In Kigali, at Lemigo Hotel, The Savings and Credit Cooperative of health practitioners, Muganga SACCO held its second General Assembly on 24 March 2022.
In the previous year, the same venue hosted the first General Assembly that approved a bold and strategic decision of shifting from a tontine to a SACCO.
This was the first General Assembly since the institution officially became a SACCO.
Among items on the meeting’s Agenda, were the new logo unveiling, the launch of the new credit policy alongside new loan products, and reports of the governing organs.
With the institution taking on a new name after changing its status, Muganga SACCO unveiled its new official logo to the delegates. What hasn’t changed is the logo’s representation of the institution’s mission and vision of transforming the lives of health care professionals.
The idea behind the design of the new logo is the demonstration of SACCO’s motto: Dream & Achieve! Elements of the logo like the green color represent life. It is associated with nature, growth, and prosperity. It reflects Muganga SACCO’s primary objective of improving members’ socio-economic conditions and promoting access to finance. The pyramid reflects what members can achieve together. It also reflects accessibility, robustness, the strength of the SACCO, and the determination to accomplish the SACCO’s mission.
Delegates had a lot to be excited about, as the new credit policy was launched. The revamped credit policy comes with new loan products. Previously as a tontine, members accessed consumer loans only, hindering their borrowing and one of the reasons for shifting to a SACCO. With the new policy, members of the SACCO will enjoy several loan products such as Overdraft (mobile lending), Emergency, Salary advance, Scholar, Vehicle, Project/business, and Mortgage. All loan products are at the lowest possible interest rate ranging from 3% to 9% per year.
“Our loan products are aimed at improving the welfare of our members as it is the core mission of the cooperative”. Said Maj. (Rtd) Jean Damascene GASHEREBUKA, Board Chair. “As always, we are striving to improve our members’ standards of living, but also significantly contributing to the retention of staff in the health sector”, he added.
The governing organs of the Board, Supervisory, and Credit Committees presented their reports on the findings of their first quarter sessions to the delegates. The meeting also approved a Funeral Solidarity Fund policy, cementing the Board’s stance on members’ solidarity.
Delegates witnessed the swearing-in of the Cooperative’s members of governing organs as per the Rwanda Cooperative Agency (RCA) code of conduct.
While operating as a tontine, as of December 2021, the institution recorded a net profit of Rwf 251,771,058 with a total asset of Rwf 5,119,576,992 and net loans of Rwf 2,156,826,537.
Muganga SACCO already has a digital banking portal that members use for loan applications and checking the statuses of their accounts. The portal is also being upgraded to incorporate several services, and members will be able to use other digital platforms like Mobile App, and USSD among others for 24/7. This reflects SACCO’s broader digitalization strategy and drives to harness technology’s power for quick, better, and seamless service delivery to members.
The General Assembly is attended by delegates from all hospitals and Ministry of Health affiliated institutions, representing members across the country.