The Government of Eswatini has called for stronger governance, enhanced regulatory compliance, and increased accountability within the Savings and Credit Cooperative (SACCO) sector, as part of efforts to safeguard member funds and ensure long-term sustainability.
This call was made by the Minister of Commerce, Industry and Trade, Manqoba Khumalo, during the official opening of the 7th SACCO Indaba held at the Esibayeni Lodge on Tuesday.
Addressing SACCO leaders, regulators, and stakeholders, the Minister emphasised that good governance is not optional but a fundamental requirement for maintaining public trust and protecting member deposits.
“For SACCOs to remain strong and continue to earn the confidence of members, they must uphold high standards of governance, accountability, and professionalism. Member funds must be protected at all times. Boards and management teams must discharge their duties with integrity, transparency, and sound decision-making,” he said.
The two-day Indaba, organised by the Eswatini Association of Savings and Credit Cooperatives, is held under the theme “Empowering Members Through Savings and Cooperative Solidarity for Inclusive and Sustainable Growth.” It brings together key players in the cooperative financial sector to reflect on challenges and chart a path forward.
Khumalo noted that while SACCOs continue to play a vital role in financial inclusion, particularly for underserved groups such as rural communities, women, youth, and low-income earners, their continued success hinges on strong governance structures and strict adherence to regulations.
He further highlighted that regulatory compliance should not be viewed as a burden, but rather as a mechanism to strengthen the sector, manage risk, and enhance institutional credibility. Government, he said, will continue to support regulators in ensuring that SACCOs operate within acceptable financial standards.
Echoing these sentiments, the Chairperson of Eswatini Association of Savings and Credit Co-operatives (ESASCCO) Board, Khaya Mavuso, underscored the importance of leadership integrity and professional management in sustaining the cooperative movement. He noted that member confidence is built through transparency, prudent financial management, and consistent service delivery.
The Chairperson further encouraged SACCOs to strengthen internal governance systems while promoting a culture of savings among members, particularly youth and emerging entrepreneurs, as a foundation for economic resilience.
“We recognise that the continued success of the SACCO movement depends on strong leadership, sound governance, compliance with regulations, and the protection of member funds. We therefore encourage SACCO Boards and Management teams to uphold integrity, accountability, and professionalism at all times. Member confidence is earned through transparency, prudent decision-making, and consistent service delivery”
The Indaba also serves as a platform to address key issues affecting the sector, including governance, digital transformation, member empowerment, and long-term sustainability. Delegates are expected to engage in discussions aimed at producing practical solutions that can be implemented across SACCOs nationwide.
Khumalo reiterated Government’s recognition of SACCOs as strategic partners in economic development, particularly in supporting small and medium enterprises (SMEs). Many local businesses, he noted, have been established and sustained through SACCO financing.
“As a country, we must ensure that SACCOs remain strong, credible, and capable of driving inclusive growth. This requires a collective commitment from boards, management, regulators, and members alike,” he said.