New saving scheme to boost Veterinary Doctors’ financial sustainability

By Elias Hakizimana.

On March 6, 2022, Rwanda Council for Veterinary Doctors (RCVD) has inaugurated a new saving scheme ‘IKIMINA’ for professionals to be able to sustain their financial needs and secure investments for other related income generating businesses.

The scheme is inaugurated following current money scarcity among veterinary doctors, and it will help them to have own resources and avoid them for being corrupted by farmers.

“This scheme we are establishing has a wide range of opportunities including building financial capacity of Veterinary professionals through saving culture. The scheme will also establish its own guarantee fund to allow members get loans without extra collateral.” Said Dr. Wilson Rutaganira, Chairperson of the veterinarian saving scheme.   

 

“Our plan is for five years and we plan membership subscriptions by 25 percent this year. By Next year, 2023, we will reach the minimum of 63 percent.” He added.  

Dr. Rutaganira said that they expect every veterinary doctor and technician to join the saving scheme and individual monthly saving will be deducted from salaries through the signed agreements between the banks and the scheme.

“At the end of this year, we expect 114 veterinary doctors and 748 veterinary technicians having contributed to the scheme with 862 total subscriptions.” Rutaganira said.

Dr. Spridio Niyodusenga, RCVD board member at the national level said that current challenges veterinarians face include lack of financial capacity that hinders them to establish strong investments.

“This is a step we make today to find a solution from within, veterinary professionals need much money to invest in their businesses. Many of them try to approach banks and microfinance institutions to request loans, which is also problematic. So, it was a good idea to gather over 4,000 people in a saving scheme and it will make it easy when they want startup capital to establish businesses.” Niyodusenga said.

Each member of the saving scheme will contribute a monthly saving of Rwf10,000 minimum and Rwf100,000 per year. The scheme will charge 13 percent interest rate over the loans given to members.

Beneficiaries speak out

Valentin Manishimwe, a veterinary doctor working in Gicumbi district welcomed the saving scheme, saying it will help him to set a vision of owning a business in the near future.

However, Manishimwe said it is not easy for any veterinary doctor to find at once Rwf100,000 of annual saving as they do not touch money the same way following their nature of work. “My idea is that they would better make it Rwf40,000.” He said.

Théoneste Nzayisenga, a veterinary doctor from Rubavu District said that the saving scheme is important for them as it will help them get loans on a small interest rate.

“Our work is filed-based and it is currently a problem to get money for transport. My savings can help me get a loan on a small interest rate and I will manage to buy a motorcycle.” He said.

Chartine Niyonkuru, a veterinary doctor from Gasabo District said that the saving scheme will help them to find startup capital to invest in bigger businesses.

“As young people, we cannot find a loan from the BDF without having a collateral; but our savings in this scheme will secure collateral when we want loans.” She said.  

By the end of 2023, the veterinarians’ saving scheme expect about Rwf23 million as the total savings with the net profit of over Rwf5million.

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