Umurenge SACCO not compulsory – governor

NYANZA -The Southern Province Governor, Fidel Ndayisaba, has advised local leaders to sensitize residents on the availability of other savings products within the economy apart from the sector saving and credit cooperatives commonly known as Umurenge saccos. Ndayisaba made the remarks on Tuesday while meeting mayors and their deputies from all districts of the province. During the meeting, the Governor asked district leaders to deepen the savings culture by mobilizing residents to embrace other forms of investments such as making deposits with any bank or microfinance institution. “There are other credible and well operating credit and savings cooperatives that should not be ignored,” he said. He stressed that much as the sector saccos were designed to help people save, such outfits should not be seen as substitutes to other savings cooperatives already in place. The Governor warned district leaders on the dangers of forcing people to join the sector- based savings cooperative, saying it will be unproductive. If forced, residents may simply pay one or two thousand francs for membership but then decline to deposit their money in the cooperative, he argued. “It would be totally fruitless.” Those who are already working with other financial institutions, he counseled, will eventually join a particular Umurenge sacco after realizing its benefits. Ndayisaba further urged the local leaders to step up the sensitization efforts geared towards rallying residents to embrace the saving culture as a way of stimulating growth. Ends