In its 2012-2013 budget, the Rwandan government has reportedly allocated RWF 2.6 billion (USD 4.2 million) to provide technical assistance to savings and creditcooperatives (SACCOs) in the country.John Rwangombwa, Rwanda Finance Minister, reportedly stated, “The government is of the view that SACCOs can become an important instrument of economic and social transformation, especially in rural areas,”.
The technical assistance is intended to allow SACCOs to promote financial inclusion by increasing the amount of savings they hold and credit they disburse. A portion of the funding will also be used to support the licensing of SACCOs and subsequent monitoring and supervision. As of March 2012, 416 SACCOs are authorized to grant loans, of which 273 are able to accept deposits. As of April 2012, net deposits held by SACCOs had risen to RWF 26 billion (USD 42.4 million).
By Brett Cohen, Research Associate
About National Bank of Rwanda (BNR):
Founded in 1964, the National Bank of Rwanda (BNR, in French) operates as the central bank for 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 March 2011, BNR reported total assets of RWF 985 billion (USD 1.65 billion).
Sources and Additional Resources
AllAfrica.com story: “Rwanda: Saccos Rwf 2.6 Billion Budget Allocation to Boost Savings”
http://allafrica.com/stories/201206150415.html
MicroCapital.org story, December 8, 2012: “MICROCAPITAL BRIEF: Savings and Credit Cooperatives (SACCOs) in Rwanda Boost Deposits to $60m, Lending to $54m”
https://www.microcapital.org/microcapital-brief-savings-and-credit-cooper…
MicroCapital.org story, July 28, 2011, “MICROCAPITAL BRIEF: National Bank of Rwanda (NBR) Incorporates Microfinance Programs as National Strategy to Achieve 80 Percent Access to Finance Target by 2017,” https://www.microcapital.org/microcapital-brief-national-bank-of-rwanda-n…
MicroCapital Universe Profile: National Bank of Rwanda (BNR), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The…
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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