Tumaini SACCOS is a member based financial institution registered under COOPERATIVE SOCIETY ACT, with the main objective of giving loans to members in accordance to Loan Policy. Tumaini SACCOS is based in Arusha.
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 950 in 2019. In the same period, members’ savings has grown from Tsh 2 million to Tsh. 8.1 billion, assets grown to Tsh. 8.95 billion and outstanding loan portfolio grown to Tsh. 6.4 billion. The membership of the SACCO 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.