COPEDU seeks to become a Microfinance institution

Members of COPEDU Duterimbere, a saving and credit cooperative, resolved to turn the institution into a microfinance institution aimed at widening its operations and increase lending to members. Following the decision, which was arrived at late last month during the General Assembly, members have been given three months to decide on whether to buy shares in the institution or withdraw their contributions.Uwamaria Caritas, the Marketing Manager said the cooperative has grown from 528 members in 1997 to over 21,000 members this year.“We want to lend more but the law doesn’t allow us to lend out more than Rwf10 million as a cooperative,” she said.She added that the move would help the institution facilitate its clients, mostly traders who need much money to import and export, through increased access. According to Kavugizo Kevin, the Director of Microfinance in the Central Bank, one of the requirements to become MFI is having a minimum capital of Rwf300 million. “We have had of their decision and we have requested them to bring a few things. When they meet the requirements, I believe there will be no objection,” Kevin noted.Uwamaria said the cooperative has Rwf4 billion capital.Uwimana Bridge, a member of COPEDU is optimistic that the change will increase members’ income.“When we become a financial institution, our bank will get more clients and receive more money for investment. It’s really good for us,” she said.

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COPEDU seeks to become a Microfinance institution