Teachers get access to more loans

The Teachers’ Savings and Credit Cooperative, Umwalimu Sacco, has revised upwards its budget for this year, a development that will see Rwf19 billion distributed to its members in loan facilities from the earlier budgeted Rwf 13 billion.The cooperative`s board chairman, Jean Marie Vianney Nzagahimana, said that revising the budget was premised on the need for loans by the cooperative members.“Our records indicate that from January to June, we had already given out Rwf 10 billion and when you compare the loan applications we have and the period remaining to end of year, it called for more funds,” said Nzagahimana.He was speaking during the cooperative`s general assembly that attracted teachers representatives across the country. The Sacco`s Credit Manager, Jean Usabyimana, said that about 60,000 loans have been given out and that the target is 120,000 loans for this year. The loans range from salary advances to mortgage facilities.He explained that in addition to government financial support that will see the cooperative raise Rwf 5 billion from the national budget, the cooperative is doing well in terms of profits.Last year, Umwaliu Sacco made a net profit of Rwf 700 million, while this year, it is targeting Rwf1 billion. During the general assembly it was also announced that the Sacco will soon open ten more branches in the districts of Ruhango, Burera, Nyabihu, Gakenke and Rulindo.Other branches will open in Nyaruguru, Gisagara, Kamonyi, Nyarugenge and Kicukiro districts. Speaking to some teachers, they said the cooperative has played a significant role in improving their lives. “I have been a teacher for the last 25 years, but it was last year that I managed to build myself a house from the loan that I got from Umwalimu Sacco,” said Beatrice Nyiraguhirwa, a teacher at Centre Scolaire Gashangiro 1 in Musanze District, Northern Province.She said other teachers have also managed to come up with various income generating activities to supplement their salaries.Started in 2008, Umwalimu Sacco was giving teachers access to loans of up to Rwf 3 million but owing to its continued growth, this ceiling has been lifted to Rwf15 million.

National

Teachers get access to more loans