Muganga SACCO, a Savings and Credit Cooperative dedicated to serving the financial needs of health professionals in Rwanda, recently conducted its fifth General Assembly, unveiling key initiatives and mapping a course for the future. The General Assembly occurred at St. Famille Hotel on November 23rd, 2023. This assembly underscored a commitment to continuous growth and services centered on members’ needs, fostering active member involvement in service delivery and ensuring easier access to services. Delegates were updated on several developments and actively deliberated on agenda items, all aimed at strengthening the SACCO’s mission and enhancing member satisfaction.
Affordable Housing Solutions for Health Professionals
One of the significant moments of the General Assembly was the unveiling of the GIRIWAWE program, a housing loan initiative resulting from a strategic partnership of Muganga SACCO with the Development Bank of Rwanda and the substantial support of the Ministry of Health. The product aims to provide health professionals with affordable housing loans, addressing a critical need in the community, as demonstrated by the Ministry of Health’s research on housing needs among health professionals. Delegates received in-depth explanations about GIRIWAWE, with plans for outreach campaigns to hospitals and various health facilities underway, ensuring that members fully comprehend the benefits and opportunities it presents. This is a program Muganga SACCO will work closely with the Ministry of Health to bring to fruition.
Savings Management and Future Plans
An interesting panel discussion centered on SACCO’s effective savings management. Delegates delved into the reasons behind the introduction of a monthly 5% compulsory savings from net salaries, exploring its impact and benefits. Given the critical role of these compulsory savings for the SACCO, members are afforded the flexibility to withdraw them in the event of a transition out of the health sector. Additionally, as a result of the discussion, the General Assembly deliberated on future plans for compulsory savings and outlined a structured approach for members who saved beyond the 5% compulsory savings during the SACCO’s tontine phase. These members will receive their savings in three installments, beginning at the start of 2024.
Strategic Plans for 2024
Adhering to regulatory requirements, the General Assembly deliberated on and approved the action plan and budget for the upcoming year, outlining a roadmap for the growth and development of Muganga SACCO. Notably, the introduction of Agency Banking emerged as an innovative initiative. Unlike traditional approaches where external parties serve members, this move empowers capable members within hospitals and various health facilities to explore opportunities in serving their fellow members through the SACCO’s expanding network. This initiative is a crucial step towards facilitating easier access to services among members and fostering collaborative problem-solving within the community.
Election of an Ad-hoc Committee
As per the Central Bank’s new regulations, an election of an Ad-hoc committee took place during the General Assembly. This committee will play a crucial role in facilitating the selection process for independent directors within the SACCO’s governing organs. The independent directors, who come from outside the health sector, will contribute the necessary experience and knowledge to enhance the strategic direction of the SACCO.
Words of Wisdom from a Distinguished Guest
The Director General of the Rwanda Cooperative Agency graced the General Assembly as the Guest of Honor, commending Muganga SACCO for its remarkable transition from a tontine to a fully-fledged SACCO. He expressed gratitude for the achievements thus far and urged members to safeguard their accomplishments while looking towards a promising future. Reminding delegates that the SACCO is an initiative of the Government of Rwanda, he emphasized the significant plans in place for its future. He stressed the importance of encouraging others to join the SACCO, fostering a sense of community and financial well-being among health professionals.
Muganga SACCO’s fifth General Assembly demonstrated the SACCO’s commitment to the financial well-being of its members. The revealed initiatives and strategic plans align the SACCO with its core mission of empowering health professionals financially. Muganga SACCO is an initiative of the Government of Rwanda through the Ministry of Health. It is licensed by the National Bank of Rwanda and holds a legal personality from the Rwanda Cooperative Agency.
For General Assembly’s resolutions, click here General Assembly Resolutions
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