{"id":7799,"date":"2021-12-31T07:12:53","date_gmt":"2021-12-31T07:12:53","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/teachers-coop-bank-posts-rwf9-billion-in-profits"},"modified":"2021-12-31T09:36:01","modified_gmt":"2021-12-31T09:36:01","slug":"teachers-coop-bank-posts-rwf9-billion-in-profits","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/teachers-coop-bank-posts-rwf9-billion-in-profits","title":{"rendered":"Teachers\u2019 coop bank posts Rwf9 billion in profits"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>The Teachers\u2019 Savings and Credit Cooperative- Umwalimu Sacco, registered a profit of Rwf 9.8 billion between January 2021 and November 2021, according to latest figures released on Thursday, December 30.<\/p>\n

This represents a growth in profit of Rwf4bn, when compared to the Rwf 5.9 billion made during the same period in 2020, after it had declined from Rwf 6.7 billion in 2019.<\/p>\n

The development was announced during the 23rd ordinary general assembly which brought together representatives of primary and secondary school teachers from across the country.<\/p>\n

Laurence Uwambaje, Director General of Umwalimu SACCO attributed the growth to the re-opening of schools and the fact that more teachers got jobs and are now banking with the cooperative.<\/p>\n

\u201cLike any other financial institution, we were also affected by the pandemic. For instance, there are teachers in private schools who found it hard to pay the loans they took after losing their jobs, which is why we registered a decline last year.<\/p>\n

\u201cHowever this year, as the government built more schools, and hired more teachers who had lost their jobs, the cooperative gained new members which drove the cooperative profits,\u201d she added.<\/p>\n

Uwambaje added that despite the pandemic, the cooperative surpassed the profit projections which they had projected at Rwf15 billion in three years, but instead netted Rwf 21 billion in profits.<\/p>\n

In terms of loan uptake, the cooperative disbursed Rwf 80 billion from Rwf 50 billion in the last three years, and the value of its assets grew almost twofold to Rwf 110 billion from Rwf 60 billion in 2019.<\/p>\n

Slashing of lending rates and increasing of re-payment period<\/b><\/p>\n

Damien Nsanabandi, a teacher from Nyagatare District raised the issue of high interest rates when it comes to accessing loans, and bank charges on savings accounts which sometimes discourages the members from saving more or simply opening bank accounts.<\/p>\n

On this issue the Director General of Umwalimu SACCO, Laurence Uwambaje said that the cooperative has decided to slash 2 per cent of interest rates on emergency loans.<\/p>\n

\u201cWe have decided to reduce the interest loan from 16 per cent to 14 per cent, our goal as a bank is to benefit of our members, and most of our members could take up the emergency loan which in the end became a burden to them due to the high rates, which is why we reduced it,\u201d she said.<\/p>\n

She added that the cooperative raised the mortgage repayment period from 4 years to 5 years. Enhancing digital services \u201cToday we have a business plan for the next three years, and our main priorities will be enhancing our digital services to help our members easily access financial services\u201d said Uwambaje.<\/p>\n

Among the steps to be taken to digitalize these services are the launch of Umwalimu SACCO Mobile App, interoperability services, introducing Western Union transfers, internet banking that will allow schools to easily access financial statements, an online portal for parents to pay their children\u2019s school fees, among others.<\/p>\n

\u201cThe pandemic has taught us to be digital oriented, with these new services our members will still be able to access banking services no matter what, especially now that we are still dealing with the pandemic\u201d she added.<\/p>\n

Celestin Uwimana, a high school teacher who attended the assembly hailed the digital initiatives the cooperative is going to implement. \u201cWe expect these services to make our lives easier, from accessing loans to paying schools without having to go to the bank will tremendously help us\u201d he said.<\/p>\n

The cooperative also launched the \u201cNguriza Nige\u201d loan programme which will enable teachers to get loans so they pay their children\u2019s school fees, Rwf 8 billion will be injected in the programme.<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. The Teachers\u2019 Savings and Credit Cooperative- Umwalimu Sacco, registered a profit of Rwf 9.8 billion between January 2021 and November 2021, according to latest figures released on Thursday, December 30. This represents a growth in profit of Rwf4bn, when compared to the Rwf 5.9 billion made during the same period in 2020, […]<\/p>\n","protected":false},"author":84,"featured_media":7798,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,17,15,28],"tags":[760,763,758],"class_list":["post-7799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-culture-and-art","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\nTeachers\u2019 coop bank posts Rwf9 billion in profits - Rwanda<\/title>\n<meta name=\"description\" content=\"The Teachers\u2019 Savings and Credit Cooperative- Umwalimu Sacco, registered a profit of Rwf 9.8 billion between January 202 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/teachers-coop-bank-posts-rwf9-billion-in-profits\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Teachers\u2019 coop bank posts Rwf9 billion in profits\" \/>\n<meta property=\"og:description\" content=\"The Teachers\u2019 Savings and Credit Cooperative- Umwalimu Sacco, registered a profit of Rwf 9.8 billion between January 202 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/teachers-coop-bank-posts-rwf9-billion-in-profits\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-31T07:12:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-31T09:36:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2021\/12\/img-61cecee87524c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/teachers-coop-bank-posts-rwf9-billion-in-profits#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/teachers-coop-bank-posts-rwf9-billion-in-profits\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Teachers\u2019 coop bank posts Rwf9 billion in profits\",\"datePublished\":\"2021-12-31T07:12:53+00:00\",\"dateModified\":\"2021-12-31T09:36:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/teachers-coop-bank-posts-rwf9-billion-in-profits\"},\"wordCount\":613,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/teachers-coop-bank-posts-rwf9-billion-in-profits#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2021\/12\/img-61cecee87524c.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Culture and Art\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/teachers-coop-bank-posts-rwf9-billion-in-profits#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/teachers-coop-bank-posts-rwf9-billion-in-profits\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/teachers-coop-bank-posts-rwf9-billion-in-profits\",\"name\":\"Teachers\u2019 coop bank posts Rwf9 billion in profits - 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