Rwanda : Local saving scheme registers success in Kirehe

Officials of a community saving scheme, Haguruka ukore Sacco-Mpanga, have said that the participation of residents towards saving and the institution has so far disbursed over Rwf135millions through loan schemes.

The loans were handed out to 138 residents in Mpanga sector, in Kirehe district, located in the eastern province of Rwanda.

The government of Rwanda has goals of having all Rwandans access banking services and able to access loans and a lot of emphasis has been put on promoting the culture of savings.

Only 72% of the estimated 12million Rwandans have access to banking service, and 28% of the population (1.3million Rwandans) has no notion of the banking systems, according to 2012 research findings in the sector.

The government has in the 2012/2013 budget allocated Rwf2.6 billion to savings and Credit Cooperatives- SACCOs as one way of increasing savings needed to boost economic and social transformation.

Haguruka ukore Sacco-Mpanga is located near the border between Rwanda and Tanzania. The scheme has so far registered an increment in registered members- with each only required to deposit a fee of Rwf5000.

The bank manager, Marcel Munyurangabo, says that numbers have increased and the demand for loans has shot high, to an extent that there sometimes the bank lacks money to loan the applicants.

Munyurangabo also says that despite the fact that the bank premises are located off-road and sometimes inaccessible, the residents have persisted in joining the cooperatives. He revealed that five of the members have been able to buy motorbikes, and another two have bought transport omnibuses.

As a way of addressing the problem of poor premises, the bank has so far started constructing new premises, which will cost the residents over Rwf17millions.



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