IT is all smile for 89 members of Mbeya Youth Saccos (Mbeyosa) after successfully managed to pocket a loan amounting to 51m/- from the Saccos.
According to Mbeyosa General Secretary, Mr Meshack Ngailo, members have received the amount from the Saccos as a loan and that his office expects members to use the money for various development projects.
Mr Ngailo was giving a short report on the performance of the Saccos before the Acting General Secretary of CCM in Mbeya region, Mr Gerald Mwadallu who was the guest of honour.
He said the Saccos has a total of 89 members and that each has received a loan in different phases. He said the total amount of loan that has been offered to members amounts to 51.5m/-.
He said the Saccos provides loans to both members who are in groups and those who apply as individuals. Mr Ngailo said credit delivery and reimbursement has been based on the agreement of all members and that the practice has so far helped Mbeyosa to operate profitably.
He said Mbeyosa’s capital has grown from 5m/- to 65m/“Our Saccos has been recording good performance, so far the capital has grown from 5m/- to 65m/- this has been possible due to good practices in offering loans,” he said.
Acting CCM General Secretary Mbeya Region, Mr Mwadallu said Mbeyosa has demonstrated good example to other youth groups in the region and the country at large. He advised other youths across the country to form groups and engage in various economic activities.
“Our councils allocate fund for supporting youth, but this support could only work if youth apply for funds through active groups,” he said.