17 February 2013

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.

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