Rwanda | Road shows to improve financial literacy in Rwanda
The government of Rwanda in partnership with VISA international recently launched road shows to educate Rwandans about financial literacy and saving measures through electronic banking.
“Development comes with a strong financial sector. The financial sector can only improve if all the Rwandans join electronic banking and get to reap from its benefits,” said Minister of Finance and Economic planning, John Rwangombwa.
Currently Rwanda has more than 700 bank branches around the country and two million bank accounts. The local bank Umurenge SACCO has improved the life styles of middle income earners in rural areas.
SACCO bank has issued out 4.7 billion RWF to its clients in form of loans. This amount of money has boosted business in rural areas on small scale firms as it’s paid on a lower cost.
However, 40 per cent of the Rwandans are not aware of electric banking, which is a hindrance. Visa intends to use dramatic road shows to teach people about electric banking, the use of ATM cards, saving and buying shares.
“Street theatre has been an enjoyable and effective way ,we have used to educate people elsewhere, I am positive the Rwandans will enjoy and learn a lot through it,” said Elizabeth Buse, Group president, Asia Pacific, Central Europe, Middle East and Africa, Visa Inc.
Rwanda targets 80 per cent of middle income by 2020.
The determined efforts by the Government, Visa and local financial institutions are resulting in many people in Rwanda gaining access to financial tools and services for the first time. Consumers now require higher levels of knowledge and skills to participate effectively in the marketplace.
“Financial literacy is the most effective way to achieving financial inclusion. This hence calls for an all-inclusive approach that involves all stakeholders both in the public and private sectors. In this regard, the National Bank of Rwanda has published a booklet that identifies and explains some of the most frequently asked questions by the population,” revealed Ambassador Claver Gatete Governor of central bank.