10 Nov 2024

In light of the changing economic landscape, cooperatives across the nation have been urged to innovate and adopt technology to enhance their growth and resilience. 

Ms Reason Nyamambi, Head of Corporate Business at Hollard Botswana, made this call during the official opening of the first Cooperative Retreat at the Maun Cresta Hotel on Thursday.

Speaking to attendees, Ms. Nyamambi emphasized the critical role cooperatives play in the country’s economic advancement and community welfare.

“Cooperatives represent a unique model of joint ownership and democratic control, fostering collective responsibility for community development,” she stated.

She highlighted that cooperatives are recognized globally as vital contributors to job creation, economic growth, and sustainable development.

Ms Nyamambi urged local cooperatives to elevate their operations to better withstand economic shocks and address the social and economic needs of their communities.

Noting the ubiquity of cooperatives in Botswana, she pointed out that they often fill gaps left by government and private sector services.

“Without cooperatives, many essential services would simply not exist in our communities,” she remarked.

Moreover, she acknowledged that the government views cooperatives as an essential economic sector, serving as a bridge between the private and public sectors.

This recognition comes with a commitment to support their revitalization.

A key aspect of her message was the importance of technological adoption. “Utilizing technology will significantly enhance efficiency and help cooperatives maintain relevance in an ever-evolving market,” she explained. 

She specifically mentioned that engaging in digital lending could empower cooperatives to remain competitive and adapt to financial industry trends.

Addressing the need for risk mitigation, Ms Nyamambi stressed that cooperatives, despite their size, should implement robust risk management strategies.

She highlighted that Hollard offers various solutions to help cooperatives safeguard their assets and ensure continuity in operations, particularly when faced with challenges in leadership or resource management.

“Insurance should not be viewed as optional; it must be a fundamental aspect of your budget planning,” she added.

Furthermore, Hollard is committed to assisting cooperatives in sustaining their businesses and enhancing their economic contributions.

Ms Nyamambi expressed a particular interest in supporting initiatives aimed at empowering women and youth.

In partnership with Launchit International, Hollard has introduced ‘Project 124,’ an innovative program designed to boost youth entrepreneurship and create sustainable job opportunities across the nation.

The retreat, organized by the Botswana Cooperative Association (BOCA), gathered cooperative leaders to learn effective risk management strategies and develop practical solutions tailored to their unique challenges.

Ms Barati Seiketso, of the BOCA secretariat, emphasized the retreat’s goal to equip participants with the knowledge necessary for their boards to drive a transition toward a more sustainable economy. She concluded, “A well-informed board is crucial in building resilient enterprises that can significantly contribute to the national economy.” Ends