Rwf36bn to boost Teachers economic status

Teachers’ savings and credit cooperative, “Umwalimu Sacco” is set to invest Rwf36 Billion in loans for teachers, in the 2013/2014 financial year.

The Chairperson of the board of Cooperative, Jean Marie Vianney Nzagahimana told the media in Kigali on Sunday 03/11/2013 that the cooperative’s earnings will enable it to give out the loans, adding to what the government will give to support the project.

Umwalimu Sacco Chair person also promised pre-requisites to attaining loans would be eased.

Nzagahimana said that the Sacco’s branches have currently no right to give out   loans above Rwf8 million, which was an inconvenience for the members. He said branches were now allowed to give up to at least rwf20 million loans without awaiting approval from the committee.

Meanwhile, the cooperative requested RRA to exempt them from revenue for at least five years.

Rwanda Revenue Authority (RRA) officials recently met the top management of Umwalimu Sacco to discuss about it.

The Umwalimu Sacco started with giving up to Rwf3 million to teachers, because of its continued growth, this ceiling was lifted to Rwf15 million before the cooperative found that it needed to stretch its wings with more strength.

Rwf36bn to boost Teachers economic status