The Tanzania Electric Supply Company Savings and Credit Cooperative Society (TANESCO SACCOS) has disbursed more than TZS 27.2 billion in loans to its members within one year, helping thousands of workers improve their lives and build stronger futures.
Speaking at the 57th Annual General Meeting, Board Chairman Omari Shaaban said a total of 4,031 members received loans between January and August 2025.
He explained that the funds were provided under strict lending procedures to ensure members borrow responsibly and are able to repay.
“These loans are changing lives. They have enabled our members to educate their children, build houses, start small businesses and respond to emergencies. We make sure every loan is supported by proper assessment, trusted guarantors, and clear repayment terms,” he said.
Mr. Shaaban also announced that the society’s capital had grown by 75 percent, rising from TZS 4.09 billion in 2023 to TZS 7.14 billion in 2024.
Members’ shares increased by five percent to TZS 11.18 billion, while savings rose from TZS 44.7 billion to TZS 46.9 billion during the same period. On top of that, members earned dividends amounting to TZS 907 million.
Representing TANESCO’s Managing Director, Deputy Managing Director for Generation, Mr. Antony Mbushi, said the cooperative is a source of pride for the company because it demonstrates how workers can unite to achieve financial security.
He urged the leadership to continue extending its social responsibility, not only to hospitals but also to other areas where people face challenges.
Delegates at the meeting shared how the cooperative has transformed their lives. “This SACCOS has been a lifeline. It has given me access to loans that I never thought possible, and today I can manage my family needs with confidence,” said Wilson Kingu from Kahama, Shinyanga.
From Morogoro, member Neema Francis encouraged more employees to join. “Through this cooperative, I have been able to take important steps forward in my personal life. I urge my colleagues not to miss this opportunity,” she said.
Looking ahead, TANESCO SACCOS plans to build its own headquarters on a plot at Kijitonyama, Dar es Salaam.
The project is expected to begin in January 2026, with members contributing through a building share account and dedicated savings scheme.
With its steady growth and commitment to members, TANESCO SACCOS continues to prove that savings and credit cooperatives can be powerful tools for economic empowerment.