17 Feb 2025

To drive efficient financial empowerment of members and contribute to the national economy, cooperatives must strengthen their governance structures, Botswana Savings and Credit Cooperative Association (BOSCCA) chief executive officer, Ms Kefilwe Masalila has said.

Speaking at Thuto SACCOS Annual General Meeting in Gaborone recently,  she said by leveraging the SACCO business model effectively, they could drive financial empowerment, provide capital for small and medium entreprises (SMEs) and facilitate wealth creation and financial wellbeing of their members.

She said embracing digital transformation and enhancing collaboration across SACCOS, Botswana could emulate Kenya achievements.

She said savings and credit cooperative business model was a unique and yet impactful model that promoted the principle of people helping people by empowering members economically.

She further said a SACCOS model placed members at the heart of the SACCOS as all decisions of the SACCOS revolved around the financial needs of members inclusively.

Ms Masalila said that SACCOS were globally recognised as pillars of economic resilience and social progress, adding that financial cooperatives or SACCOS played a crucial role in fostering inclusive economic development.

“As we gather here today, we must reaffirm our commitment to leveraging the cooperative model for sustainable livelihoods, ensuring financial security for our members while contributing to Botswana’s economic growth,” she said.

She said the UN recognised 2025 as International Year of Cooperatives, which was an opportunity to reflect on the transformative potential of the SACCOS movement. She said the UN recognised the role cooperatives played in achieving sustainable development, alleviating poverty and enhancing financial inclusion.

She said the global recognition challenged them to take bold steps in strengthening their institutions, fostering collaboration and enhancing their impact on Botswana’s economy.

In her presentation, Thuto SACCOS head of supervisory committee, Ms Ivy Modutlwe said Thuto SACCOS needed to have proper operational policies for human resource citing skills mismatch, adding that the incumbent board and the office had to make the working environment conducive for both customers and employees.

In end because the quorum could not be formed as per the bye-laws, the AGM did not proceed to elect new board, and new date would be set to conclude on the remaining agenda items, including elections. ENDS