KIGALI - Umwalimu SACCO, a teachers’ Credit and Savings Cooperative, has spent Rwf6bn in loans to teachers.
Joseph Museruka, the General Manager of the cooperative said that the number of loan recipients increased from 13,000 teachers last year, to 30,000 this year.
Museruka added that last year, teachers had not picked interest in acquiring loans from the cooperative, but after observing the impact it was having on social-economic development to the initial beneficiaries, the number steadily increased.
“Some teachers have since initiated micro businesses like buying motorcycle taxis or other small scale businesses. We have been getting feedback from them testifying of how the loans have changed their lives,” said Museruka, adding that this has heavily boosted the dignity of the teachers in their respective communities.
He however noted that the cooperative still faces a challenge of insufficient branches countrywide.
Umwailmu SACCO has 16 branches spread across the country, and according to Museruka, they plan to begin working with other banks to shorten the long distances travelled by members to access the branches.
Umwalimu SACCO was launched by government in September 2008 with a working capital of Rwf1bn. The cooperative has now 47,000 members throughout the country.