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Browsing: Savings and Credit Co-operative Societies
- The National Bank of Rwanda has reported a surge in bank borrowers attributable to intensified awareness campaigns, and the introduction of innovative products.
- The regulator reports a 40 per cent surge in the number of depositors in commercial banks.
- However, borrowers in microfinance institutions (MFIs) and Saccos experienced a 15 per cent decline.
Rwanda’s financial services industry witnessed a remarkable uptick in the number of individuals accessing loans from commercial banks, with a 39 per cent rise recorded over 12 months ending on June 30, 2023. This surge was underpinned by proactive measures instituted by the central bank to enhance financial inclusivity in an economy historically dominated by informal and traditional savings mechanisms.
Data released by the National Bank of Rwanda (NBR) reveals a substantial growth in bank borrowers, escalating from 683,851 in June 2022 to 949,778 in June 2023. In contrast, the number of borrowers in microfinance institutions (MFIs) …