Membership fees set at Rwf10,000 EASTERN PROVINCE NGOMA — Traders in Kibungo Sector Ngoma district last week launched a cooperative society through which they will jointly work together to advance their business interests. The business owners Ihuriro cooperative society, agreed to pay a monthly subscription of Rwf10, 000.Once it accumulates, it is expected the money will act as collateral for each member or the whole society to obtain loans for further investments. Part of the regulations stipulate that a member who decides to quit business due to losses or other unavoidable circumstances is actually free to undertake a withdrawal of his or her savings. Membership remains open for any other trader in other parts of the district. Currently, the society has close to 100 members. However, Vedaste Hitimana, the project initiator who also officiated at the ceremony, said that he has co-opted many traders from other parts of the district especially in the nearby town centres of Remera and Kazo sectors into his co-operative society. Hitimana, who is also the Private Sector Federation (PSF), representative in the district, projected that the number of members may rise to 200 in a period of just one month. Apparently, the district has about 500 registered traders who could join the society by the start of April this year. At the launch, Rwf360, 000 was collected as membership fees for January 2009. An account for the society was also opened in Bank Populaire du Rwanda called Gwiza, which has an annual interest rate of up to 7 percent. Meanwhile, three people were elected as signatories to the account.It was agreed that they would meet every last Thursday of the month to review their transactions. Jean Baptiste Bizimungu, the District Executive Secretary, observed that the formation of this cooperative was a step forward and urged members to interest other traders who have not yet joined to be part of them, as the best way to achieve their goals. Ends
