Zigama Credit and Saving Cooperative (Zigama CSS) for members from security organs including the military, police and correction services has announced to have made a profit of Rwf 6,800,000,000 in 2016, a 31% growth from 2015.
Following a general meeting of Zigama CSS held yesterday, the Chairman of the Board of Directors for Zigama CSS, Dr. James Ndahiro told the media that members are delighted with the progress.
“We earned 6.8billion in profit in 2016 equaling 31% compared to 2015 where the profit was Rwf 5.24 billion,” he said.
In 2015, Zigama CSS reduced interest rate from 15% to 13% which Dr. Ndahiro explained helped military, police and other small members to access loans bringing benefits for their families and neighborhoods.
Reducing interest rate led to the increase of the loan book to 28% in Zigama CSS in 2016 compared to 2015.
Dr Ndahiro attributed increased profit to commitment and discipline of members whose performance ensures there are no nonperforming loans.
“It has been realized that only one member failed to pay within 18 years.This demonstrates commitment and discipline of our members,” he said.