14 Oct 2024

The Director of Economic Empowerment in the Ministry of Entrepreneurship Mr Ronnie Phuthego says inclusivity is not just a buzzword, but also a principle at the very heart of what Savings and Credit Cooperative Societies (SACCOS) stand for.

Speaking Saturday in Lobatse at a strategic plan launch and dinner of Itshetseng SACCOS, he said SACCOS were designed to serve all people, regardless of their background, gender or economic status and were inclusive by nature through opening doors of financial services to every member of society, particularly those who have been under-served by traditional financial institutions.

He said for many, accessing loans or other financial services from conventional banks can be daunting as many lacked collateral needed to secure a loans or the financial literacy to navigate complex paperwork.

As such, he said SACCOS offered a community driven, accessible and supportive alternative.

He said to foster inclusivity in SACCOS it was essential to identify and dismantle barriers preventing full participation, and this included reaching out to the marginalised communities particularly youths and women.

He said such groups often represented untapped potential which if given the right resources and opportunities they could not only improve their personal circumstances, but also drive broader economic growth for the nation.

Mr Phuthego said SACCOS was a member-centric approach, able to do more than just offering a product or service, but also listened to the needs, aspirations of members and also receive feedback.

He said member-centric growth does not stop at service delivery, but also required empowering members to have a voice in governance of their cooperative, adding that strong and transparent leadership was critical to the sustainability of any SACCOS, hence why member participation in decision-making process was crucial.

Itshetseng SACCOS Chief Executive Officer, Mr Metlha Garogwe said the SACCOS model aimed to deeply understand and serve unique financial needs of its community.

He emphasised the importance of developing solutions relevant to specific needs of Botswana’s population.

He said a SACCOs must empower members by providing tools and resources for financial growth, which included education, saving opportunities and affordable loans to help members improve their financial well-being.

He said their SACCO kept open channels of communication with members on policies, decisions and financial performance so to build trust and accountability.

He said they strived to make financial services available by ensuring that every member even in remotest areas had easy access to necessary financial support.

Founding members of the Lobatse branch of Itshetseng SACCOS Mr Elija Malagase, Ms Lenah Mahalelo, Mr Molemi Monyatsi and Ms Bonana Dube got long service awards, with the former having become a member in 1997, while the membership of the other three dates back to 1998.

Ms Lydia Ramosukwana got Best Saver of The Year Award followed by 22-years-old Ms Abaleng Lekgowanyana who got Youth Saver of the Year Award. Ends