KIGALI - The Students Financing Agency of Rwanda (SFAR) will recover Rwf1billion by end of April, this was revealed by the agency’s Director of Loan Recovery, Desire Gacinya.

The exercise which was launched May last year, aims at recovering student loans from people who benefited from the government loan facility since 1980.

"We were not expecting to hit the target before the end of the year. However, due to the good collaboration we have with the employers and the hard work from our team, now it is possible,” Gacinya said.

"Although the exercise is going on well, we still face problems with some employers who declare the salaries of the employees who benefited from the government loans but fail to deduct their payments from their salaries. This delays the pace of loan recovery,” he added.

People who are employed and received study loans from government are expected to payback by deducting 8% from their gross salaries every month.

Gacinya also revealed that the Agency is going to embark on sensitizing the population on the benefits of paying of the loans and the criteria of the program.

"We are going to do this through the media and conducting seminars in all government and non-government organisations so that people get to understand what the loan recovery is all about,” he explained.   

Gacinya revealed that in April the exercise will have been in place for a year. According to him, the agency has already recovered Rwf700 Million and they are expecting the number to even double to exceed the target of Rwf1.7 billion to Rwf2 billion by the end of the year.

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