Zigama Credit and Savings Society (Zigama CSS) has registered Rwf 13 billion net profit, slightly higher than the projection of Rwf12 billion.
The military bank made Rwf10 billion last year.
On Friday morning, the General Assembly chaired by the Minister of Defence, Maj Gen Albert Murasira met and was attended by Defence chiefs and ordinary members.
During the meeting Zigama CSS leadership expressed optimism for its development despite COVID-19 that affected the country’s financial status in general.
The bank announced that it has increased its projection to Rwf15 billion next year.
Different measures taken during Covid-19 period allowed the cooperative to remain stable as it ensures the welfare of members as stipulated during the General Assembly held at RDF Headquarters, Kimihurura.
With the guidance from the RDF Commander-in-Chief, President Paul Kagame, Zigama CSS has also cut interest rates from 15 % to 10 % on mortgage loans, to make it affordable for members to get shelter and improve welfare.
Dr James Ndahiro, the Chairman of Zigama CSS Board of Directors said that key points were discussed and adopted by the General Assembly to improve ZIGAMA members’ welfare.
For a member who applies for the first time to get a loan for shelter, he/she will get the loan on 10% interest rate, reduced from 15%.
Other members who have already acquired shelter but wish to get more houses they will see interest rate reduced from 15% to 14% and with possibility to extend their loans to 20 years.
For members with low income who were previously eligible to get loans limited to Rw5 million now qualify for Rwf7 millions.
CSS continues to emphasise on IT services such as Mobile money and Mobile application, Internet banking and Visa debit card to facilitate its members for different transactions. “With great cooperation from Zigama CSS members, we wish to continue building the Bank capacity so that we achieve its core mission of sustaining members welfare,” said Dr James Ndahiro.
Currently about 70% Zigama CSS members have acquired shelters while the cooperative vows to focus on the remaining 30% to get houses in the near future.