MICROCAPITAL BRIEF: Cooperative of Savings and Credit Duterimbere of Rwanda Requests Microfinance Institution Status

The Cooperative of Savings and Credit Duterimbere (COOPEDU), a nonprofit organization in Rwanda, is seeking to become recognized by the Central Bank of Rwanda as a microfinance institution (MFI) in an effort to increase its outreach and the range of financial services it provides to its members. Uwamaria Caritas, COOPEDU’s marketing manager, reportedly stated that this move would allow the organization to provide larger loans, specifically to importers and exporters that require more capital than many of the organization’s other members. Mrs. Caritas adds that COOPEDU’s decision to become an MFI stems from the growth of the organization from 528 members in 1997 to approximately 21,000 in 2012. The Central Bank of Rwanda requires minimum capital of RWF 300 million (USD 477,410) to become an MFI, and, according to Caritas, COOPEDU currently has RWF 4 billion (USD 6.37 million) in capital.

COOPEDU, formerly known as COOPEDU Kigali for the city where it is based, has offered loans, savings products and other financial services to poor people in Rwanda since 1997. As of 2011, COOPEDU reports a gross loan portfolio of USD 7.1 million outstanding to 1,814 active borrowers and USD 5.2 million in deposits collected from 19,857 depositors. COOPEDU was initiated by nonprofit organization Duterimbere of Rwanda, which reports total a gross loan portfolio of USD 4.4 million outstanding to 17,102 borrowers and USD 578,492 in deposits from 53,500 depositors as of 2011.

By Sarah Benali, Research Associate

About Cooperative of Savings and Credit Duterimbere (COOPEDU)
Cooperative of Savings and Credit Duterimbere (COOPEDU), a nonprofit organization based in Kigali, offers loans and savings products to clients that are underserved by traditional banking systems in Rwanda. It was founded in 1997 as COOPEDU-Kigali when it was initiated by Duterimbere, a nonprofit organization focused on offering savings products to poor people. In 2005, COOPEDU Kigali was licensed by the National Bank of Rwanda, and it officially changed its name to COOPEDU in 2009. As of 2011, COOPEDU reports a gross loan portfolio of USD 7.1 million outstanding to 1,814 active borrowers and USD 5.2 million in deposits collected from 19,857 depositors. As of 2011, Duterimbere reports total a gross loan portfolio of USD 4.4 million outstanding to 17,102 borrowers and USD 578,492 in deposits collected from 53,500 depositors.

Sources and Additional Resources

NewTimes.co.rw Story: “COPEDU seeks to become a Microfinance institution,” by Pierre Celestine Rutayisire, October, 2012, http://www.newtimes.co.rw/news/index.php?i=15149&a=59649

MicroCapital.org Story: “MICROCAPITAL BRIEF: Rwandan Government Allocates $4.2m to SACCOs For Technical Assistance,” July 9, 2012, https://www.microcapital.org/microcapital-brief-rwandan-government-allocates-4-2m-to-saccos-for-technical-assistance/

MicroCapital.org Story: “MICROCAPITAL BRIEF: Microfinance Assets in Rwanda Grow 12.1% to $78.6m,” February 22, 2012, https://www.microcapital.org/microcapital-brief-microfinance-assets-in-rwanda-grow-12-1-to-78-6m/

MicroCapital Universe Profile: COOPEDU https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Cooperative+of+Savings+and+Credit+Duterimbere+%28COOPEDU%29

MicroCapital Universe Profile: National Bank of Rwanda (BNR)https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+National+Bank+of+Rwanda

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