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A Refuge for SACCOS and Microfinance in Tanzania

In the recent years the world has witnessed a massive global change in the economic arena, some of the biggest financial companies stack and younger financial institutions taking over the economic market. Small loan lenders happen to take over the global financial market almost in every country especially in many of the developing and the least developed countries. The reason behind is because they serve a huge number of customers across the world many whose economic status is medium. Hence, they are at a position to create simple profits from a huge number of people and eventually it becomes a huge profit as well. This adjustment in the financial market overwhelms these institutions and put a burden bigger to the institutions to assure the best qualitative services to their customers who happen to increase day by day.

It requires now a technological system that will bear this burden of the increase of number of clients and tasks of these financial institutions and ease it by providing them with the accurate, qualitative, quick and introduce a cost-effective solution to their daily business management between the institutions that is SACCOS and Microfinance and their customers.

In Tanzania the government sought to a means of help by putting a place legal framework that will regulate these institutions so that they may perform their duties in a manner that attracts profit and is way effective to manage their SACCOS and Microfinance activities. Firstly, by introducing the Cooperatives Societies Act of 2013. An Act to provide for the establishment of the Tanzania Cooperative Development Commission; for the formation, constitution, registration and operation of cooperative societies; for promotion of cooperative development and for other matters incidental to or connected thereto. Also puts in place the means of recognition of these SACCOS. It is honest about the problems: it identifies problems of poor management, inappropriate coop structures, corruption and embezzlement, lack of working capital, lack of cooperative democracy and education, weakness of supporting institutions and, in general, an inability to compete in a liberalised market economy. Secondly, by introducing the Microfinance Act of 2018 in order to operationalize the National Microfinance Policy 2017. Section 12 of the Act inter alia, mandates the Bank of Tanzania to license, regulate and supervise microfinance business in Tanzania Mainland.

In both the laws enacted by the parliament there is a mandatory requirement of these institution to operate technological and manage their information and business technologically by adopting a system that is registered to handle such activities herein known as Service providers. Singo Africa Limited puts in place Amala App Suite, a system that will help the SACCOS and Microfinance management. The system is accurate and effective with professional experience in this industry for many years and with a team of experts who deliver the best service all time. Amala App Suite provides your SACCOS and Microfinance the best experience of working under the system that is all time ready to meet your business demands and more so determined to make sure that these institutions provide satisfactory services to their customers.

Amala App Suite puts you first and make sure you get more that what you expected. Amala App Suite is truly a Refuge for SACCOS and Microfinance in Tanzania.

Let Amala App Suite be the saviour of your microfinance business management; by kindly visiting us to get your affordable solutions and services that could lead your business to the paramount of hope gross profit and safety to your business operation

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