Despite its late payment loan of Frw1,143,680,370 Last year in 2011, Umurenge Savings and Credit Cooperatives (SACCOs) made a profit of almost Frw700,033,594.
This was announced by Nzabahimana J.M.V, the chief manager, who explained that the late payment of the loan was due to the loans given to teachers, who failed to pay on time and apparently are unable to pay back the loans.
However, he is happy of the remarkable achievement profit of Frw700 million.
He added that they are planning a new and modern way of sending and transferring money (cash express), which will start with the first ten role model sectors in the country.
Payment outdated in relation to the market price
Mukamuhoza Vérédiana, a headmistress at Nyabyondo Primary school in Burera District, says that it is the major obstacle that hinders them from developing.
She says, many teachers fail to get married because of poverty and inability to pay house rents.
A teacher makes a complete contribution of Frw10.000, and a monthly contribution of Frw2000, and insurance of Frw300 in case he/she loses a relative.
A teacher with working experience of 5 years is paid an amount of Frw 38.000. Frw 44.000 to a teacher with the working experience of 10 years. Teachers get the final payment after subtracting health and retirement insurance.
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