Zigama Credit and Saving Society has reduced interest rate from 15 per cent to 13 per cent for new or existing total loans equal to or below Rwf5 million.

A statement from Zigama CSS management said the decision took effect May 1.

An April 2 General Assembly directed ZIGAMA CSS board to reduce the interest rate on loans to allow borrowers access more credit and improve their lives.

A committee set up by the general assembly to study the modalities came up with a decision to reduce the interest rate by 2 per cent, and increased the repayment period up to six years.

Defence and Military Spokesperson Brig Gen Joseph Nzabamwita said the core objective of ZIGAMA CSS is to improve the welfare of members.

He welcomed the interest rate reduction, saying it was "a good move toward improving the welfare of service personnel.”

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