Hon. Mubanga Officiates CareCoop Annual General Meeting
The Minister of Small and Medium Enterprise Development, Hon. Elias Mubanga, MP, officiated at CareCoop’s Annual General Meeting (AGM) held today at the Mulungushi International Conference Centre.
The event underscored CareCoop’s remarkable growth since its inception in 1996 and its ongoing commitment to financial empowerment and economic development.
CareCoop, a trusted financial institution, now serves 7,900 members and employs 22 full-time staff. The cooperative’s affordable loan offerings, with an interest rate of 14%, continue to support individuals and businesses, playing a vital role in Zambia’s socio-economic advancement.
In his address, Hon. Mubanga praised CareCoop’s leadership and urged increased collaboration with the Ministry of Small and Medium Enterprise Development.
He highlighted the significance of unity, resilience, and shared vision in driving cooperative success, ensuring that no one is left behind in the nation’s development journey.
“The government recognizes key challenges affecting cooperative growth, including low capitalization, limited market access, and slow technology adoption. To address these, we are committed to strengthening policy, legal, and institutional frameworks to create a more enabling environment for cooperatives to thrive,” said Hon. Mubanga.
He further commended the CareCoop Board of Directors and management for their professionalism and dedication in running the cooperative successfully. Their adherence to cooperative principles has set a model for other Savings and Credit Cooperatives (SACCOs) across the country.
Hon. Mubanga also called for continuous efforts to enhance the professionalism and public perception of SACCOs, emphasizing their pivotal role in fostering sustainable economic growth in Zambia.
