The journey to success or achievement towards financial freedom has never been easy. The same applies to the SACCOs-Microfinance Sector. Ever since the establishment of this this sector in our county it has faced so many challenges that day in and day out have made the successful journey be difficult. It is however important to understand that despite the challenges the sector has tried to the best of its capacity and hand in hand with some of its stake holders show the progressive intention to face them and move forward no matter what. In the series of events that occasionally have happened to take place the sector of SACCOs-Microfinance has both been afforded with the respective consideration. This is by all the two sides, the regulators and the actors, a thing that has led the sector to occupy minor overview in the eyes of the expected participants who are the members to show up their contributions in terms of savings.
These challenges as they are having been the accuracy and efficiency of the organs all together that is; SACCOs and Microfinance. Due to lack of education and awareness to the community who’s this sector is directed to. The sole purpose of introducing this sector was to ensure the optimization of financial liabilities and difficulties one may encounter especially in the low privileged community or the local community as we may refer to it today. It was to make sure that even these who have uneasy access to the banking system or even lower access get the platform where they can save their finances and afford loan at a friendly rate which all at the end aim to let every one in this industry grow.
The Laws provided such as the Microfinance Act of 2018 and the Cooperative Societies Act of year 2013 establishes the governing principles that introduces these organs and their mandate together with their vision of the SACCOs-Microfinance Sector. However, such change is accompanied by some other new aspects. The requirement for the creation of Co-operative offices and Co-operative development plans by, inter alia, the sectoral ministry and the local government authority is a development which cannot be ignored. Side by side, a no politicians and public officers leaders’ rule; the awareness and sensitization programmes; and provisions for specific Regulations on SACCOS, reveals the progress of the Co-operative law. The latter is vital at the particular time where there is a tremendous growth of such societies. “However, and as discussed above, there are issues which are still requiring a specific attention. There are some provisions which infringe the Co-operative principles in favor of the works of the Commission. The autonomy and independence of the Co-operative Societies, and the movement to its entirety, is questionable in situations where the Commission does the functions which originally are supposed to be left to the movement itself. Issues pertaining to dispute settlement and the status of the Co-operative officers with regard to the promotional and regulatory roles are still critical”[1]
It is important to notice in such a situation the said requires a serious attention as provided by the Miscellaneous amendments of the laws and Regulations that govern the operation of SACCOs-Microfinance Sector and requires them, among many thing to make sure they adopt and used a digital operating systems that can manage their operations monitor their data entries and manage their accounting systems which is the key of the Sector.
Amala Suite App plays a role of handling this sector, its is a systematic effective accurate and most reliable solution of the SACCOs-Microfinance Sector in Tanzania. With this system the user is able to manage his business operations, monitor loans and usage of his service controls the data entry service and is assured of all-time assistance from the system focal point who are present all time and ready to support the operation by the SACCOs-Microfinance Sector. Amala Team also affords consultative role to its users and is always attention to solve the user’s challenges. Hence Amala Suite App appears to be a solution with SACCOs-Microfinance Sector in the long run to come.
