RCA rewards Kigali's top performing coops

Six co-operatives operating in the City of Kigali have been rewarded by the Rwanda Co-operative Agency (RCA) for their impressive performance in the last financial year. They include three Saccos and three non-financial co-operatives, and received a certificate and Rwf100,000 each. They are Gasabo District’s Sacco Rutunga, which scored 80 per cent to emerge top among the financial co-operatives category. Mageragere, from Nyarugenege District, was the second with 76 per cent, while Kicukiro District’s Nyarugunga Sacco was third with 60 per cent. Maize and soya bean grower Co-operative des Multiplicateurs de Semences Selectionnes (COMSS) was the best among non-financial co-operatives, scoring 74 per cent, followed by furniture-makers Co-operative des Menuiseries des joyeux de Gakinjiro (COMEJOGA), from Nyarugenge District with 71 per cent, while Gasabo’s Association pour la promotiondes jeunes et le Developement au Rwanda (AJDR) came third. The six beat 853 other co-operatives to the prizes, said Damien Mugabo, the director general of the Rwanda Co-operative Agency. Mugabo said the co-operatives were judged on prudent economic management, transparency in approving loans, planning, as well as profitability of the co-operative and proper co-ordination of activities. Speaking during the awards ceremony at city hall on Thursday, Fidele Ndayisaba, the City of Kigali mayor, pledged the city authority’s continued support to co-operatives, saying the latter play a big role in development of the country. “Saccos promote financial inclusion, so they should be supported to deliver on their mission,” he said.He advised Saccos to always evaluate projects submitted for funding to ensure that only deserving ones are supported. “Lend to borrowers who have viable projects and ensure they repay the loans in time,” Ndayisaba said. He warned corrupt officials, saying anyone caught red-handed would be dealt with severely. Rutunga Sacco’s board chairman Anastase Gatete attributed the group’s performance to innovations employed in debt recovery. He said they disbursed Rwf197 million in loans, of which 92 per cent was recovered. “We give out loans in a transparent manner and depending on the viability of the applicant’s project,” he added, noting that the coop’s loan committee and employees observe good governance. The Sacco has now won such prizes three times since 2011. “In 2012, we won at the national level, where we received Rwf500,000 prize money,” he said. COMSS president John Gahozaho said the co-operative observes best financial practices and work ethic. He said because of their dedication, Rwanda Agriculture Board gave them 100 hectares of land to grow maize and soya bean. “We are now constructing two warehouses with the capacity to store 500 tonnes of produce, and house a conference hall, he added. The co-operative started in 2008 with a Rwf1.4 million working capital and 278 members, each of whom contributed Rwf5,000. It was registered in 2012. business@newtimes.co.rw

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RCA rewards Kigali's top performing coops