Nyaruguru residents tipped on savings culture

Rwandans have been advised to embrace the culture of working with financial institutions as a way of attaining sustainable growth. The call was made yesterday during the launch of the Savings Week in Nyaruguru District.

The Week will focus on awareness campaign to promote a savings culture among the population, especially those living in rural areas, according to officials.

The aim is to ensure that all Rwandans understand the benefits of working with financial institutions and saving from even the little money they earn as a way of preparing for their future.

The campaign is organised by Global Communities, an international non-governmental organisation, in partnership with local authorities.

Speaking at the event in Cyahinda Sector, Southern Province Executive Secretary Jeanne Izabiriza said savings is based on proper planning and proper management of one’s revenues however little they might look.

She encouraged residents to work with the various banks, micro-finance institutions as well as savings and credit cooperatives, noting that such a move would offer them unparalleled opportunities to access finances for further investment.

“Savings give us an opportunity to lay foundation for our future,” Izabiriza said. “It is the base of future investments that stimulate positive changes within our lives.”

Banks tasked on outreach

She also challenged financial institutions to organise community outreach campaigns to create awareness of their services and products, saying that would stimulate demand.

Izabiriza hailed informal savings groups, locally known as Ibimina, saying they are boosting the savings culture especially in rural areas. She said such groups play a key role in inculcating savings culture among residents.

Available figures indicate that there are over 820 informal savings groups operating throughout Nyaruguru.

The groups have an estimated 23,000 members, 80 per cent of whom are women, according to the district mayor, Francois Habitegeko.

The groups were set up with the help of several partners, mainly NGOs that work to promote the savings culture within local communities,.

The district also has 14 sector-based Saccos, a Umwalimu Sacco, and commercial and micro-finance facilities, according to the official.

More than 85 per cent of the residents aged 18 and above are members to one of the institutions, Habitegeko said.

The target is to continuously raise the numbers until they reach a hundred per cent, the official said.

Global Communities Country Director Milton Fines said his organisation will continue to support the country’s efforts to improve life in communities.

The New Times