Fostering a savings culture among Rwandans

Fostering a savings culture among Rwandans

The savings week under the theme, ‘Save today and secure your future’ began on Monday dedicated to educate citizens on the importance of saving for the future as well as for the country’s economy in general. According to Ivan Murenzi a financial inclusion specialist at access to Finance Rwanda, the country has taken great strides into ensuring it informs its citizens about savings ahead of this year’s World Savings Day on Friday. “As of end 2012, we had 72 per cent of Rwandan adults accessing some form of financial services. That says something that if with education, with sensitisation , people can use financial services and we see mobilisation of capital which can be used…

Nyaruguru residents embrace saving culture

Nyaruguru residents embrace saving culture

Residents of Ngera sector in Nyaruguru district have embraced the saving culture, responding to a call by the local authorities; banks and small financial institutions operating in the area. Resident’s state that working with financial institutions and banks improved has improved the social and economic standards of some resident. Many used to keep money in household items like calabashes and cow horns but never achieved anything developmental until they embraced working with financial institutions. This was revealed during the event to launch a special savings week in Ngera sector in Nyaruguru district. Celestin Rusanganwa, a resident of Ngera sector confirmed that he used to keep money in the calabash but that money never helped him…

Microfinance in Rwanda targets rural financial inclusion

m_Microfinance in Rwanda targets rural financial inclusion

In a bid to boost the country’s efforts to   bank the unbanked, Letshego Rwanda Limited has launched products likely to increase rural financial inclusion. The products, which will see people easily accessing financial services in rural and peri- urban communities countrywide, include current, fixed and savings deposit taking. “Deposit taking in Rwanda will diversify Letshego’s core operating model and provide a key step towards developing of our financial inclusion agenda, with an emphasis on the rural areas,” said Bernard Kivava, Chief Executive Officer. The products, according to Kivava   will help Letshego Rwanda Limited in diversifying its business in markets where it can align with and contribute to the Government’s agenda of financial inclusion with the…

Kirehe: Saving associations commended for sustainable development

Kirehe: Saving associations commended for sustainable development

Members of Banguka, an association for lending and saving in Nyabikokora cell, Kirehe sector of Kirehe district commended the association for enabling them connect electricity to their homes in addition to acquiring property. Residents revealed this while the district prepares to launch ‘special savings week’ scheduled to take place between on October 25-31. A special savings week is under the theme “Save today and secure your future” aims at reminding and educating citizens about the importance of saving. Association members said they have purchased land, livestock, pay school fees for children and take good care of their families. Members revealed that forming credit and saving associations was initiated by Care International, a humanitarian organization fighting…

SACCOs can boost financial Inclusion

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There is optimism  that   as  savings and credit cooperatives-SACCOs continue to register   positive  outlook  in regard to savings and  access to credit  by rural folks, creation of  a  SACCO  cooperative Bank would  bolster the  inclusion efforts. The  savings and credit cooperatives registered  a positive outlook in  mobilizing  savings that  grew to  Rwf 36.7 billion  by December  last year up from  Rwf 6.3 billion in the same period  under review in  2010. With this  growth,  experts  believe that  establishment of  the  cooperative   bank would  increase  liquidity to Saccos  thus boost    inclusion as well  as access to credit  mainly in  rural  areas. “In the future the establishment of a SACCO Cooperative Bank will play a critical role…

Kirehe to launch special savings week

Kirehe to launch special savings week

To entrench a savings culture among Rwandans, a special savings week under the theme “Save today and secure your future” is to launched in Kirehe district dedicated towards reminding and educating citizens on the importance of saving. According to Jean de Dieu Tihabyona, the vice mayor for finance and economic development, the special savings week will involve several initiatives including awareness campaigns talk shows interviews with stakeholders and the public among others. The campaign is scheduled to take place between on October 25-31. He added that financial institutions should play an important role by educating target groups about the services and the products they offer. “You need to prove your competence and lure them to…

MFIs eyes children savings to boost savings culture

MFIs eyes children savings to boost savings culture

There is optimism that   promoting children savings would spur a culture of savings thus  translating into financial inclusion, a  milestone the country is  looking at  to  leapfrog its economy  in  middle income  status. This means that encouraging children to join formal banking systems will help the children to grow with the culture of savings, something that gives a stronger financial backbone the economy. “When  we are teaching our  children  discipline , we should always include the financial  discipline  which will help  them grow into  responsible  citizens,” said Rita Ngarambe, Executive Secretary  of Association of Microfinance institutions  in Rwanda-AMIR Encouraging savings at a tender age on the other hand helps the financial institutions to have enough…

Central Bank keeps repo rate at 6.5% to boost borrowing

Central Bank keeps repo rate at 6.5% to boost borrowing

The national bank of Rwanda (BNR) has announced its key repo rate will hold steady at 6.5 percent to maintain strong economic growth and robust lending. In June, the central bank cut the rate by 50 basis points from 7.0 as it seeks to enable the country’s economy to continue on the 8 percent average GDP growth over the past ten years. “There is no need of further reducing it because the level is sufficient enough to give results we wanted. We don’t have any pressures on the inflation,” central bank Governor John BNR Governor John Rwangombwa said on Wednesday, a day after the figure was released. He would not comment on how long it…

Nyamasheke: BDF making dreams come true

Nyamasheke: BDF making dreams come true

Four months ago, the Business Development Fund (BDF) was launched Nyamasheke district. The BDF is now giving opportunities of Nyamasheke residents with a long time dream of owning a small or medium sized business. In an exclusive interview with Speaking with Valens Tugirimana, head of BDF in Nyamasheke district said, “The BDF will allow every residents, who has a good business plan but no collateral, to access loans. We believe that this initiative will add to the number of SME’s in the country, lowering the unemployment rate and increasing wealth” Tugirimana urged residents to utilise the opportunities Business development Fund brings into the district. BDF-Nyamasheke is in its campaign to sensitise residents on making business…

SACCOs asked to reduce non-performing loans

Heads of cooperatives in Eastern province during the meeting RCA

  Managers of Savings and credit co-operatives (SACCOs) have been advised to strengthen lending mechanisms to reduce on the rate of non-performing loans. Director General of Rwanda Cooperatives Agency (RCA)The call was made by Damien Mugabo during a meeting with SACCOs in Eastern Region. Mugabo expects that with this in mind, SACCOs could lower their non-performing loans (NPLs) to about 5%. “SACCOs authorities have to change the way the way the offer loans. They have to make sure that the people who secure loans have the capacity and also evaluate their project and if things go well, then we can hopefully bring our NPL levels down” The warning comes after SACCO NPLs in Eastern province…