NORTHERN PROVINCE GICUMBI — The welfare of Gicumbi teachers is expected to improve, after the establishment of a teacher’s savings and credit cooperative in the area.
NORTHERN PROVINCE
GICUMBI — The welfare of Gicumbi teachers is expected to improve, after the establishment of a teacher’s savings and credit cooperative in the area.
Umwalimu Savings and Credit Cooperative, (SACCO) Gicumbi branch, has started extending credit facilities to primary and secondary school teachers.
Steven Muhinda, the bank branch manager, last week said, "Teachers are now able to access loans of different types without any difficulties.”
Muhinda explained that SACCO currently gives out four types of credit facilities to teachers.
They include Development credit facilities to encourage teachers undertake income generating projects such as modern agriculture, exotic livestock farming or construction of residential houses for rent.
The loans are payable in two years at an interest rate of 12 percent.
In addition, teachers are extended with school fees for children, medical and emergency loans, also payable in one year.
The branch manager further said all government teachers are members of SACCO and the minimum contribution from each teacher is 5 percent of one’s salary.
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