Assets of Teachers’ saving scheme double
KIGALI - The assets of the Teachers’ Credit and Savings Cooperative, commonly known as Umwalimu SACCO, increased by 143.3% to Rwf 7.3 billion in 2010 from Rwf3bn the previous year.
Joseph Museruka, the Managing Director of the cooperative scheme made the announcement yesterday in an interview with reporters.
Museruka noted that over Rwf 3.9bn in loans was given out in 2010, up from Rwf 2.2bn in 2009.
“This is the first time Umwalimu SACCO has made interest since it was established,” Museruka said.
“We have entered the profitability zone without using government funds. Umwalimu Sacco can now operate even without foreign support. We can use what we have to continue our activities and to make more profit,” he added.
The scheme currently has about 52, 000 members, but only 25, 000 have, so far, accessed the loans.
Only mortgage loans, he said, totaled to Rwf 1.2bn was while loans for small income projects amounted to Rwf 2.2bn.
The teachers’ savings scheme which got its license to operate in 2008, was established to empower teachers and help improve their living standards.
Museruka further said that they increased the amount of money one can get. A member can now access a loan of up to Rwf 15m, payable in five years, up from Rwf 3m.
Among the achievements realized last year, he said, was the establishment of mobile payments that have helped teachers to get paid from their areas of operation.
Formerly, teachers from 14 districts currently without an Umwalimu Sacco branch, would travel to the nearest district to get their salaries and also to apply for loans.
This year, Museruka said, four provincial headquarters will be built and districts without Umwalimu Sacco branches will get them.