MADISON, Wis. — South Africa recently passed the Cooperatives Banks Act, the first financial cooperative-specific legislation in English-speaking Africa.
Musa Mbingo, general manager of the Savings and Credit Co-operative League of South Africa (SACCOL), said he sees the formal recognition of financial cooperatives as a way to deepen and strengthen outreach to South Africa's poor.
"In terms of poverty, South Africa's numbers are very high," Mbingo said. "There are many unbanked people who can't enter the mainstream banking system. [The legislation] is a big step."
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