22 May 2017

In addition to their role as drivers of economic growth, co-operative societies have also been  hailed for helping create a common bond among members and thus promoting and enhancing the spirit of cooperation.

In his remarks to mark the official opening of Motswedi Savings and Credit Co-operative Society (SACCOS) Annual General Meeting (AGM) in Gaborone on Saturday (May 20), the Assistant Minister of Investment, Trade and Industry, Mr Biggie Butale said the nature of co-operatives enhanced participatory and inclusive development of communities.

Mr Butale also noted that due to their footprints in Botswana’s remote areas, co-operative societies had proven to be a relevant and valuable instrument of employment creation and poverty reduction.

He commended Motswedi SACCOS, which has 22 employees, for the employment creation efforts it had made so far, however imploring the society to double its energies with a view to growing even bigger in this regard.

The assistant minister, who is also MP for Tati West, further lauded Motswedi SACCOS for having acquired shares for its members through surplus appropriation.

“This is the most important objective of the SACCOS, of ensuring that members benefit from profits made,” he said; noting in addition that the spirit of rewarding members resonated well with the ideals of the Co-operative Transformation Strategy which government developed two years ago to drive the development and resuscitation of the co-operative movement.

Mr Butale further commended the society for its excellent financial performance which he attributed to among others, member loyalty and good leadership.

He said with an asset base of P130 million, loan portfolio of P81 million, a savings deposit of P69 million and share capital of P4.4 million, Motswedi SACCOS’ achievements were without doubt commendable.

Furthermore, Mr Butale said the theme of the AGM, Co-operatives – Investing in humanity, Building a better life, resonated well with the Vision 2036 pillar of human and social development, which he said emphasised social and economic inclusion.

He said the theme also echoed the ideals of the African Union’s Agenda 2063, which called for sovereign states to harness the continent’s comparative advantage in terms of its people, history and cultures, as well as natural resources.

In the end, Mr Butale encouraged other co-operative societies to borrow a leaf from Motswedi SACCOS and embrace good governance as well as to develop a business mentality and devise robust strategies to ensure success.

Speaking at the same event, Botswana Insurance Fund Management chief executive officer, Ms Neo Bogatsu called on the society’s members to fully embrace the culture of saving.

Ms Bogatsu said while it was advisable to start saving early on in life, those who had not, for whatever reason done so, should start saving right away so as to be able to also reap the rewards of savings at some point in their lives.

She indicated that saving, especially though such platforms as unit trusts, could afford individuals access to funds to meet their various needs at different stages of life. ENDS