an important feature of the cooperative that members were actively involved in the governance, management and operations of the cooperative.
Cooperatives, he said, “requires that members interests are always placed first and that the cooperative has the central purpose of serving members interests.”

“Members must always be the ones empowered by their cooperatives because it is theirs and for their benefit,” he said.

He added that unlike in conventional commercial lending institutions, the interest of members would emphasise long-term financial and social returns.

Mr Naledi further urged the leadership of BOPEU to ensure that Babereki SACCOS maintains and builds on the features of the cooperative.He said a strong savings base was essential for sustainable economic growth which was necessary for the creation and preservation of quality jobs. ENDS