The Association of Microfinance Institutions in Rwanda (AMIR) will establish 700 savings clubs in schools across the country, a move that will greatly support efforts aimed at ensuring all Rwandans access financial services.

The initiative will, not only promote a savings culture in schools, but will also create entrepreneurial awareness at the grassroots level, according to Jean Pierre Uwizeye, the head of capacity building and financial education at AMIR.

He added that the institution will also help link 100 schools with microfinance institutions (MFIs) to enable school children open up savings accounts.

The initiative will benefit over 45,000 children countrywide, he said. "AMIR has helped establish 514 savings clubs established in 75 schools across the country. Besides promoting savings culture, children will be taught basic entrepreneurial skills,” Uwizeye, noted.

The project is being supported by Ministry of Education and the UK government through the Department for International Development (DFID), he added.

Rita Ngarambe, the AMIR executive secretary, noted that it is imperative that the country invests more in its children to ease the problem of unemployment.

"We are talking about changing children’s behaviour and perception towards entrepreneurship and finance. Children have rights to financial inclusion, and can be enterprising at a young age,” she said.

For Rwanda to attain economic sustainability, human resource development through financial education, the issue of enhancing knowledge and skills cannot be underestimated, Ngarambe added.

Education officers blamed

 Meanwhile, a new study has indicated that low involvement of district authorities, including education officers, in the promotion of savings culture is affecting efforts geared at enhancing financial inclusion in the country.

The "Progress research report on innovation for education” report that was launched last week in Kigali indicated that district education officers have done little to promote the culture of savings in schools, raising concerns on how the country will achieve financial inclusion of up to 80 per cent by 2017.

The study was conducted by the Association of Microfinance Institutions in Rwanda (AMIR) in conjunction with Alfa Academy and supported by DFID.

According to the report, financial institutions are also not doing enough to facilitate schools to encourage students to save or engage in economic activities.

There are low budget allocations to carry out research, monitoring and evaluation of activities towards championing savings culture at grassroots level.

Dr. Yves Valentin Kaneza, the lead research  officer for the study, urged those championing financial inclusion to involve district authorities and other sector players if the campaign is to yield results.

"The microfinance industry and Saccos should conduct more training programmes on savings in schools,”Kaneza said.

Augustin Gatera, the director of curriculum production at the Ministry of Education, said they were working with all stakeholders, including schools to ensure that the culture of saving becomes part of the curriculum.