SAVINGS and Credit Cooperative Society (SACCOS) of Kagera Sugar has received a 500m/- loan from the Government Employees Pension Fund (GEPF) to enable its members get soft loans to uplift their businesses and improve livelihoods.
GEPF Board Chairperson, Ms Joyce Shahidi, said in Dar es Salaam yesterday that the loan will extend the capacity of Kagera Sugar Saccos to issue loans to its members, saying it will also enhance initiative to alleviate poverty.
“We believe the credit will enable Kagera Sugar Saccos members, who are also our members, to boost their businesses,” said the GEPF Board Chairperson at an event in which GEPF Retirement Fund entered a three-year loan agreement with Kagera SACCOS.
According to Kagera Saccos Manager, Robert Mshoki, the Kagera Sugar SACCOS has for the past seven years issued loans amounting to 2.9bn/- to 794 members. “The loan will help to extend our Saccos’ capital of 618m/- so that it issues loans to more Kagera Saccos members,” he said.
The Kagera Saccos Chairman, Mr Pandu Khamis, extended gratitude to GEPF for the loans, urging other social security funds to emulate GEPF for supporting its members to expand businesses.
Last month, GEPF Retirement Fund entered agreement with UTT Microfinance to issue loans to its members wishing to pursue sustainable business projects.
UTT Chief Executive Officer, Mr James Washima, said in Dar es Salaam after signing MoU with the GEPF loaning that informal sector members was a step forward to empower them undertake own economic activities for improved living standards.
“UTT Microfinance was equipped to offer better service to GEPF members as well as giving them fringe benefits from the loan in an affordable interest rate of 14 per cent,” adding that, the fund’s prospects are reaching more members.
He said as a government entity, UTT Microfinance was committed to supporting the initiatives to empower economically ordinary people for improving livelihoods.