The income is attributed to credits delivery and good monitoring for their reimbursement.
Speaking at the general meeting on Wednesday, the cooperative’s Director General, Laurence Uwambaje said the income surpassed the target of Rwf8 billion.
“We did our best to increase Umwali Sacco’s assets from members’ participation. It is obvious that we have surpassed our target to Rwf9 billion contrary to Rwf8 billion that was targeted before expenditures,” she said.
She said the cooperative had registered a net profit of Rwf2,218,000,000 by November.
The gross profit has increased from Rwf3 billion in 2016 to Rwf3.25 billion.
The cooperative has provided a total of Rwf49 billion in credits up to now, which were mainly allocated into houses construction, project development and salary advance, among other types of credits.
Among these credits, 50% went into construction purposes whereas project development took only 16%.
Protais Niyonzima, a teacher in Gakenke District, said the cooperative is helpful to teachers but pleaded for improved access to credits by cutting short the process and costs, things which discourage members.
Umwalimu Sacco is an initiative that was introduced by the government to promote teachers’ welfare through projects financing. The cooperative currently has 75,000 members.
Leave a Reply