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Zigama CSS General Assembly to lessen loan burden for deceased members' families, up to 25 Million

The General Assembly (GA) of Credit and Savings Society (Zigama-CSS) convened at Ministry of Defence Headquarter on 20 December 2016 to discuss next year business plan. The General Assembly decided among other things that effective next year, the Cooperative will set up a mechanism to absorb, through a Solidarity Fund, loans contracted by deceased members, up to 25 million Rwandan Francs.

 

While officially opening the meeting, Hon Minister of Defence, Gen James Kabarebe welcomed the participants especially the Minister of Justice, Hon Johnston Busingye, who was attending Zigama-CSS GA for the first time.  He noted also that the meeting was convened in line with rules and regulations of the Cooperative.

In his press briefing after the meeting, Dr James Ndahiro, the chairperson of Zigama CSS Board of Directors, said that the Cooperative bank continues to register good progress, with a net profit estimated to 5 billion Rwandan francs this year, and projected to over 6 billion for the next year business plan.  “ZIGAMA CSS maintains the welfare of its members at the center of its activities. For example, the Cooperative has taken an important decision to absorb loans contracted by deceased members up 25 million Rwandan Francs. This is for sure an important decision that will completely relieve or at least significantly lessen the loan burden to the surviving families”, Dr James Ndahiro highlighted.

The Acting RDF Spokesperson, Lt Col Rene Ngendahimana told the media that other measures previously taken by the cooperative, such as reducing interest rate from 15% to 13%, have started paying off as far as  Zigama CSS members' welfare is concerned. He underlined for instance that according available data today 83% of total loans provided by Zigama CSS are equal or below to 5 million each, contracted by members with modest revenues to improve their families' welfare.  
“This a very positive sign that the Cooperative remains focused on enhancing the welfare of the large number of its members with low revenues”, he said.

Zigama CSS was established in 1997 by Rwanda Defence Force. The Cooperative has since then attracted members from other Security Organs personnel, including Rwanda National Police, Rwanda Correctional Service and soon the National Intelligence and Security Service.