Rwanda raises awareness of the benefits of savings
The Finance Mministry and the Bank of Rwanda have launched the 2016 Savings Week.The Rwandan Finance Ministry and the Bank of Rwanda have recently launched the 2016 Savings Week to promote the benefits of saving, especially among those who do not own a bank account.
"We currently have up to 700,000 Rwandans who are financially excluded. It is difficult for these people to save if they do not have access to financial services or are unaware of the importance of saving," Eric Rwigamba, the Director of Financial Sector Development at the ministry, told East African Business Week. "We wanted to partner with the media in reaching out to this segment of Rwandans," he added.
The week provided the opportunity to raise awareness and promote the various financial products available, with a view to increasing access to these services.
This initiative comes a few weeks after the government revealed that plans to establish a co-operative bank merging all SACCOs are near completion.
Umurenge SACCOs were established in 2008 with the aim to boost up rural savings.
The new financial institution will work as a commercial bank, with SACCOs having over 50 per cent shares in the bank.
Members will be able to withdraw and deposit their money anywhere across the country, and will not be limited to where their SACCOs operate, as is currently the case.
More than 90 per cent of Rwandans now live within a five kilometre radius of the nearest Umurenge SACCO.