Rwandan microfinance institutions, including Savings and Credits Cooperatives (SACCOs) are set to adopt a Shared Agency Banking system that will make deposits and withdrawals easier across the country. This was announced on Friday December 12, during the General Assembly of the Association of Microfinance Institutions in Rwanda (AMIR), which brought together managers of microfinance institutions (MFIs) as well as officials from the National Bank of Rwanda and the Ministry of Finance and Economic Planning, among others. ALSO READ: Umurenge SACCOs fully automated paving way for creation of Rwanda’s cooperative bank “Shared Agency Banking is a platform aimed at connecting all MFIs and SACCOs in one system. They will have agents across the country who can serve any client of an MFI or SACCO regardless of location,” explained Jackson Kwikiriza, the Executive Director of AMIR. He said the establishment of the new system will be completed by June 2026. ALSO READ: Rwanda’s financial sector assets hit Rwf10 trillion value The transformative platform dubbed “Zose” will enable one agent to serve multiple customers from different banks and MFIs. Through services such as deposits, withdrawals, remittances, bill payments, and account opening, the system promises to lower transaction costs, enhance accessibility, and expand financial inclusion across Rwanda. Instead of each microfinance institution having its own independent agents, different MFIs will share the same agents, making it easier for people—especially in rural or remote areas—to access financial services. ALSO READ:Non-performing loans in Rwandan banks hit Rwf209 billion in 2023 Customers will be able to withdraw and deposit money, check account balances, open certain types of accounts, pay utility bills, and transfer money. The system is expected to reduce operational costs for MFIs, as they will not need to open multiple branches or individual agents, and it could increase financial access for people living in villages and small towns. ALSO READ: Women urged to seek financing for businesses For example, if a shop in a village becomes a shared agent, people with accounts from different MFIs will be able to use that same shop for services. There are many MFIs and SACCOs across the country that will benefit from the system. In 2025, Kwikiriza said, more than 21,000 people were mobilised on financial products and services, while 707 youth and women opened accounts with MFIs. Microfinance liquidity fund The microfinance sector is also set to benefit from the establishment of a Microfinance Liquidity Fund. “Ongoing preliminary preparations are based on findings from a feasibility study that has been conducted,” Kwikiriza said. The initiative aims to provide microfinance institutions with access to low-cost liquidity, enabling them to offer loans at single-digit interest rates. ALSO READ: Farmers demand easy access to finance Interest rates, ranging from 1 to 9 per cent annually, could significantly reduce borrowing costs, fostering greater affordability for low-income borrowers and small businesses. Currently, interest rates in MFIs reach up to 24 per cent annually. The proposed fund will act as a buffer against financial shocks and ensure the uninterrupted provision of affordable credit. MFIs often face liquidity challenges due to the irregular incomes of their borrowers and the relatively small loan sizes. With the liquidity fund in place, MFIs are expected to receive much-needed liquidity for operational costs or loan disbursement, reducing the risk of cash flow shortages that could lead to defaults or limited lending capacity. MFI officials also say the fund could potentially provide short-term financial assistance during unexpected stress, acting as a buffer against unforeseen challenges. Abed Cherif Muhawenimana, Managing Director of Inkunga Finance, said they expect the liquidity fund to serve as a “basket of funds” for MFIs. “Such a basket fund can increase the uptake of loans at lower interest rates,” he said. Central bank urges stronger systems against cyber threats Clarisse Mushimirwa, Director of the Microfinance Institutions Supervision Department at the National Bank of Rwanda, commended microfinance institutions for building resilience and urged them to strengthen their systems against cyber threats. “Operational risks, especially cyberattacks, are becoming one of the most pressing threats to the microfinance sector. As financial services increasingly migrate to digital platforms, vulnerabilities multiply and cyber threats grow more sophisticated,” Mushimirwa noted. She stressed that cyberattacks—whether through fraud, data breaches or system disruptions—pose a serious danger to client data, institutional reputation, and financial stability. “To keep pace with the digital transition, microfinance institutions must invest in secure systems and strengthen their internal controls. Our staff must be well trained to detect and respond to cyber threats. The future of our institutions depends not only on digital expansion but also on digital security,” she said. Establishing District SACCOs Cyrille Hategekimana, Director General of the Banking and Non-Banking Sector in the Ministry of Finance and Economic Planning, spoke about the progress of the integration of hundreds of sector-level Umurenge SACCOs into District SACCOs. He said that so far 24 District SACCOs have been formed and digitised. “All SACCOs will have been merged to form District SACCOs by February 2026,” he said. Interest rates in Umurenge SACCOs are expected to decrease from the current 24 per cent to between 2 per cent and 14 per cent annually, according to Ministry of Finance and Economic Planning. Some SACCOs have started to reduce interest rates, as shared by Capitoline Kamwezi, Manager of Gicumbi District SACCO–Intwari. “We have reduced the interest rate from 24 per cent to 18 per cent annually,” said Kamwezi.
