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THE IMPACT OF SAVINGS AND CREDIT COOPERATIVES (SACCOS) ON SUSTAINABLE LIVELIHOODS IN RURAL COMMUNITIES
Abstract
This study sought to assess the impact of savings and credit cooperatives (SACCOs) on rural sustainable livelihoods using the case of Nekatambe Ward 13 in Hwange district of Matabeleland North province in Zimbabwe. The study adopted a qualitative approach and a descriptive research design which were consistent with the research problem. Using convenience and purposive sampling, local leaders, nongovernmental organisation (NGO) officials and members of the existing SACCOs were selected as respondents. The major findings were that SACCOs played a significant role in sustaining rural livelihoods particularly through enabling members to fend for themselves and their families. In addition, NGOs helped cooperatives through capacitating members with knowledge and technical skills and that SACCOs impacted positively on sustaining rural livelihoods. However, quite a number of challenges are associated with SACCOs in their bit to sustain rural livelihoods; with the major ones being failure to recover loans, competition from more established cooperatives, lack of start-up capital, poor financial and managerial skills and the general national economic meltdown. From the study findings, the researchers concluded that, despite the challenges associated with SACCOs, their existence under members’ resilience, has generally improved the lives of people in rural communities to generate employment, boost food production, send their children to school and empower the marginalized among other positive developments. Accordingly, the researchers recommend that SACCOs should diversify their operations and invest in fixed assets in order to curtail challenges and make lucrative benefits that can sustain their families and communities. On the other hand, the government and other concerned stakeholders should support SACCOs in order to alleviate the possible challenges that cripple them in their bid to promote rural livelihood sustainability.
Keywords
savings, credit, cooperative, sustainability, rural livelihood, communities, societies, poverty