Umurenge Saccos to ease teachers’ access to financial services

Teachers will no longer have to incur extra transport expenses to access Teachers Savings and Credit Cooperative (Umwalimu Sacco) financial services after the cooperative entered a partnership with Umurenge Savings and Credit Cooperative (Umurenge SACCO).The partnership will see teachers access Umwalimu Sacco services from the nearest Umurenge Sacco branch. Services will initially be limited to eight out of the 30 districts, officials said.They are Kicukiro, Kamonyi, Gasabo, Rulindo, Bugesera, Rwamagana, Nyarugenge, and Karongi.Speaking during the event on Thursday, the Managing Director of Umwalimu Sacco, Joseph Museruka, disclosed that the setting up of the networking system cost over Rwf100 million.“Our target is to ensure that Umurenge Saccos all over the country can provide our services,” Museruka said.He noted that although the teachers cooperative has managed to open a branch in each district, their presence is still limited, as opposed to the Umurenge Saccos which operate in every sector.Under the new arrangement, teachers will be required to open accounts with Umurenge Sacco to access their accounts.In addition to offering bank overdrafts, Umurenge Sacco will also offer emergency loans to teachers on behalf of the teachers’ cooperative. Umurenge Sacco will charge teachers a fee for any transaction made. According to Museruka, the initiative is a boon to the development of the Saccos in the country.Umwalimu Sacco will incur all the costs associated with setting up of the new system including internet connection and subscription fees. As part of the measures taken to ensure effective operations, heads of Umurenge Sacco are currently undergoing training to operate the system.Umurenge SACCO is a government initiative that aims to increase access to financial services.The concept was initiated on the understanding that banks and other financial institutions are more concentrated in urban centres and less spread in rural areas.

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Umurenge Saccos to ease teachers’ access to financial services