Credit union in Lindi dishes out 4.45bn/- loan to members
Wed Aug 20, 2014
ILULU Saccos in Lindi Municipality has issued loans worth 4.45bn/- to its members in eight years, making it the first union in the entire country to disburse such huge amount.
This was revealed recently by the union’s chairman, Ahmadi Namwanadilanga, at a hand over ceremony which was graced by the Minister of Agriculture, Food and Cooperatives, Christopher Chiza.
“Honourable Minister, I am proud to inform you that our saccos has provided loans totalling 4.45bn/- since its inception in 2006.
The loans were extended to facilitate agricultural and business ventures,” he said.
He added that already 3.9bn/- has been paid back while the remainder is paid in monthly installments.
The chairman boasted of increased number of members in the group from 124 in 2006 to current 550 and an initial capital of 6.2ml/- that leaped to 318ml/-
He cited other achievements of the union as increased savings from 62ml/- to 399ml/- and extension of profits worth 15ml/- to members from 2012 to date.
During the ceremony, 30 members received business loans worth 153ml/- plus motorbikes worth 20ml/-
However, the chairman called on the minister to ensure that government funds allocated for the youth and women are passed through credit unions and not through councils, so as to avoid difficulty in accessing the loans.
For his part, Christopher Chiza assured the Ilulu union members that he would resolve the matter with the help of fellow government officials.
He also commended the union for the outstanding eight year performance.
SOURCE: IPPMEDIA
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