Umwalimu Sacco extends Rwf40 million to Agaciro Fund

Teachers’ savings and credit cooperative, Umwalimu SACCO, has donated Rwf 40 million towards the Agaciro Development Fund.
L-R; Kagabo, Dr Ndagijimana, Joseph Museruka, the managing director of Umwalimu SACCO, and Nzagahimana pose with the dummy cheque during the handover of the donation yesterday. (Timothy Kisambira)
L-R; Kagabo, Dr Ndagijimana, Joseph Museruka, the managing director of Umwalimu SACCO, and Nzagahimana pose with the dummy cheque during the handover of the donation yesterday. (Timothy Kisambira)

Teachers’ savings and credit cooperative, Umwalimu SACCO, has donated Rwf 40 million towards the Agaciro Development Fund.

Handing over a dummy cheque to the Fund’s manager, Vianney Kagabo, yesterday, Jean Marie Nzagahimana, the chairperson of Umwalimu, said the funds were raised from monthly contributions from members of the SACCO and its annual profit for last year.

“Apart from focusing on improving the lives of teachers, we also want to contribute to the socio-economic development of the country by contributing to this fund,” Nzagahimana said.

The State Minister for Economic Planning, Uzziel Ndagijimana, lauded the SACCO’s efforts and said the Fund, which currently stands at about Rwf26.2 billion, should grow to enable Rwanda become an aid-free nation.

Kagabo, on the other hand, said the funds were still being invested in form of bank deposits, earning an interest of around nine per cent per year as they weigh the options to diversify into investing in equity projects and the debt market.

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