This marks a significant increase from Rwf6.8 billion in 2016.
The cooperative of security personnel; army, police and Rwanda Correctional Services Officers announced this in the general assembly on Thursday.
Zigama CSS Director General, Maj.Gen. Albert Murasira said that last year was good as they had targeted a profit of Rwf6.3 billion but they exceeded the target.
He attributed the increase to small expenditures as most of their activities are performed by cooperative members. He said that the profit came from providing many loans and good recovery process.
“We tried to use little money in expenditures like in operational process and their wage payments. We also provided many loans and invested in bonds which resulted in earning much profit than we expected,” he explained.
Last year, the cooperative provided loans amounting to Rwf145 billion.
In 2015, the cooperative cut the interest rate on loans from 15% to 13%, which Murasira said increased well-being of members and development of the cooperative.
Members who acquire loans of less than Rwf5 million pay at the interest rate of 13% while those acquiring more than that pay at the interest rate of 15%.
The Chairman of CSS Board of Directors, Dr. James Ndahiro said that the secret behind progressive performance improvementis based on ownership of all members and contribution towards their development.
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