KAMONYI – The Minister of Finance, John Rwangombwa, has encouraged Rwandans to embrace a savings culture as a way of attaining social and economic transformation. 

He made the remarks yesterday during celebrations to mark the World Savings Day that also doubled as the official national launch of sector savings and credit schemes popularly known as Umurenge-Sacco.

The event, which also marked the beginning of the savings promotion week, was held in Nyarubaka Sector, Kamonyi District.

According to Rwanda Cooperative Agency, 30 selected Saccos are set to be officially inaugurated at the sector level.

The Minister was accompanied by the Ambassador Claver Gatete, the Governor of the National Bank of Rwanda, and Alphonse Munyentwari, the Governor of the Southern Province.   

Rwangombwa said that in order to meet the set development targets, and bridge the gap between savings and investments, the government will continue to roll out banking services and access to banking facilities at the community level. 

"The culture of saving should be cultivated at individual basis, so as to access the existing banking services and opportunities. It is through savings that we can eliminate poverty and attain our development goals as reflected in the Vision 2020,” he said.

Rwangombwa opened and toured the newly constructed Rwf 12 million facility belonging to Sacco-Dusize Ubukene Nyarubaka (Sadunya). 

He hailed residents of Nyarubaka for their outstanding efforts in promoting the national savings policy and the Umurenge Sacco programme. 

"This example should be emulated by all Rwandans because such efforts indicate that residents are ready to eliminate poverty and work towards attaining a sustainable development,” Rwangombwa stated. 

Munyentwari mentioned that the province has put in place strategies to increase the number of residents joining community savings schemes to 70 percent, mobilise residents to save as well as increase the capacity of the existing 101 Sacco cooperatives in the province. 

Siril Nsabwa, a member of the Sadunya, observed that people are gradually developing a positive attitude towards savings.

The general picture is evident in their contribution to the savings schemes, and social transformation among its members, he pointed out.

"I never had a bank account and did not deal with banks in the past. However, after the coming of the Sacco schemes and after the training I attained in savings, I now run a business worth over Rwf800,000 which I started with Rwf300,000,” Nsabwa said.  

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