{(R-L) IGP Emmanuel K. Gasana, Minister of Defence, James Kabarebe, chairman of ZIGAMA CSS board of directors, Dr. Emmanuel Ndahiro and CDS Lt. Gen Charles Kayonga at the meeting.}
{{ZIGAMA CSS, a micro-financial institution, registered Rwf2.4 billion profits after tax in the year under review – 2012 – indicating an increase of 11.7 percent compared to the previous year.}}
This was disclosed yesterday during the bank’s first general assembly-2013 held at the Ministry of Defence Headquarters in Kimihurura.
The first of the two annual assemblies reviewed and approved the 2012 financial performance report and analysed a report on the ongoing mobilization exercise among its members.
The exercise aims at sensitizing its customers on voluntary saving, financial literacy, loan management and planning and family management, with a purpose of improving service delivery and welfare of members.
ZIGAMA’s clientele is composed of majority security personnel from Rwanda Defence Forces (RDF), Rwanda National Police (RNP) and Rwanda Correctional Services (RCS).
Interest income also increased by 23 percent to Rwf8.8 billion from Rwf7.1 billion in 2011, loaning increased by 17 percent to about Rwf60 billion while its assets also grew by 19 percent.
According to Dr. Emmanuel Ndahiro, the chairman of the board of directors, financial crunch, which affected the international financial system, was a minor challenge to the performance of the micro-finance, last year, saying that the bank made Rwf3.6 billion profits before tax, up from Rwf3.5 billion that was projected.
Rwf1.1 billion, he added, was spent on taxes. Dr. Ndahiro also observed that the bank plays a vital role in the macro-economic development of the country.
With over 20 branches countrywide, he said, the bank is in the process to open more branches and to attract more customers from some cooperative societies and individuals.
As the bank is growing steadily, the Inspector General of Police, Emmanuel K. Gasana echoed the need for sophisticated Information Technology (IT) equipment to prevent the likely financial crimes.
“Modern crimes – digital crimes – are on the increase, and thus cyber security is a must; IT capabilities should be developed to counter the likely threats of currency and credit card counterfeit and money laundering,” the IGP said.
The Minister of Defence, Gen. James Kabarebe thanked all players in the development of the bank and advised members to secure loans for investment rather securing loans for their day-to-day expenses.
Chief Defence Staff, Lt. Gen Charles Kayonga also echoed the need to further improve the welfare of customers by strengthen the mobilization campaign to reach out to all bank members to equip them with skills on how to manage their finances.
{RNP, RDF and RCS officers attending ZIGAMA CSS General Assembly}
{RNP}
Leave a Reply