Teachers set for mortgages

Umwalimu Sacco, the teacher`s credit and savings cooperative, will, by next year, be in position to build houses for teachers on a loan scheme to be serviced in a period of ten years, an official has announced. Addressing the media at the Umwalimu Sacco annual general assembly, the cooperative chairman, board of directors, Jean Marie Vianney Nzagahimana, said that the houses to be built will depend on one’s ability to repay the loan, based on the salary.  “To make sure that even a teacher earning the least benefits from the scheme we have categorised the houses into three classes of Rwf3 million, Rwf6 million and 10 million,” Nzagahimana said.

Monday, October 31, 2011
Theogene Batumika, Inspector of Education, Bwira Sector in Ngororero District, speaking during the cooperativeu2019s general assembly. The New Times / T. Kisambira.

Umwalimu Sacco, the teacher`s credit and savings cooperative, will, by next year, be in position to build houses for teachers on a loan scheme to be serviced in a period of ten years, an official has announced.

Addressing the media at the Umwalimu Sacco annual general assembly, the cooperative chairman, board of directors, Jean Marie Vianney Nzagahimana, said that the houses to be built will depend on one’s ability to repay the loan, based on the salary.

"To make sure that even a teacher earning the least benefits from the scheme we have categorised the houses into three classes of Rwf3 million, Rwf6 million and 10 million,” Nzagahimana said.

He pointed out that the cooperative was finalising discussions with Rwanda Development Bank (BRD), that would see the latter fund the project, and expressed optimism that both parties will have reached a deal by early next month.

"BRD will give us a loan facility of about Rwf 3 billion, which we will reimburse in a period of twelve years,” he said.

The General Manager of the Umwalimu Sacco, Joseph Museruka, said the project will first benefit those whose accounts are more active than others’, in terms of savings.

He also highlighted the cooperative`s performance saying more innovations would soon be put in place to ensure that members receive the best services.

"As a way of reducing transport costs for teachers to access their payments, we are devising means of enabling them to access their remuneration through Umurenge Sacco,” he said.

Alice Uwitonze, a teacher at Groupe Scolaire Muyumbu in Rwamagana District, described the initiative was a major milestone in the teaching profession.

"I am sure it will be the first time in our history teachers will be acquiring housing loans. It is something that has been so hard to arrange with other financial institutions because of our meager salaries,” Uwitonze said.

According to Museruka, Umwalimu Sacco so far has a total of 57,000 members. However, only 35,000 are paid through the cooperative, with 32,000 of having accessed loans totaling Rwf 17 billion.

Ends