The newly signed cooperatives memorandum of understanding (MoU) is expected to enhance transparency within Eswatini’s cooperatives movement.
Commissioner of Cooperatives Russell Nxumalo said the MoU would allow for closer, hands-on inspection of cooperatives. It was signed by Minister of Commerce, Industry and Trade Manqoba Khumalo and Southern African Programme Director Veit Gesenhues.
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Nxumalo explained that much of the MoU focuses on digitalisation, which will provide real-time data on the performance of cooperatives. He added that the agreement will also boost the department’s technical expertise, with one of the priorities being to help the Eswatini Cooperative Development College (ECODEC) qualify as a regional centre of excellence.
“We have embarked on a journey to create a real-time database for cooperatives that will help monitor the movement of savings and shareholders’ money. This will allow for monthly reports accessible to members, since they are shareholders.
Cooperatives are built on the principle of transparency, and we are striving to strengthen that through digitalisation. For instance, if members asked about what is happening at Saphumula, we would be able to produce records immediately instead of waiting for quarterly updates,” Nxumalo said.
Meanwhile, Eswatini Multipurpose Cooperatives Union (ESWAMCU) Board Chairperson and National Cooperative Federation of Eswatini (NCFE) leader Thami Phakathi echoed Nxumalo’s sentiments.
Phakathi welcomed the partnership between government and DGRV, describing it as a major step towards uplifting the sustainability of cooperatives. He stressed that digitalisation is key in this era, as it will align cooperative operations with modern tools for monitoring, evaluation and growth.
“This is an era that is very good for the country, for multiple cooperatives, and for the entire cooperatives movement in Eswatini. The partnership will take us to another level in terms of digital operations, and we are very excited,” Phakathi said.
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