The National Bank of Rwanda reportedly plans to leverage a savings and credit cooperative (SACCO) known as Umurenge, financial literacy campaigns and “Access to Finance” forums as part of its strategy to support the country in expanding access to finance to reach 80 percent of the population and reaching a target per capita income of at least USD 1,000 by 2017. As of 2007, access to finance in Rwanda was recorded at 21 percent.

Rwandan citizens reportedly have embraced SACCOs, but have been slower in adapting to more traditional financial institutions. The central bank, in partnership with local authorities and the Rwanda Cooperative Agency, a public institution in charge of the promotion, registration and regulation of cooperatives in the country, will soon launch the “Access to Finance” forums, which are mandated with mobilizing the population to join financial institutions. The forums aim to provide training on activities such as taking out loans from financial institutions as well as strategies to ensure loan repayment.

By: Philip E. Hughes III, Research Assistant

About The National Bank of Rwanda (NBR):
Founded in 1964, the National Bank of Rwanda (NBR) operates as the central bank of the country. Its purpose is to define and implement monetary policy, mint currency and supervise and regulate the foreign exchange market and financial institutions. It also operates the Securities Exchange of Rwanda. In 2009, NBR reported total assets of RWF 727 billion (USD 1.23 billion).

About Rwanda Cooperative Agency (RCA):
A public institution in charge of the promotion, registration and regulation of cooperatives in the country.

Sources and Additional Resources:

Source Article: AllAfrica.com: Rwanda: New Strategies to Boost Financial Inclusion: http://allafrica.com/stories/201107040847.html

NBR:
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The…

RCA:
http://www.rca.gov.rw/

Microcapital.org: “MICROCAPITAL BRIEF: Rwanda’s Bank of Kigali Announces Three Microfinance Products Targeting Rural Financial Inclusion”, May 31, 2011:

http://www.microcapital.org/microcapital-brief-rwanda’s-bank-of-kigali-announces-three-microfinance-products-targeting-rural-financial-inclusion/

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