The potential of our own system Speedy Finances was revealed on World Cooperative Day this year. There should be more than 6 million users and more in the system by 2026. On July 2, 2022, in honor of World Cooperative Day and under the banner of “Cooperative build a better world,” Tanzania Mentors Action officially inaugurated the system integration. Prior to the ceremony, Honorable Hussein Bashe Minister for Agriculture paid a visit to TMA’s booth, where TMA CEO Dr. Nandrie elucidated on the system and explained how it has significantly influenced Tanzania’s cooperative sector’s future, since there was no transparency or accountability in such societies two years ago, particularly SACCOS were unable to close their books of accounts. When TMA decided to offer the system to all societies with a minimum contribution of 200,000tsh per year and no more, Speedy Finances arose from TMA SACCOS throughout time and proved useful for driving the societies effectively. Out of the 660 SACCOS that are currently registered in the nation, the speedy finances system is being used by more than 155.
Because the system is web-based, members have access to loans and shares from anywhere in the world, If they are eligible to join SACCOS using the speedy finances system can enroll members from the diaspora as well.
The integration of speedy finances with mobile money was introduced by The Guest of Honor later in the day. Vodacom, a Tanzanian mobile network service provider, was the organization in charge of organizing speedy financial integration with all mobile networks. Over 20000 citizens attended the launching ceremony in Tabora, where Ms. Happy from Vodacom Tanzania joined TMA. During his speech, TMA CEO DR Paul Nandrie mentioned that one of TMA’s thematic areas is cooperatives, and that TMA is committed to digitalizing cooperative societies and offering mentorship in important areas like human resources, finances, information technology, and governance. To successfully traverse the system, fulfill orders on time, and guarantee that members can still access the products even during challenging periods like the pandemic, he urged the societies to embrace this new transition and to put more effort into developing their computer skills. Saccos using Speedy finances, have access to mobile application that allows them to compute loans, access self-services, and purchase shares using mobile money. The honoree commended TMA and Vodacom for not abandoning cooperatives and urged such ideas to keep building a better society.