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Kigali: Doctor’s Cooperative SACCO Expands Gateway Using Mobile Technology

The Savings and Loan Cooperative for Health Workers in Rwanda (Muganga SACCO) will be delivered through the use of technology by telephone, instead of opening multiple branches. This order was repeated on Thursday, November 24, 2022, in the Ordinary General Assembly Meeting of the members, focused on explaining the steps that have been taken since the game became Doctor SACCO last year.

Credits available to members have increased

The Director General of Muganga SACCO, Uwambaingabire Claudine, says that one branch of the financial institution is located at the headquarters, at SONATUBES in Kicukiro District, where all members can go whenever they want while in Kigali.

He says: “Another branch of Dr. SACCO’s membership is his telephone. It means that every Member’s place is within his branch. He is the one who gives you the service, he can get all the services he wants using his phone, because even today we have given loans of about three billion Rwandan francs, and all our members are going to apply for loans regardless of the branch. They will all apply using technology.”

He goes on to say that this is more special than other financial institutions that have put in their efforts to cooperate with the Government of Rwanda in strengthening technology in the financial sector, so that the amount of money spread among the members will be further reduced.

He also says that there is no problem with the communication network because it is difficult to find a place in the whole country where a person does not call using the telephone. It means that anyone who can call this can also get financial services from Doctor SACCO.

Chief Executive Officer of SACCO, Uwambaye Ingabire Claudine

 In this meeting, it was announced that there is a plan to use debit/credit cards so that any member can use the ATM machines of other banks near him, to be able to pay for PoS and other products purchased using the card.

Regarding those who need cash, Madam Uwamba ingabire said that there is a plan to appoint members who will work as “Agents”, starting next year.

The members representing their colleagues in the General Assembly are happy that the financial services they receive have increased, especially the loans given at a very low interest rate compared to other banks.

The Director General of Muhima Health Center in Nyarugenge District, Mukamfizi Theresie, says: “In Muganga SACCO they don’t ask us for a guarantee, you die because you only have an account, for a month they cut your salary. When you need a loan, you enter the system and apply for it; otherwise you will receive the money in a short time.

He continued to say that they were informed that the loans they were allowed to take were several times higher and the highest interest rate was 9%. He confirms that as the representatives of others they are going to give new information and inform them that their departments are on the phone where they are asked to dial *565# and follow the instructions.

A midwife who works at Nyarugenge District Hospital in Kigali City, Niyongere Janvier, says that they are proud that what a small business was in 2017, since last year has turned into a financial institution that will help them get cheap financial services. He said, “Today they showed us the best service that we will get and enjoy as a health worker, it will help to be a person who can get financial services at a low cost.”

The loans that members are allowed to receive have changed from the five types they used to get to eight types, including a quick loan that is available after just five minutes and is paid in one month, an “overdraft” loan of no more than two million reais. Rwanda is paid at an interest rate of 3%, the loan for unexpected reasons that a person can pay in 24 months has also gone from 12.

There is also a salary loan (avance sur salaire) where a person’s salary is 20 times higher and will be paid in three years. Another new loan is to make it easier for the member to continue his studies (Scholar Loan), which is given money to help him in his studies and pays it from his monthly salary.

A loan for the purchase of both cars is available at an interest rate of 9%. There are also loans for projects that are paid off after five years, and there are loans for housing that are given based on the ability to pay. Currently, the Cooperative has assets of 5.8 billion Rwandan francs, and the Government of Rwanda has committed to support it with 10 billion Rwandan francs.

Dr. SACCO already has over 10,000 active members and is expected to reach 70,000 including Health Consultants and Independent Health Organizations.

Written by Mugenzi Napoleon

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