The New Times (Kigali)

Rwanda: Sacco Raises Hope for Bumbogo Locals

The opening of credit and savings scheme in Bumbogo sector, Gasabo district, has raised hope for a savings culture among residents.

The Umurenge Sacco was last week launched by Gasabo vice mayor in-charge of economic affairs Jean Claude Munara as part of activities of the ongoing Governance Month.

It was built by local authorities and residents as part of development strategy that also saw five classrooms, a water tank and 26 houses for genocide survivors constructed.

"With this Sacco, residents will be in position to save a coin from the little they earn. It will also give us a chance to get credit to invest in income-generating activities," Monique Horanimpudu, one of the residents, said.

Previously, residents walked 10 kilometres to access financial services from commercial banks.

The Sacco building cost about Rwf37m to construct, including equipping it. It has already attracted 3,448 members.

Each of the three-bedroom 26 houses for genocide survivors cost Rwf4.5m.

One of the beneficiaries, Angelique Muhimpundu, said life has changed positively.

"Right now, I only have to worry about finding what my children have to feed on, unlike before when I had to look for rent," the single mother of five, said.

Ads by Google

Copyright © 2013 The New Times. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.