Zigama Credit and Savings Society’s Friday general assembly saw the members conclude on what they called a ‘successful’ year and projected a 14 per cent growth in 2014The general assembly which was to assess the progress made during this year, noted that the growth trends the bank made this year were impressive in spite of the global external pressures.“We took note of the bank’s current state and drafted a plan for the coming year,” said James Ndahiro, the bank’s Board chairperson.Ndahiro said, after the meeting, that as of end September this year, the bank had grown by 12 per cent compared to the same period last year.He added that many of the society’s members needed housing which was made a priority in next year’s budget which stands at Rwf 62b. In 2012, Zigama Credit and Savings Society posted strong earnings indicated by a net profit of Rwf2.4b. According to its financial report, the cooperative bank’s loan portfolio also grew by 23 percent, resulting to an increase of Rwf59.2 b in 2012 up from Rwf48.3b.In terms of total assets, there was a 19 percent increase from Rwf76 b in 2011 to Rwf90b in 2012.Speaking to the Business Times, army spokesperson, Brigadier General Joseph Nzabamwita said that the bank gave its clients’ welfare and service provision more priority than the profit.“There are more initiatives like insurance for the houses we build for the soldiers that will work to see all the soldiers benefit and work under comfortable conditions,” he said.Zigama CSS was established in 1997 with a mission to improve the welfare of soldiers and their families. In 2011, it received a commercial banking license from the central bank and since then, the cooperative bank accepted membership from Rwanda Police Force and Rwanda Correctional Services.
