DOUBLE SACCO’S E3BN ASSETS – GOVT

MBABANE – Minister of Commerce, Industry and Trade Manqoba Khumalo has said the success of the country lied with the cooperative movement.

With an overall asset base of over E3 billion, the minister said he believed the cooperative movement had the capacity to double that.
Khumalo was addressing the leadership of savings and credit cooperatives

(SACCOs) during a breakfast meeting aimed at briefing him about the 4th SACCO Indaba that began yesterday at Esibayeni Lodge.
Also present during the meeting was George Ombado, the Chief Executive Officer of the African Confederation of Cooperative Savings and Credit Associations (ACCOSA) based in Nairobi, Kenya as well as Commissioner of Cooperatives Nonhlanhla Mnisi.

Minister Khumalo expressed his desire to see the cooperative movement grow from the current four per cent of the population to at least 25 per cent.

encourage

The minister said there was a need to encourage people from the grassroots of the country to aggregate their thoughts, resources, talents and assets to form a unit that can give them the power to go to a bank and say we want to implement this big idea, and we want to get into this kind of a business.

“I am absolutely sure that if that were to happen, the country would transform a bit faster than it currently is. We see, for example, how the sugar industry has resulted in changed lives for the people. We also see the same with the savings and credit cooperative schemes where lives have been transformed,” said Khumalo.

 The minister pointed out that emaswati complain that there were people coming from other countries who take up our businesses, but the truth was that the nation remains divided.

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