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Stakeholders Endorse Dedicated SACCO Law to Strengthen Financial Inclusion
The Ministry of Women Affairs, Community, Small and Medium Enterprises Development today convened a Savings and Credit Cooperatives (SACCOs) Bill Principles Validation Workshop in Harare, bringing together key stakeholders to validate proposals for a dedicated legal and regulatory framework for the SACCO sector.
Speaking at the workshop, Permanent Secretary Dr Mavis Sibanda said the event marked a significant milestone in the legislative roadmap towards the development of the SACCOs Bill. She noted that the proposed legislation seeks to strengthen governance, protect members' savings, promote financial sustainability and position SACCOs as key drivers of financial inclusion and economic empowerment.
The workshop validated findings from extensive nationwide consultations and lessons drawn from a study tour to Kenya, whose SACCO regulatory framework is recognised as one of the most successful in Africa.
Stakeholders agreed on the need for a dedicated SACCO law to address regulatory gaps, strengthen supervision, enhance consumer protection and unlock the full potential of SACCOs in supporting Zimbabwe's National Development Strategy 1 and Vision 2030.
The proposed Bill Principles include improved governance and accountability, prudential regulation, consumer protection, digital financial services, financial safety nets, deposit protection mechanisms and the establishment of a dedicated regulatory authority.
The workshop was supported by the World Bank and attended by representatives from Government, SACCOs, development partners and financial sector institutions
The Ministry of Women Affairs, Community, Small and Medium Enterprises Development today convened a Savings and Credit Cooperatives (SACCOs) Bill Principles Validation Workshop in Harare, bringing together key stakeholders to validate proposals for a dedicated legal and regulatory framework for the SACCO sector.
Speaking at the workshop, Permanent Secretary Dr Mavis Sibanda said the event marked a significant milestone in the legislative roadmap towards the development of the SACCOs Bill. She noted that the proposed legislation seeks to strengthen governance, protect members' savings, promote financial sustainability and position SACCOs as key drivers of financial inclusion and economic empowerment.
The workshop validated findings from extensive nationwide consultations and lessons drawn from a study tour to Kenya, whose SACCO regulatory framework is recognised as one of the most successful in Africa.
Stakeholders agreed on the need for a dedicated SACCO law to address regulatory gaps, strengthen supervision, enhance consumer protection and unlock the full potential of SACCOs in supporting Zimbabwe's National Development Strategy 1 and Vision 2030.
The proposed Bill Principles include improved governance and accountability, prudential regulation, consumer protection, digital financial services, financial safety nets, deposit protection mechanisms and the establishment of a dedicated regulatory authority.
The workshop was supported by the World Bank and attended by representatives from Government, SACCOs, development partners and financial sector institutions
Stakeholders Endorse Dedicated SACCO Law to Strengthen Financial Inclusion
The Ministry of Women Affairs, Community, Small and Medium Enterprises Development today convened a Savings and Credit Cooperatives (SACCOs) Bill Principles Validation Workshop in Harare, bringing together key stakeholders to validate proposals for a dedicated legal and regulatory framework for the SACCO sector.
Speaking at the workshop, Permanent Secretary Dr Mavis Sibanda said the event marked a significant milestone in the legislative roadmap towards the development of the SACCOs Bill. She noted that the proposed legislation seeks to strengthen governance, protect members' savings, promote financial sustainability and position SACCOs as key drivers of financial inclusion and economic empowerment.
The workshop validated findings from extensive nationwide consultations and lessons drawn from a study tour to Kenya, whose SACCO regulatory framework is recognised as one of the most successful in Africa.
Stakeholders agreed on the need for a dedicated SACCO law to address regulatory gaps, strengthen supervision, enhance consumer protection and unlock the full potential of SACCOs in supporting Zimbabwe's National Development Strategy 1 and Vision 2030.
The proposed Bill Principles include improved governance and accountability, prudential regulation, consumer protection, digital financial services, financial safety nets, deposit protection mechanisms and the establishment of a dedicated regulatory authority.
The workshop was supported by the World Bank and attended by representatives from Government, SACCOs, development partners and financial sector institutions
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