Ruhango: Teachers urged to utilize Umwalimu Sacco
Teachers are called upon to acquire loans from Umwalimu Sacco, teachers’ Credit and Savings Scheme and set up small income generating activities for fast socio- economic development.
“Do not rely on salaries alone for survival. With Umwarimu Saccos in place, prepare projects and get loans for sustainable development,” said Mansuet Kagabo, Head of ESKI School.
“Accordingly, it’s possible to run other projects when one is committed. Holidays and weekends will be the best time to follow up on the income generating projects,” said Charlotte Mukarusagara, a participant.
UMWALIMU Savings and Credit Cooperative (UMWALIMU SACCO) is a saving and Credit Cooperative for Rwandan teachers mandated to empower the members towards uplifting of their social-economic welfare and to contribute to socio-economic development of the community in which they live.
The establishment of the SACCO was the initiative from His Excellence the President of the Republic of Rwanda, PAUL KAGAME.
The objective of the scheme is to improve the teachers’ professional lives, get access to loans for different income earning projects to be able to meet their needs and to contribute to the socio-economic development of the country.
The SACCO was accepted by the Ministry of Commerce, industry and Tourism as a Cooperative on 21st June 2006 and given license to operate by the Central Bank (BNR) on 22nd February 2008.
UMWALIMU SACCO has a net work of 30 branch offices, meaning 1 branch office per District and also partnering with IMIRENGE SACCOs for money transfer services as a way to increase member’s access to a diversity of the Cooperative’s financial products.
Umwalimu Sacco loans have enabled some teachers to create job opportunities for their families and the community at large. For example some teachers have been able to invest in agriculture, livestock, small businesses, transport etc.