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National Bank of Rwanda (NBR) Incorporates Microfinance Programs as National Strategy

Published on July 11, 2011

The National Bank of Rwanda plans to implement Umurenge SACCO (Savings and Credit Cooperative), financial literacy campaigns as well as “Access to Finance” forums as part of its strategy to support the country in increasing access to finance to 80 percent of the population with a target per capita income of at least USD 1,000 by 2017. Clickhere to read the MicroCapital article

National Bank of Rwanda (NBR) Incorporates Microfinance Programs as National Strategy to Achieve 80 Percent Access to Finance Target by 2017 The National Bank of Rwanda plans to implement Umurenge SACCO (Savings and Credit Cooperative), financial literacy campaigns as well as “Access to Finance” forums as part of its strategy to support the country in increasing access to finance to 80 percent of the population with a target per capita income of at least USD 1,000 by 2017. As of 2007, access to finance in Rwanda is 21 percent. Rwandan citizens reportedly have embraced SACCOs, but have been slower in adapting to more traditional financial institutions. The central bank in partnership with Rwanda Cooperative Agency, a public institution in charge of the promotion, registration and regulation of cooperatives in the country, and local government authorities will soon launch “Access to Finance” forums, which are mandated with mobilizing and sensitizing the population to join financial institutions. The forums aim to provide training on activities such as taking out loans from financial institutions as well as strategies to ensure loan repayment. By: Philip E. Hughes III, Research Assistant About The National Bank of Rwanda (NBR): Founded in 1964, the National Bank of Rwanda (NBR) operates as the central bank of the country. Its purpose is to define and implement monetary policy, mint currency and supervise and regulate the foreign exchange market and financial institutions. It also operates the Securities Exchange of Rwanda. In 2009, NBR reported total assets of RWF 727 billion (USD 1.23 billion). About Rwanda Cooperative Agency (RCA): A public institution in charge of the promotion, registration and regulation of cooperatives in the country.

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