As this week the world marks the International Teacher’s Day celebrated on 05 October, it is important to recognize some of the teacher’s development initiatives changing their lives, including Umwalimu SACCO.

Umwalimu Savings and Credit Cooperative in full words, is one of the initiatives of the Government of Rwanda to enhance teachers’ socio-economic standards of living. 

Since its establishment in 2006 and obtaining license to operate as a financial institution in 2008, SACCO has proved to significantly scale up its members’ standards of living.

The teachers’ SACCO has a variety of savings and loan products, all aimed at improving the well-being of members, especially teachers, through loans they are given and encouraging them to save.

It provides teachers with access to finance through giving them loans to enable them set up small income generating projects to supplement their income.

This is done by members committing to save 5 percent of their salary every month and get access to a variety of loans aiming at addressing various issues of members. Umwalimu SACCO currently has about 11 different types of loans, and everyone chooses which one to take depending on what they plan to use them for. The interest rate of the loan also depends on the type of loan the member has taken, most of which are obtained with an interest rate of 11 per cent for public teachers and 14 per cent for private teachers: