MUHANGA – The Director General of Rwanda Cooperatives Agency (RCA), Damien Mugabo, has called for accountability and responsibility in the management of Umurenge Sacco saving schemes.
He made the call recently while opening a week-long training for accountants of the saving schemes in Muhanga district.
The training attracted 416 accountants, who also double as acting heads of the saving schemes. Similar training is being conducted in Huye, Musanze and Nyagatare districts.
“The training is very important because there is no tolerance for any kind of embezzlement of funds in this country. We want residents to develop a culture of savings and the sacco officials need to be trusted and transparent,” Mugabo stated.
Mugabo also told participants to resolve issues of misunderstanding, and work competitively to promote rural investments alongside other financial institutions.
He added that Saccos should speed up the process of their registration and acquire licenses of operations.
Only 323 of 416 Saccos have acquired legal status, while 116 of them have acquired certificates of operation from the National Bank of Rwanda (BNR).
Gicumbi district leads, where 18 out of 21 Sacco’s have attained all the requirements.