Rwanda | Ngororero: Residents accredit Magirirane Sacco for improving lives
While most residents in Ngororero town prefer working with Unguka bank and Banque populaire than Umurenge Sacco, middle class residents praise Magirirane Sacco for uplifting them from poverty.
This has been achieved through saving and using small loans to start small income generating projects.
Alvera Mukamana, a resident of Ngororero sector and customer to Magirirane SACCO, revealed to the reporter that she had never sought SACCO services in her life thinking it’s for the rich.
However, she now understands the importance of working with financial institutions, to an extent that she saves small money from Rwf200 until it’s enough for something.
Magirirane Sacco in Ngororero sector has many customers since many residents have come to know that having accounts in the banks expose them to the chances of accessing loans.
However, one of the Magirirane Sacco employees says that Sacco customers are low income earners while rich people work with banks hoping for big loans that are beyond Sacco’s capacity.
However, some people request for credit in Sacco to satisfy their accounts in other banks, which retards money accumulation.
Magirirane Sacco under construction
Presently, Magirirane Sacco new office building is under construction. The place they have been renting is small and without qualifications needed for a bank.
Sacco Magirirane is two years old and has 3012 members.