Umwalimu Sacco offers housing loans to teachers
A credit and saving cooperative mortgage scheme called Umwalimu Sacco is providing teaching professionals in Rwanda with the finance to build properties.A credit and saving cooperative mortgage scheme called Umwalimu Sacco is providing teaching professionals in Rwanda with the finance to build properties.
Around 550 teachers will be given loans to construct houses through the initiative, General Manager of the cooperative Joseph Museruka told the New Times.
The funding will be distributed across all of the country's districts and the money allocated to each individual will depend on their salary.
"Beneficiaries of this scheme will not start reimbursing loans until their houses are complete, but those settled in Imidugudu (community settlements) stand high chances," Mr Museruka continued.
The cooperative is also working with the African Development Bank and the Rwanda Development Bank on a project to supply teachers with solar energy that will enable them to carry out research and prepare for lessons using their laptops and the internet.
Umwalimu Sacco has previously distributed laptops among its members via a loan system that individuals pay back within five years.