Addis ababa: The four-day Africa Savings and Credit Cooperatives (Africa SACCOs) regulatory roundtable has imparted transformative lessons for cooperatives across Africa, according to Ethiopian Cooperatives Commissioner Shiferaw Shigute. The event, which concluded last night at Sheraton Addis Hotel, was hailed for its potential to shape the future of cooperative movements on the continent.
According to Ethiopian News Agency, Commissioner Shiferaw emphasized the roundtable’s role in fostering collaboration among regulators to advance and transform cooperatives in Africa. He highlighted the potential for cooperatives, such as SACCOs, to facilitate financial inclusion for marginalized communities, particularly in rural areas.
In his closing remarks, Shiferaw underscored the importance of regulatory bodies in creating transparent, accountable, and digitally sensitive operations. He remarked on Ethiopia’s efforts to expand its SACCOs program, inspired by the experiences of other African nations, including Kenya.
With 27 million cooperative members and 8 million SACCOs members, Ethiopia is poised to leverage these insights to enhance its cooperative landscape.
Expressing optimism about the transformative power of cooperation, Shiferaw asserted that SACCOs have the potential to uplift the lives of individuals and the economies of nations across the continent.
George Ombado, Executive Director of the African Confederation of Cooperative Savings and Credit Association (ACCOSCA), echoed these sentiments. He lauded the meeting’s success in facilitating experience sharing and discussions on technological integration to bolster Africa’s cooperatives. Ombado praised the Ethiopian Cooperatives Commission as a model for encouraging impactful saving and credit cooperatives.
Ombado noted the deliberations on compliance, supervision, and the future strengthening of the cooperative sector in Africa. He highlighted the consensus among African regulators to produce guidelines and a white paper on merging and consolidating cooperat
ives for viability.
The roundtable convened senior government officials, SACCOs regulators, industry experts, development partners, and cooperative leaders from across Africa and beyond, marking a significant step towards cooperative growth and integration in the region.