Nyabihu: Financial institutions in savings culture promotion
Residents in Nyabihu district have embraced saving with Umurenge Savings and Credit Cooperative (Sacco), a government initiated community microfinance programme as the fast way to social economic development.
Keeping money in SACCO gives one chance to acquire a loan after some time and venture into income generating activities.
“Saving with Sacco offers security and adds profit on the money deposited. Money kept at home can be spent unnecessarily,” said Jean De Dieu Harerimana, a resident.
“I keep my money on a savings account. This increases my savings and gives me chance to access a business loan any time,” said Theoneste Mudasunikwa, a cattle farmer
“Saving is the key to social economic development. Every resident should adopt this culture for a better future,” said Hatangimbabazi Theodore, in charge of cooperatives and business promotion in Nyabihu district.
Umurenge SACCO is a financial institution under the cooperative form, which operates in the financial system; it is a legal entity in which individuals save their money and can get loans in order to invest in various activities such as Agriculture, Trade and provision of basic needs among others.
It was established in 2009 and its fundamental objective is to maximize the benefits which members can obtain from their transactions with the cooperatives.
Over 1.5 million Rwandans have so far registered with the programme and over 1.3 million of them have opened accounts with the Sacco’s from their respective areas. There are a total of 416 Sacco’s countrywide.