Co-operative Bank of Tanzania in offing

TABORA: PLANS are at final stages for the official launching of the Cooperative Bank of Tanzania which will serve the banking needs of co-operatives in the country.

According to the Tanzania Cooperative Development Commission (TCDC) Registrar, Dr Benson Ndiege, all procedures have been completed and he said they were waiting to be granted a licence by the Bank of Tanzania (BoT).

Cooperative Bank of Tanzania is expected to serve the banking needs of individuals, small businesses and large corporations, focusing on the needs of cooperative societies in Tanzania.

Dr Ndiege made the revelation here when briefing journalists on the upcoming International Co-operatives Day which will be marked at the national level on July 06, 2024, at the Ipuli’s Nanenane grounds in Tabora Region.

The International Day of Cooperatives is celebrated on the first Saturday of July every year.

It was first celebrated under the auspices of the United Nations in 2005, though its history, as a day celebrated by the international co – operative movement and the International Co-operative Alliance, goes back to 1923.

The International Day aims to increase awareness of cooperatives and promote the values and principles that make the cooperative model suitable for advancing sustainable development.

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The International Day also aims to strengthen and extend partnerships between the international cooperative movement and other actors, including international organisations, governments and social partners, at local, national and international levels.

On July 06 Tanzania will join the rest of the world to celebrate the day with the theme “Cooperatives Build a Better Future for All.” At a media briefing, Dr Ndiege highlighted the importance of cooperatives in Tanzania, stating that they play a crucial role in supporting smallholder farmers, promoting sustainable agriculture and empowering marginalised groups.

He emphasised the need for continued support and investment in cooperatives to ensure their success and growth. Dr Ndiege encouraged cooPeratives in Tanzania to participate in the celebrations and showcase their achievements and contributions to society.

In his briefing, Dr Ndiege also announced several events and activities planned to mark International Co-operatives Day, which will kick off on June 29 at Lipuli’s Nanenane grounds in Tabora Region.