Zigama Credit and Savings Society (Zigama CSS) has announced a net profit of 13.7 billion for the year 2020 up from 11 Billion recorded in 2019.

The development was announced during the co-operative bank’s bi-annual general assembly convened on Thursday, April 1, at the Rwanda Defence Force headquarters in Kimihurura.

The meeting attracted high-ranked officials including Minister of Defence, Maj Gen Albert Murasira; the Minister of Justice Johnston Busingye; Chief of Defence Staff, Gen Jean-Bosco Kazura; as well as service chiefs and heads of security organs.

During the event, James Ndahiro, the Chairman of Zigama Board of Directors expressed optimism for its development despite the Covid-19 pandemic that affected the country's financial status in general, attributing the move to the guidance of President Paul Kagame, who is also Commander-in-Chief of Rwanda Defence Force for advising the Cooperative to invest in digitalisation and IT earlier on in 2005. 

"All that we registered for the last year as interest was mainly due to the use of IT services. Members were quick to embrace technology and this has helped to positively sustain the Bank. We recommend the guidance received from the Commander-in-Chief who emphasised that we should invest in digitalisation and IT systems, it was the best way to go and we realised that especially during the COVID-19 pandemic” said Ndahiro.

According to the officials, Zigama CSS continues to expand the use of IT services such as mobile money, mobile application, ATM, USSD, SMS message to facilitate its members for different transactions.

Zigama—which predominantly caters for members of the Rwanda Defence Force, Rwanda Correctional Service, Rwanda National Police, and Rwanda Investigation Bureau (RIB)—has more than 90,000 members.

Consequently, the bank has a target of raising its asset value or capital to $1 billion in the next five years (2019-2023) from the current $280 million.