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Influence of Savings and Credit Co-operative Societies in Enhancing Debt Management Literacy among Members in Moshi Municipality, Tanzania

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  • Jackson Paschal
  • Nyanjige Mayala
  • Amembah A. Lamu Amos

Abstract

The study explored how Savings and Credit Cooperative Societies (SACCOs) enhance debt management literacy among members in Moshi Municipality, guided by Financial Socialization Theory. Using a convergent design under a mixed methods approach, the target population included nine SACCOs, 13,053 clients, and 20 employees. A sample of 3 SACCOs, 100 customers, and 5 managers was selected through simple random, stratified random, and purposive sampling techniques. Data were collected via questionnaires for customers and interviews for staff members. Validity was ensured by presenting the instruments to research experts, and a pilot test involving 35 participants assessed reliability, with Cronbach's alpha calculated at 0.95, indicating high reliability. The findings revealed that SACCO members generally acknowledge the organizations' role in promoting debt management skills. However, perspectives varied on the effectiveness of the training provided. The study recommended that SACCOs empower members to manage their cash flow better, offering practical knowledge and skills for debt and cash flow management. In conclusion, it emphasized the importance of SACCOs in equipping members with the necessary tools to improve their financial literacy and debt management capabilities.

Suggested Citation

  • Jackson Paschal & Nyanjige Mayala & Amembah A. Lamu Amos, 2024. "Influence of Savings and Credit Co-operative Societies in Enhancing Debt Management Literacy among Members in Moshi Municipality, Tanzania," Business Management and Strategy, Macrothink Institute, vol. 15(2), pages 260-282, December.
    • Handle: RePEc:mth:bmsmti:v:15:y:2024:i:2:p:260-282
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    References listed on IDEAS

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    1. Mara Ferreri & Lorenzo Vidal, 2022. "Public-cooperative policy mechanisms for housing commons," International Journal of Housing Policy, Taylor & Francis Journals, vol. 22(2), pages 149-173, April.
    2. Léon, Florian & Zins, Alexandra, 2020. "Regional foreign banks and financial inclusion: Evidence from Africa," Economic Modelling, Elsevier, vol. 84(C), pages 102-116.
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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