MUSANZE – More than 20 households of Busogo Sector, Musanze District, were all smiles yesterday after receiving loans from a local savings and credit cooperative.

Ihirwe Savings and Credit Cooperative (Sacco), with 1,000 members and based in Busogo, said the purpose of the soft loans was to enable the beneficiaries set up small-scale income generating businesses.

The jubilant residents gathered at Byangabo trading centre to receive the first instalment of the loans, a function that was capped by a get-together party.

"I have decided to get money to pay school fees for my children. I will pay back slowly from my harvests. I have a big farm on which I have grown Irish potatoes,” said Marie Uwimana, one of the beneficiaries.

Each beneficiary got at least Rwf400, 000.

Ihirwe has accumulated over Rwf40m, from over 1,619, members, and acquired a definitive accreditation which allows it to give out loans to members.

The Sacco chairperson, Celestin Bagirabagize, called upon the registered members to acquire the loans and invest in agriculture and business-related ventures.

"This is a good opportunity for everyone to access capital and to undertake income-generating projects. People now understand the importance of saving, it’s a new culture, we hope and believe it will mark the beginning of a long journey towards poverty eradication among our people,” Bagirabagize said.

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