Tanzanian Prime Minister Dr Mwigulu Nchemba has outlined five priorities for transforming Africa’s cooperative movement, calling for stronger protection of members’ savings, digital innovation, youth empowerment, increased business financing and effective regulation.
Speaking on October 15 during the official opening of the SACCA Congress 2026 in Dar es Salaam, Dr Nchemba said financial cooperatives had a vital role in promoting financial inclusion, creating jobs and driving sustainable economic growth.
Representing President Samia Suluhu Hassan, the Prime Minister urged governments, regulators and cooperative leaders to turn Africa’s growing savings into productive investments that expand businesses, create employment and improve livelihoods.
He stressed that protecting members’ savings was essential to maintaining public trust, warning that weak accountability and poor oversight could expose members’ funds to risk.
Dr Nchemba also called on cooperatives to accelerate digitalisation to improve service delivery, increase transparency and extend financial services to farmers, women, young people and entrepreneurs.
On youth empowerment, he said young people should be recognised not only as beneficiaries of cooperative services but also as innovators, entrepreneurs, leaders and job creators.
He urged SACCOS to widen young people’s access to credit, digital financial services, skills development and leadership opportunities.
The Prime Minister further challenged financial cooperatives to increase lending to productive sectors, including agriculture, manufacturing, processing and small and medium-sized enterprises. He also highlighted the need to support women-owned businesses and youth-led ventures.
He said directing more savings towards African enterprises would stimulate investment, strengthen local industries and generate employment while boosting production and intra-African trade.
On regulation, Dr Nchemba called for closer collaboration between governments, regulators and cooperative stakeholders to strengthen consumer protection, cybersecurity, transparency and the financial resilience of institutions.
He noted that the African Continental Free Trade Area offered significant opportunities by connecting businesses to a market of more than 1.3 billion people.
However, he cautioned that access to a larger market would not automatically translate into prosperity without adequate financing, productive enterprises and investment.
“Let us build institutions that create jobs, expand opportunities, deepen financial inclusion and unlock Africa’s prosperity,” he said.
