“Strong cooperative organizations that can provide financial facilities at low interest rates are essential to strengthening the rural economy and promoting self-employment. Cooperative societies should serve as an alternative to microfinance institutions that place an economic burden on the people, and should instead function as strong, people-centred institutions that prioritize the welfare and economic well-being of communities,” said the Hon. Governor of the Northern Province, N. Vethanayahan.
The centenary celebration of the Tholpuram Moolai United Mutual Aid Society, marking 100 years from 1926 to 2026, was held this morning – on Sunday (06 September 2026) at the Sivamalar Hall of Jaffna Moolai Saiva Vidyalayam.
The Hon. Governor of the Northern Province, N. Vethanayahan, who attended the event as the Chief Guest, made the above remarks while highlighting the future role and importance of the cooperative sector.
In his speech, the Governor stated that the cooperative sector is an important sector directly linked to the country’s economic development. He noted that cooperative societies had played a significant role in the Northern Province for many years by purchasing agricultural produce from rural farmers, assisting them in marketing their products, and supporting the economic activities and livelihoods of local communities.
However, the Governor noted that the activities of the cooperative sector have declined over time due to various reasons and stated that efforts are currently underway to restore the sector to a strong and vibrant position. He further stated that the government’s objective is to transform cooperative societies into institutions directly engaged in production and to develop them into strong drivers of economic activity and empowerment for the people in the future.
The Governor highlighted the important role of cooperative societies in providing accessible credit facilities at low interest rates, particularly for self-employed individuals and low-income communities in rural areas.
He pointed out that many rural people face difficulties when seeking bank loans due to requirements such as extensive documentation and guarantors. In contrast, cooperative societies provide an opportunity for people to access financial assistance through simpler procedures and at relatively low interest rates, he said. The Governor emphasized that strengthening such services would help support self-employment, livelihoods and the economic empowerment of rural communities.
Meanwhile, the Governor noted that complaints have been received regarding certain microfinance institutions allegedly engaging in practices that place an economic burden on the people. He stressed the need to pay particular attention to whether such institutions are operating without the necessary approvals or in violation of relevant regulations.
The Governor emphasized the need to strengthen cooperative societies as viable alternative institutions capable of safeguarding the economic welfare of the people. He said that strengthening such institutions would further support rural livelihoods, promote self employment and create greater opportunities for rural communities to improve their economic well being.
The Governor stated that the completion of 100 years by the Tholpuram Moolai United Mutual Aid Society stands as a testament to its long standing commitment to public service and its dedication to the welfare of the people. He noted that the society’s services over the years continue to be valued and appreciated by the community.
He particularly highlighted the financial assistance and microcredit facilities provided by the society to its members, noting that these services have made a valuable contribution to supporting rural communities and strengthening their livelihoods.
The Governor stated that strong leadership, responsible management and a dedicated service oriented approach towards members are key factors that enable an organization to sustain its activities for more than a century. He commended both the past and present leadership and management of the society for their contribution to its continued success and longevity.
The event was attended by a large gathering of well wishers, members and representatives of the community, who joined in celebrating the society’s centenary. A special Centenary Souvenir was also unveiled on the occasion.
