Zambia, ACCOSCA, and NASCU Forge Stronger Ties to Revive Cooperative Sector
The Ministry of Small and Medium Enterprise Development has partnered with the African Confederation of Cooperative Savings and Credit Association (ACCOSCA) and the National Association for Savings and Credit Union (NASCU) to strengthen Zambia’s cooperative movement.
The high-level meeting, which brought together representatives from Zambia, Kenya, and Malawi, focused on establishing frameworks for enhanced collaboration in developing Savings and Credit Cooperative Organizations (SACCOs).
Minister of Small and Medium Enterprise Development, Hon. Eng. Elias Mubanga, pledged government support and lauded ACCOSCA for its ongoing technical support and scholarship opportunities that are benefiting both NASCU and the Ministry.
Mr. George Ombado, CEO of ACCOSCA, reaffirmed the organization’s commitment to helping Zambia regain its reputation as a regional leader in cooperative development.
“Zambia has the potential to reclaim its legacy. With strategic support, capacity building, and lessons from across Africa, the SACCO movement can thrive once again,” he said.
Representing NASCU, Vice Chairperson Brig. Gen. Fernanda Hamananga praised the strengthened collaboration, emphasizing NASCU’s role in revitalizing the sector. Despite having over 1,800 SACCOs, only a fraction remain active.
To address this, the Ministry is revising the Cooperatives Act and enhancing NASCU’s institutional capacity.
With coordinated efforts, stakeholders believe the sector could spur job creation, wealth generation, and poverty reduction through more active and resilient SACCOs.
