The Independent Uganda: You get the Truth we Pay the Price
NAIROBI | Xinhua | Kenya and Tanzania on Friday launched a project in partnership with the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA) to boost financial inclusion in the two countries.
Simon Chelugui, cabinet secretary in the Ministry of Cooperatives and Micro, Small and Medium Enterprises (MSMEs) Development told journalists in Nairobi, the capital of Kenya, that the Financial Inclusion in Kenya and Tanzania project (FIKT) is a two-year initiative that targets women and youth in Savings and Credit Cooperatives (SACCOs) to enhance their financial literacy.
“The project will empower communities by extending access to affordable financial products and services such as savings, loans, and insurance,” Chelugui said.
He added that the project will provide financial tools that are tailored to the unique needs of low-income households.
Hassani Mnyone, chief executive officer of Savings and Credit Cooperative Union League of Tanzania (SCCULT), the umbrella organization of SACCOs in Tanzania, said the project will promote innovations like mobile banking, which can deepen financial access in East Africa.
Mnyone said that the project will also organize community-based outreach programs to guide the registration of informal savings and investment groups that cater to individuals with limited access to traditional financial services. ■
