Umwalimu–Saccos begin to extend mortgages to teachers

About 550 teachers will get access to loans to build houses under Umwalimu Sacco, a teachers credit and saving cooperative mortgage scheme, the cooperative`s General Manager, Joseph Museruka has announced.
Teachers at a past meeting. Umwalimu Umwalimu-Sacco will soon begin to offer mortgage facilities to teachers. The New Times File
Teachers at a past meeting. Umwalimu Umwalimu-Sacco will soon begin to offer mortgage facilities to teachers. The New Times File

About 550 teachers will get access to loans to build houses under Umwalimu Sacco, a teachers credit and saving cooperative mortgage scheme, the cooperative`s General Manager, Joseph Museruka has announced.

This follows a recent agreement between the cooperative and Rwanda Development Bank (BRD), where the latter acquired a loan worth Rwf1.5 billion which will be reimbursed within a period of 15 years.

Museruka told The New Times that based on the available funds; the cooperative is working out plans to ensure that opportunities are evenly distributed among teachers in all districts countrywide.

“Beneficiaries of this scheme will not start reimbursing loans until their houses are complete but those settled in Imidugudu (community settlements) stand high chances,” he said.

He added that basing on each teacher’s capacity to pay – depending on their salary – they will own houses amounting to Rwf 4 million and Rwf 10 million.

He also highlighted on other developments the cooperative is planning for teachers.“We are also negotiating with BRD and planning to consult other developing partners, including the African Development Bank, on how they can support the project to have teachers get solar energy,” he said.

According to him, in a period of three years, the cooperative will have made efforts to make sure the solar project is complete.

“When our teachers have electricity, they will be able to work for long hours, not only in preparing lessons, but also use their laptops and internet for research,” he said.

bosco.asiimwe@newtimes.co.rw

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