Zigama CSS raises interest rates on savings

On 24 November 2017 at 08:21

The cooperative bank for Rwanda’s security forces, Zigama Credit and Savings Society (ZCSS) has increased the members’ interest rates as a way to mobilise members to embrace a saving culture.

As approved by the general meeting held on Friday, compulsory savings has been increased from 7% to 8% whereas voluntary saving interest has been raised from 6% to 7%.

According to the management of the bank, new changes will take effect starting from next year.

The Chairman of the Board, Dr. James Ndahiro said that it was necessary to meet members of the bank before the end of the year and assess current status and plans for next year.

He said that they decided to increase interest rate on savings as a way to encourage members to embrace saving culture for it is through savings that the bank gets its financial strength.

“We are happy with status of the bank but we aimed at sensitizing members to continue to save so that the bank provides good services. The more members save, the more the bank continues to provide with them good services” he stressed.

“That is why the meeting decided to revise interest rates as a way to recognize people who embraced saving culture” he added.

Ndahiro said that they expect to make a profit of Rwf8 billion this year up from Rwf6.86 billion last year.

By September 30, 2017, Zigama CSS’s total assets was Rwf228 billion from Rwf215 billion of December 2016.

The capital and reserves was Rwf50.4 billion by September 30, 2017 from Rwf44.9 billion of December 2016.