Register VICOBA with govt for professional assistance


VILLAGE Community Banks (VICOBA), whichever way one may look at it has proved a success in boosting and raising incomes among different community members in the country in the past years.

This is evident among various groups scattered across the country which are benefiting from it especially the womenfolk and other groups of people with low incomes.

In a nutshell, the kind of merry-go-round or small financial institution effective see into it that finances are in mobilized strategically to the members, who are in the group, many of them remitting their contributions to the scheme because of trust and honesty, which are also the prerequisites for one to be a member.

In the process, a member is entitled to a soft loan with little interest or no mortgage, so that the burden of paying back does not weigh down the member, and if possible the member manage to settle basic things in life.

For that matter, several banks like Twiga Bancorp have dedicated their efforts to support them including trainings their members on how to organize, run business and spot markets for their products. The list may be long.

However, the cornerstone thing here is that they ought to be registered just like the government has pointed out to enable it monitor and check unscrupulous schemes which may be tied to some of them.

Money generally not only makes people change hands, but also behaviour. The directive by the Minister for Finance and Planning, Dr Philip Mpango recently while launching VICOBA Day in the country in line with commemoration of World Against Poverty on 17th October, should be commended for it would enable the State to know the operations of the VICOBA and how they benefit the individuals.

Professionally looking at it, it would help the government to determine the level of individual(s) income in addressing poverty in the country, besides other paradigm one may not be necessarily seeing but hidden behind the curtain.

Equally, that has come at a time the World Economic report points that Tanzania is behind in poverty level where 28 people out of its 100 citizens are experiencing poverty and are unable to access their basic needs.

It is a good move to encourage the growth of the VICOBA for it creates also job opportunities to the youth and its penetrations to the remote areas where banks have not pitched tents.

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