The SME Association of Zimbabwe members in a landmark meeting voted overwhelmingly in favour of reviving the SMEAZ Savings and Credit Cooperative Society Limited (SMEAZ SACCOS) in a well-attended virtual meeting. The SMEAZ SACCOS had previously been mothballed in 2018 subsequent to the conversion of US dollar bank balances into ZWL that happened at the time.
Speaking at the meeting, SMEAZ Executive Officer Mr Farai Mutambanengwe narrated how the SACCOS had been forced to shut down in the wake of rampant inflation, which rendered savings that members had accumulated at the time useless. It was also futile to try and create interest rate based instruments at the time. With the re-instatement of the USD and more recently the removal of the 15% surrender on domestic foreign currency deposits, members saw an opportunity to revive the SACCOS on a US dollar basis.
Members will now proceed to do the initial registration, with a view to re-instating structures, processes and systems, before proceeding to launch the SACCOS. It is anticipated that full roll-out will begin in earnest in the first half of 2024.
