Zigama Credit and Savings Society (Zigama CSS) has recorded a profit of over Rwf10 billion for the year 2019.
The financial institution said this during its General Assembly held on Friday at the Ministry of Defence in Kigali, which aimed at among other things, reviewing the progress made, challenges available, as well as plans for the coming year 2020.
Zigama CSS is a financial cooperative mainly catering for six security institutions including the Rwanda Defence Force (RDF), Rwanda National Police (RNP), Rwanda Investigation Bureau (RIB), Rwanda Forensic Laboratory (RFL), National Intelligence and Security Service (NISS) and Rwanda Correctional Services (RCS).
In an interview with members of the media, Dr. Daniel Ufitikirezi, a Board member said that the bank has recorded over Rwf10 billion in profits at the end of this year and that profits have been growing at about 20% since 2017.
In 2017, the bank recorded Rwf8 billion in profits, while last year it hit Rwf9 billion.
Zigama CSS 's new CEO Colonel Emile Nkundimana speaks to media after the General Assembly. / Sam Ngendahimana
For 2020, Ufitikirezi said the bank targets to have RWF 12 billion profits, and that will add to the bank capacity to give the members loans in a way that is sufficient.
Speaking to journalists, Dr James Ndahiro, the chairman board of directors, Zigama CSS said that next year, the bank is looking at making investments in technologies for better service delivery and strengthening their IT infrastructure to safeguard the bank against cyber attacks.
"We are putting services online so that members will get what they want without having to interact with a bank employee or spending transport to come to one of our branches,” he said.
"We want our workers to be trained more in technology. We have seen that this sector is changing face, so to continue giving good services to our members; the workers need to be trained. We will also invest in buying equipment related to technology, as we look to enhance the safety of our members’ money,” he added.
Ndahiro also hinted at the bank’s plans to help its young members to acquire houses.
"Working together with other government institutions, we will try to help our young members to get houses. We will give priority to those who are trying to get a house for the first time.”
Ndahiro said he does not know how many houses the program will provide, since it will depend on the need that is expressed by the members.
According to Ufitikirezi, the bank has a capital of over RWF 300 billion and it has given out loans to the tune of over RWF 200 billion, and the deposit of the members is currently over RWF 200 billion.
Meanwhile, during the General Assembly, the bank's new CEO, Colonel Emile Nkundimana was introduced to the members. Nkundimana replaces Maj. Gen. Emmanuel Bayingana, who was recently appointed as the Chief of Staff of Airforce in Rwanda Defence Force.
Dr James Ndahiro, the chairman board of directors addresses media. / Sam Ngendahimana