Financial Inclusion, a key policy, by
government of Rwanda, will make 90% of the population to have and actively use
bank accounts by 2020. The research analyst of World Bank, Douglas Randall is impressed by the financial inclusion landscape in this
country. The Rwandan government has targeted 90% financial inclusion by 2020.
Advertisements had been put up everywhere by looking at which one can notice
the signature of Rwanda’s inclusion initiative, Umurenge Savings and Credit
Cooperative (Umurenge SAACO). FinScope survey 2008, found that 47% of Rwandan
adults have some type of financial product or service but only 21% were
participating in the formal financial sector, which were carried out by different banks but were now included in
SACCOs.
Due
to the division of rural and urban sector as per the data the government
divided to establish a SACCO in each 416 sectors. The government gave rise to
the Umurenge SACCO. After 2008, the users of formal financial were rose to 42%
in just four years. The Rwandans started the use of Umurenge SACCO to save or
borrow which resulted in the growth of 21% users. The initiative was successful
in accessibility to financial services up to 80% users outside the urban
centers. Read More...
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