BY TANDZILE DLAMINI
MBABANE – Savings and Credit Cooperatives, SACCOs, have been urged to urgently adopt digital systems, enhance cyber security, and modernise service delivery to remain competitive and protect member funds.
The call came at the official opening of the 7th SACCO Indaba on April 21, 2026 at Esibayeni Lodge, Esangweni Conference Centre, where Wonderboy Khumalo said digital transformation is no longer optional in a rapidly evolving financial environment.
Delivering opening remarks on behalf of the Eswatini Association of Savings and Credit Cooperatives Board, Khumalo told delegates that SACCOs must innovate and adopt secure technologies to improve efficiency and remain relevant, while ensuring systems are backed by strong regulatory compliance and risk management frameworks.
“We are living in a rapidly evolving financial environment, where digital transformation is no longer optional,” he said. “SACCOs must innovate, adopt secure technology, and modernise service delivery to remain relevant and competitive.”
The two day Indaba, held under the theme Empowering Members Through Savings and Cooperative Solidarity for Inclusive and Sustainable Growth, has brought together SACCO leaders, regulators, policymakers, and stakeholders to deliberate on the future of the sector.
Khumalo warned that while innovation is necessary, it must be accompanied by robust cyber security systems to safeguard members and institutions against emerging risks.
“However, this innovation must be guided by regulatory compliance, risk management, and robust cyber security systems to protect members and institutions alike,” he said.
He further stressed that the sustainability of SACCOs depends on strong governance, professionalism, and accountability, noting that member confidence is built through transparency and prudent decision making.
The Indaba is also tackling key issues including governance, regulatory compliance, digital innovation, and member empowerment, with participants expected to develop practical solutions that can be implemented across SACCOs.
Khumalo described the gathering as a strategic platform for shaping the future of member owned financial institutions, rather than a routine conference.
“This is not only a conference, it is a strategic forum aimed at safeguarding the future of member owned financial institutions,” he said.
The event has drawn support from government, regulators, and development partners, reflecting the growing role of SACCOs in advancing financial inclusion, supporting livelihoods, and contributing to national development.
Khumalo called on delegates to actively participate in discussions and ensure that outcomes from the Indaba translate into tangible improvements within their respective SACCOs.
The 7th SACCO Indaba continues on April 22, with sessions focused on strengthening the sector and positioning SACCOs for long term sustainability in an increasingly digital financial landscape.
