The Micro Finance institutions (MFIs) registered significant growth in their total assets growing by 20 percent from Rwf60.1 million in 2008 to Rw71.9 million 2009 as indicated by the 2010 monetary policy statement.

The growth in this sector also extended to equity which increased by 28.8 percent from Rwf16.2 million in 2008 to Rwf20.9 percent in 2009.

"The consolidated financial position of the micro finance sector shows a positive trend with the exception of non-performing loans,” read the policy statement.

Due to the increase in deposits by 18.8 percent, the sector registered an increase in both cash and cash equivalent from Rfw10.1 to Rwf16.6 million in 2008 and 2009 respectively.

Last year, the development of MFIs focused more on overcoming financial exclusion due to various barriers as evidenced by Rwanda finscope 2008 survey.

It also experienced the licensing of new MFIs, with on and off-site examinations having been performed on are ongoing basis.

According to the monetary policy statement, 28 MFIs including the 5 biggest ones benefited from on-site examinations that were conducted to improve efficiency in the operations of MFIs.

Ends