NYAGATARE – Residents of Kiyombe sector have a reason to smile after Nyagatare district officially launched the grassroots savings and credit cooperative commonly known as Umurenge Sacco in the area.
The district vice Mayor in charge of Economic Affairs, Enock Byabashaija commissioned the Sacco offices which were constructed with the residents’ contribution.
Byabashaija hailed the residents for their commitment which he said made the project a success.
‘It is my great honour to launch this cooperative that came into existence through your hard work. I am very sure that you are the first not only in Nyagatare district but also in the whole country to have a cooperative operating in its own building since Umurenge Sacco initiative started,’ he said.
Emmanuel Mwumvaneza, the Kiyombe Sector Executive Secretary, said that out of 4,112 residents who registered to join the Sacco, 329 of them, representing 98.8% have already bought shares, with Rwf39million already deposited in the cooperative’s coffers.
He further revealed that of out the Rwf39 million raised over Rwf 35 million has already been loaned to the Sacco members for them to start doing business.