Rwanda sees growth in Saccos market
The Rwanda Cooperative Agency (RCA) is hoping recent growth in the Savings and Credit Cooperatives market (SACCOs) can be sustained in the future.The Rwanda Cooperative Agency (RCA) is hoping recent growth in the Savings and Credit Cooperatives market (SACCOs) can be sustained in the future.
According to figures from the organisation, 1.3 million members were registered with these institutions in 2011, reports the New Times.
However, RCA said this went up to 1.7 million last year - an increase of 22.3 per cent.
Damien Mugabo, director-general of the body, described this as a "great achievement for these SACCOs".
"We hope that this year, the performance will increase further because we have built the capacity of most of them," he commented.
RCA believes the upturn is being fuelled partly by an increase in the number of people in rural communities using financial services over the last year.
This comes after Francois Kanimba, minister of trade and industry in Rwanda, was quoted by Rwanda Focus as saying that African nations should pursue the cooperative model in the industry more widely and make the system more integrated both at regional and national level.