RUHANGO - The Minister of Trade and Commerce, François Kanimba, has commended Ingenzi Sacco-Byimana Savings and Credit Scheme for promoting investment among residents of Byimana sector.
Kanimba last Sunday inaugurated Ingenzi-Sacco and also also officially commissioned its offices and toured the cooperative’s newly proposed office structures.
The Byimana cooperative is now among the best five among 416 Sacco’s in the country with full operating licenses.
Kanimba stressed the role of microfinance institutions in promoting investment to cut down on donor dependence.
“These institutions were started so as to boost the community development programs and investment. The role of residents is to own and manage these microfinance cooperatives so as to boost their social welfare and business,” Kanimba said.
He also urged the newly established institutions to revive the tarnished image of microfinance institutions in Rwanda by exhibiting credibility and providing security of residents’ savings.
According to the chairman of Ingenzi Sacco-Byimana, Bonaventure Nemeye, the cooperative has over 1,700 members out of the targeted 9,000 residents.
Nemeye said: “The beginning of saccos was full of hurdles, but now we have a future and the cooperative will focus on improving the welfare of its members.”
One of the beneficiaries, Alphonsine Uwamwiza, who received a Rwf 300.000 credit facility said she would use the funds to boost her business of supplying foodstuff to Byimana school.
“I have managed to buy a house out of this business. The loan will boost my ability to win more supply tenders in the area and earn a better living.”
Ingenzi Sacco-Byimana has so far managed to give out loans amounting to over Rwf 3.4 million.