Kitunda Sacco was established in 2002 as a Co-operative Society under the Co-operative Societies Act No. 15 of 1991. The Sacco was established with the aim of improving the standard of living of its members socially and economically in order to eradicate poverty among them.
Case study Kitunda SACCO
This is done through mobilization of funds from the community (members) and by giving out small loans to enable poor people to carry out different small business and development projects.
Kitunda SACCO has its head office situated adjacent to the Kitunda ward office, which is located in the "Kitunda shule" area, in Ilala Municipality in Dar es Salaam.
Kitunda SACCO has demonstrated to be an ideal partner for Oikocredit. Kitunda had borrowed Tzs 100 million in 2008 for a one year period, to be paid in four equal installments. The partner has never failed to honor its obligations. In 2010, the partner received a second loan of Tzs 600 million for a period of four years.
Kitunda SACCO has continued to show a positive growth since the loan was approved in 2010. In the financial year ending 2011, the SACCO achieved the following successes:
- Loan portfolio has grown from Tzs 1.10 billion in 2011 to Tzs 1.17 billion in 2012.
- Revenue increased from Tzs 275 million in 2011 to Tzs 277 million in 2012.
- Number of borrowing members has increased from 5000 in 2011 to 9267 in 2012
Currently, the SACCO has 2 branches which offer quality services to its members. These are Moshibar and Chanika branch. The Moshibar branch has grown at a very high speed, registering about 800 members by the end of 2012.
The second branch, Chanika branch, is located in the Chanika area, about 45 km from Kitunda. It was established June 2009, and so far has registered about 350 members as at December 2012.