Enock Stanley Ugulumu
Contributions of savings and small loans made in Iringa Hope Joint SACCOs towards improving household welfare in Iringa region in Tanzania
This study evaluates the small loans and regular savings deposits by members of Iringa Hope Joint SACCOs (IHJS) towards improving household welfare in Iringa region in Tanzania. Primary data were collected using a questionnaire from 170 SACCO members. The sample was chosen from each SACCO using a simple random sampling technique. The analysis was performed using Statistical Package for Social Science (SPSS ver. 20, IBM, USA). The results revealed that Iringa Hope Joint SACCOs household welfare in Iringa region is improving due to increased household income, decision making, and capacity building that influences regular savings deposits by members. Furthermore, the study also revealed that employment has been increasing due to SACCOs’ financial access and it becomes sustainable as income increases. Therefore, IHJS should consider offering financial services at low interest rates to enable poorer smallholder farmers and small businesses to access finance. It should continue supporting the SACCOs' members with training to enable them to improve governance and performance of financial services.