The former HSS- MAG (Health Sector Savings Scheme) which has grown to become Muganga Savings and Credit Cooperative(Muganga Sacco) has hold its inaugural General Assembly with a celebration of Rwf 251,771,058 profit.
Since 2018, the 11,000 member Muganga Sacco has made more than Rwf 500 million in profit and had disbursed Rwf 2,156,826,537 worth of loans as of March 24.
Its net worth has now grown to Rwf 4.5 billion and this gave the cooperative confidence to increase its loan ceiling to Rwf 25 million.
The interest rate that started at 3% has recently been increased to 5% interest rate.
The Muganga Sacco records gives members confidence to an extent that they believe that time has come for them to have their salaries channeled through their cooperative.
“It would come with so many advantages if we get our salaries channeled in a saving cooperative where we have interests,” says Fidele Karangwa, a member.
“We would wish to have all our earnings channeled through our Muganga Sacco which will be considerate of our working condition in all its operations,” says Dr. Pierrette Mukantwaza.
Claudine Uwambaye Ingabire, the Director General of Muganga Sacco said, that they are fullfiling requirements that were set by the National Bank of Rwanda(BNR) and their salaries will soon be channeled through their Sacco.
Valens Ndonkeye, a senior official at Ministry of health said, that the sector has 20,000 personnel and, “if everyone joins, the growth of the bank will be tremendous.”