By Delisa Magagula
Non-financial cooperatives in Eswatini grew from E58.9 million in 2014 to E317.9 million in 2021.
Deputy Commissioner for Cooperative Development, Bongani Maziya, has revealed that non-financial cooperatives recorded a remarkable E259 million growth in turnover between 2014 and 2021.
The data was presented during a workshop convened to discuss the establishment of a Cooperatives Bank, highlighting the sector’s strong financial turnaround and renewed stability.
According to Maziya, cooperatives began the period with a combined turnover of E58.9 million between 2014 and 2016, before declining to E45 million.
The sector reached its lowest performance in 2017, recording only E17.9 million in turnover the most challenging year in the reviewed period.
From 2018 to 2020, the movement showed signs of recovery, climbing from E57 million to E96.4 million. In 2021, cooperatives experienced an exceptional boom, with turnover rising to E317.9 million, the highest figure ever recorded for non-financial cooperatives.
Maziya said this surge demonstrates improved management capacity, better financial discipline, and strengthened business operations across multiple cooperative sectors.
The data also showed changes in cooperatives’ reserve holdings. Between 2014 and 2015, reserves stood at E3.1 million and E3.6 million, before falling sharply to E879,000 in 2016 as cooperatives drew from savings to sustain operations during the downturn.
“From 2017 to 2020, reserves stabilised between E1 million and E2.8 million, indicating a cautious approach to rebuilding. In 2021, however, reserves surged to E97.2 million, signalling a strong financial recovery and improved saving practices,” said Maziya.
In addition, Maziya said, member shares also showed a strong recovery trend. Between 2014 and 2015, the cooperatives registered steady growth, increasing from E5.2 million to E5.8 million. In 2016, shares dropped to E3.5 million, reflecting a loss of confidence among members.
According to his presentation from 2017 to 2020, membership and contributions rebounded steadily, reaching E8.8 million, before peaking at E10.011 million in 2021. Maziya said the upward movement in member shares signals restored faith in the cooperative movement and increased member participation.
Grants and donations also played a vital role in keeping cooperatives afloat during turbulent years. From 2014 to 2015, external funding was stable at E1.5 million and E2.8 million, but in 2016, it spiked dramatically to E79.4 million, followed by E62.1 million in 2017.
“These injections helped stabilise operations and prevent widespread collapse during the crisis period. Between 2018 and 2020, grants declined to E2.3 million as cooperatives regained independence. However, 2021 saw a record high of E97.4 million, coinciding with the year’s exceptional turnover growth,” said Maziya.
Maziya said this strong external support reflected confidence from donors and development partners who recognised the sector’s growing potential.
The Deputy Commissioner emphasised that the robust financial performance of non-financial cooperatives positions the sector for the successful establishment of a Cooperatives Bank.
“The figures confirm a sector that has overcome financial turbulence and is now ready to consolidate its resources for sustainable development. A dedicated Cooperatives Bank would provide liquidity, strengthen governance, and increase access to affordable financing for cooperative members,” he said.
He added that such an institution would enhance financial inclusion, particularly for rural cooperatives, and contribute to national economic growth.
The workshop, attended by representatives from cooperative societies, financial experts, and government officials, concluded that consistent data monitoring and strong management systems are essential to sustain growth.
Maziya commended the sector’s resilience and encouraged continued collaboration among cooperatives, regulators, and financial stakeholders.
He said the remarkable figures demonstrate the capacity of Eswatini’s cooperative movement to evolve into a stable, growth-driven sector contributing meaningfully to the national economy.
From a low of E17.9 million in 2017 to a peak of E317.9 million in 2021, non-financial cooperatives have demonstrated that financial discipline, member commitment, and strategic support can transform a struggling sector into a thriving one.
