Cabinet has approved a new policy to modernise cooperative societies, strengthen governance and expand financial inclusion across Zimbabwe’s cooperative sector.
Briefing the media at the Post Cabinet Briefing held in Harare yesterday, Minister of Information, Publicity and Broadcasting Services Jenfan Muswere said the policy replaces the outdated 2005 Cooperative Policy and introduces a modern framework aimed at strengthening governance.
“Cabinet considered and approved the National Cooperative Societies Development Policy, which reviews the 2005 Cooperative Policy and seeks to transform and rebrand Cooperative Societies by making them catalysts for innovation, industrialisation, empowerment and wealth creation,” Muswere said.
He said the new policy establishes an enabling legal and regulatory environment designed to address long-standing governance weaknesses that have affected some cooperatives in the past.
“The Policy provides an enabling legal regulatory framework that seeks to entrench good governance, financial inclusion, transparency and accountability in the management of cooperative societies, unlike in the past,” Muswere said.
Minister Muswere said the policy aligns the cooperative sector with broader national priorities, including the National Development Strategies, financial inclusion initiatives and emerging technologies.
“The new Policy aligns the Cooperative Societies Sector with National Development Strategies, Financial Inclusion initiatives, Artificial Intelligence and digitalisation,” he said.
Government estimates that more than 10 800 registered cooperative societies will benefit from the policy, covering an estimated membership of about three million people countrywide.
Muswere said the sector remains a critical pillar of inclusive economic growth, particularly in underserved communities.
“Government recognises the contribution of the cooperative sector as a key economic driver,” Muswere said.
He said cooperative societies have played a significant role in housing delivery and financial inclusion over the years.
“Since 2010, cooperative societies have contributed over 210 000 housing units and have been instrumental in serving unbanked communities through Savings and Credit Cooperative Schemes,” Muswere said.
The Minister also highlighted the sector’s contribution to food security and livelihoods, noting its dominant role in kapenta production.
“The cooperative sector actively contributes over 80 percent to national kapenta production, among other economic benefits,” Muswere said.
Muswere said the approval of the policy is expected to strengthen the sustainability and competitiveness of cooperative societies, while improving oversight and performance.
He added that the reforms are aimed at positioning cooperatives as viable vehicles for citizen empowerment and participation in national development.
Implementation of the policy will involve coordination across relevant ministries and stakeholders to ensure that cooperative societies are fully integrated into Zimbabwe’s industrialisation and digital transformation agenda.
