Community Saving Cooperatives, locally known as Umurenge Saccos, have been challenged to strive for self-reliance instead of looking up to other financial institutions. 

While addressing hundreds of Sacco managers in Northern Province, the Governor of the central bank, John Rwangombwa, challenged them to build the necessary capacity and improve their services.  

During the meeting that was also attended by managers of commercial banks operating in the province, Rwangombwa said clients now understand the value of Saccos and saving culture continues to grow, their growing number should be at par with the capacity to accommodate them. 

"Saccos were introduced for citizens and they should have a big say in decisions pertaining to how their money is going to be invested,” he said. 

Rwangombwa commended the the progress registered by Saccos in Northern Province, and the impact they have made the country’s economy.  

"We are truly proud of you. Of the chunk of the money the National Bank of Rwanda received from all of our branches, Northern Province submits 60 per cent,” he said.

Save with banks

He said even if the country is secure, people should inculcate the culture of keeping their money in banks rather than at home. 

"All our banks are trustworthy and there are many benefits accruing from working with them,” he said. 

The managers of Saccos attributed lack of self reliance to worries and challenges they face such as clients who refuse to service their loans, while others relocate to other parts of the country after acquiring loans. 

Aime Bosenibamwe, Governor of Northern Province, urged them to keep creating awareness among the communities about the culture of savings and make constant follow up to ensure those who acquire loans pay up. 

"Sacco is a mirror of development of Rwandans, you have to develop Sacco and be sure to offer quality services,” he said.