NYAGATARE - Residents of Karangazi Sector in Nyagatare District have raised Rwf 10.57 million towards the construction of offices for the savings and credit cooperative (Umurenge Sacco) in the area.

Local residents collected Rwf 2.57 million while Rwf 8 million came from an association of Karangazi residents living in Kigali.

The construction of Karangazi Sacco headquarters will cost over Rwf 24 million while Rwf 18 million is needed to set up another branch at Rwabiharamba.

In an interview with The New Times, scores of residents said that they came up with the idea of constructing their own offices to avoid expenses related to renting premises.

"We were not happy with the way part of our money went into renting offices. Over Rwf 70,000 was spent on rent every month.,” said a resident.

William Mutsinzi, the president of Karangazi Sacco, said that they intend to construct at least three more branches.

"Some residents spend too much in transport going to deposit and withdraw their money due to the size of the sector. We want to open up branches in Musenyi, Nyamirama and Rwabiharamba,” he disclosed.

"We want the first two buildings to be complete by February next year,” said Mutsinzi.

Currently, the Karangazi Sacco has a working capital of Rwf 94 million with over Rwf 50 million already offered to members in loans

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