WESTERN PROVINCE

KARONGI — Umwalimu Sacco, the teachers’ Credit and Savings Cooperative, has commenced its operations in Karongi District.

With its offices located in the Bwishyura Sector, the branch will serve teachers in both Karongi and Rutsiro districts and some parts of Nyamasheke district within the same Province.

Speaking in an interview with The New Times recently, the branch manager, Richard Mugambage, said that the new branch was opened to draw all teachers together in order to enable them take advantage of the saving’s society services which are tailored for the specific needs of the teaching profession.

"The opening of this branch is timely; it would solve different credit and savings issues that teachers have been facing. It is now perfectly within their rights to access  the services offered by the society,” he said from his office.

He called on area teachers to join the cooperative, saying it was formed in their interests in order to improve their well being.

"It is crucial to remind teachers that this cooperative was formed purposely  to service all their needs,” he said, adding that it is the only micro finance institution to offer loans with the lowest  interest rates compared to others.

"Teachers should know that this bank offers attractive loan packages at very low  interest rates. We charge our members only 12% which is rarely the case within other banks countrywide. Teachers  should utilise this chance,” he said.

Mugambage added that membership is voluntary and a member can borrow up to 5% of the total shares of all the cooperative members. According to Mugambage, the guarantee for those seeking loans is based on a small percentage of every member’s salary.

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