Rubaare Modern Rural Savings and Credit Development Association commonly known as RUSCA launched new banking premises with support from aBi’s Financial Services Development component.
At a colorful event, RUSCA banking hall was commissioned by Hon. Mwesigwa Rukutana, Minister for constitutional affairs and Member of Parliament for Rushenyi County who also planted a tree in commemoration of the new premises cost shared with funding from aBi Trust.
Located in the cattle corridor of Ntugamo district, farmers faced a challenge of limited access to credit services for dairy inputs, access to veterinary services such as drugs, artificial insemination services and animal feeds
With aBi Trust’s grant worth 182 million, RUSCA remodeled its banking hall to fit standards of modern Banking, developed loan a product for the dairy farmers, has trained farmers in financial literacy and has recruited a loan officer designated to working with the dairy farmers.
Established in 2000 as a member owned organization, RUSCA currently has 6,298 members, 2 branches with a total of 5,985 clients and a loan portfolio of 1.2 billion and savings of 735 Million as at June 2014. RUSCA benefits over 300 dairy farmers and non-agribusiness clients
aBi’s support to RUSCA aims at strengthening enterprise performance whereby RUSCA has registered 1,500 new clients, Savings volume increased by 500 Million from 700M to 1.2 billion, loan portfolio grown by 1 billion from 1.2 billion to 2.2 billion as at March 2015.
Based on RUSCA’s capacity, it is envisaged that over 500 dairy farmers will access to financial services and of which 30% are expected to be females. Because of the repositioning of the banking hall, the savings will increase by 500 million which will increase on the loanable funds of RUSCA thus increase its profit margin.