Local savings cooperatives merge with Umurunge SACCO

KARONGI - As a way of combining efforts to improve the saving culture of the local population, credit and saving cooperative societies locally know as CAPEC, have been merged with Umurenge SACCO. The Governor of the Central Bank, Francois Kanimba, urged the residents to embrace the initiative.

KARONGI - As a way of combining efforts to improve the saving culture of the local population, credit and saving cooperative societies locally know as CAPEC, have been merged with Umurenge SACCO.

The Governor of the Central Bank, Francois Kanimba, urged the residents to embrace the initiative.

He was speaking at a colourful ceremony where Bwishyura SACCO in Karongi District was joined with the local savings cooperative, 

“By merging the two financial institutions, Rwandans get an opportunity to improve their saving capacity,” Kanimba said. “You should embrace it for your benefit.”

Kanimba explained that since the introduction of Umurenge Sacco in 2008, other small scale financial institutions failed to perform to the expected ability, which is how the decision to merge them came up.

“It was noticed that residents were no longer committed to their savings cooperatives after the introduction of Umurenge Sacco two years ago. We found merging them a substantial way of reversing this unfortunate trend,” he said.

Kanimba revealed that there are 416 sectors in the country and Karongi had become exemplary by implementing Umurenge SACCO in all its 13 sectors.

According to Kanimba, local credit and savings cooperatives countrywide have over Rwf400million worth savings in BNR and property worth Rwf800million.

Meanwhile Gender and Family promotion Minister Dr Jeanne D’Arc Mujawamariya called upon women to actively engage in economic activities in order to provide for their families.
“Certain special programmes are designed to help women and it is vital that all women get involved,” Mujawamariya said.

Most of the residents including members of the two schemes who talked to The New Times, maintained that this opportunity could never have come at a better time.

“I am convinced that this program will certainly help us to improve the economic welfare in our families,” Oscar Mbarushimana, one of the residents observed.

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