CONTRIBUTION OF UMURENGE SAVING AND CREDIT COOPERATIVES TO THE DEVELOPMENT OF ITS MEMBERS IN RWANDA

Abstract

The objective of the study was to show the contribution of Umurenge saving and credit cooperatives (USACCOS) to the development of its members in Rwanda. Case study: Umunara SACCO (2021-2023). Specifically, the study analyzed the effectiveness of financial services offered by Umunara SACCO to the development of its membersand evaluated the contribution of Umunara SACCO’ services on development of small and medium enterprises. The results show that saving policies for Umunara SACCO are clear and well set, minimum liquidity is maintained to serve customers, saving policies for Umunara SACCO are clear and well set, security of customers deposits is ensured, and customers get fair interest on their term deposits in Umunara SACCO. The results show that security of customers’ deposits is ensured, customers get their savings on demand, procedures for opening a saving account are friendly, amount needed for opening an account is affordable and always withdraw my savings when I have a need. The results show that Collateral required is affordable, Umunara SACCO offers loans to members at affordable interest rates, The Loan repayment period is long enough and fair, Loan is quickly processed, the requirements are affordable, and Loans offered by Umunara SACCO are enough. The results show that UMUNARA SACCO trained its employees on how to effectively communicate with customers and has helped to retain customers, UMUNARA SACCO trained its clients on how they can start business and UMUNARA SACCO makes Regular training of clients in terms of using loans and projects management. The results show that UMUNARA SACCO makes Regular training of clients in terms of using loans and projects management. The results show that Umunara SACCO allowed me to start an income generating activities that facilitate me to get an additional income out of my monthly salary, Umunara SACCO enabled me to pay school fees for my children and other school supplies they need, Umunara SACCO enabled me to buy house equipment or furniture such as: chairs, bed, mattress, cupboard, etc. which have improved my wellbeing, Umunara SACCO enabled me to buy my own piece of land that has improved my welfare, Umunara SACCO enabled me to acquire means of transport (bicycles, motorcycle, ...), Umunara SACCO helped me to acquire shelter or improve the existing house with install tapped water & electricity to my existing house and Umunara SACCO helped me to pay Health Insurance and medical expenses.