The parliament has given the Ministry of Finance and Economic Planning (MINECOFIN) three months to present a roadmap for improving the registration, management and governance of tontines, commonly known as ibimina, following concerns over persistent weaknesses in their operations. ALSO READ: New ibimina regulation to ensure security, accountability According to figures from MINECOFIN, the number of tontines continues to grow. By May 13 this year, more than 10,000 tontines had been registered, with savings amounting to Rwf43.4 billion. The parliamentary directive was presented by Judith Mukarugwiza, deputy chairperson of Parliament’s Committee on Economy and Trade, during a Chamber of Deputies session on Thursday, October 29. The lawmakers raised several concerns after their visits to different parts of the country revealed widespread problems among community savings groups. The issues identified include poor accounting, inadequate financial reporting, weak internal regulations and failure by members to repay loans. Training for tontine leaders also remains limited. Of the 60,548 groups identified across 15 sampled districts, only 19,907 (32.8 per cent) had received training, mainly through development partners. ALSO READ: 15 things to know about new regulations for ‘ibimina’ The report also found that 28,778 groups had internal regulations, while 28,817 maintained accounting records. The proposed roadmap should address three key areas: increasing registration in line with existing regulations, establishing a sustainable mechanism for building the capacity of tontine leaders, and simplifying the digital registration process.
