Tumaini Saccos Limited: Address and Details

Tumaini Saccos Limited

The Tumaini Savings and Credit Co-operative Society Limited was registered on 30th October 1990 and vide a certificate of registration number AR 201 with the objective of providing a mechanism for World Vision Tanzania (WVT) employees to save and borrow at low cost in order to meet the employees’ socio-economic needs. Tumaini SACCO Ltd Membership has grown from 20 People in 1990 to 1002 in 2021. In the same period, members’ savings has grown from Tsh 2 million to Tsh. 8.7 billion, assets grown to Tsh. 9.8 billion and outstanding loan portfolio grown to Tsh. 8.2 billion. The membership of the SACCOS is open to all employees of the World Vision Tanzania, Vision Fund Tanzania, Tumaini SACCOS Ltd; and Ex members of World vision Tanzania, Vision Fund Tanzania and Tumaini SACCOS Ltd and Spouse and adult children.
Tumaini SACCOS Ltd derives its mandate from the Microfinance Act, 2018 and the Co-operative Societies Act No. 6 of 2013 and its pertinent Regulations; Co-operative Societies Regulation, 2015 and Savings and Credit Co-operative Societies (SACCOS) Regulation, 2014 and the Society’s By-laws as amended in 2018 as given by Section 53 of the aforesaid act above. Management of the SACCOS are vested in the Board as provided for in Section 68 and Third Schedule of the Co-operative Societies Act, 2013, Regulation 51(q) of the Co-operative Societies Regulation, 2015 and Regulation 41 of the SACCOS, 2014.

Likewise, Regulations 47 and 48 of the SACCOS, 2014 provide for a Supervisory Committee (SC) to oversee operations undertaken by the Board, both Board and Supervisory Committee report to the Annual General Meeting (AGM). For effective and efficiency carrying out its duties and responsibilities, the Board works into various Committees (those mentioned in the act and own internally established as per Regulation 42 (dd) of the SACCOS, 2014). In fulfilling the day to day operations, the Board has employed number of staff members including the General Manager, Senior Accountant, Accountant, Credit Officer and IT Officer. In course of implementing this strategic plan more staff members will come such as Assistant Accountant, and Senior Credit officer.
Key activities of the SACCOS are:
· Mobilizing members from a pool of employees of WV, VFT, Tumaini SACCOS Ltd ; ex staff from aforesaid institutions, Spouse and Children.

· Sensitize members to buy more shares and make savings in order to strengthen the liquidity position of the Society;

· Providing loans to members to meet their various socio-economic needs including Settlement, Business and Karibu loans.

· Designing other products and services to address financial needs of members – including voluntary deposits, insurance, voluntary shares,

· Overseeing and management of the institutional funds in order to create value to members of the SACCOS; etc

The future of Tumaini SACCOS Ltd is vested into the vision of becoming; the leading SACCOS in Tanzania in improving economic welfare of its Members. The same can be realized through the SACCOS Mission of providing competitive and Member’s demand driven financial services. Likewise Tumaini SACCOS Ltd put forth the following core values for easy of realization of the envisioned vision and mission; teamwork, accountability, customer centric, transparency, professionalism, integrity and commitment.

MISSION, VISION AND CORE VALUES
Vision
Our vision is to be “The Leading SACCOS in Tanzania in Improving Economic Welfare of its Members”.
Mission
Our mission is “To Provide Competitive and Member’s Demand Driven Financial Services”

CONTACTS:
Tumaini Saccos LTD, Arusha – Tanzania
+255 762 316 819
Tumaini_Saccos@wvi.org