Oswald Nshimiyimana no longer waits until he has accumulated a large amount of money before putting it into his savings account. Instead, the 28-year-old poultry farmer saves whenever he can, a habit he says has become easier since financial services moved closer to his community and the cost of transferring money went down.

When he started raising 50 chickens in 2023, Nshimiyimana had limited capital. But by regularly saving through in the local Umurenge SACCO, he eventually qualified for a Rwf3 million loan.

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He invested the money in his poultry business. Today, he keeps 1,500 chickens, runs a business valued at about Rwf8 million and employs four permanent workers.

He says bringing financial services closer to communities and reducing transfer charges have encouraged him to save more frequently.

"Bringing financial institutions closer to us in the villages where we live, as well as reducing the charges for transferring our savings to banks, encouraged me to keep saving frequently rather than wait until I had accumulated a large amount before depositing it,” Nshimiyimana said.

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The Ministry of Finance and Economic Planning said reducing the cost and inconvenience of accessing financial services can encourage people, particularly those with modest incomes, to develop regular saving habits.

Cyrille Hategekimana, Director General in charge of the banking sector at the Ministry of Finance and Economic Planning, said increased mobile phone penetration and affordable electronic payment services have helped reduce the cost of accessing financial services, including saving.

He noted that people can now use eKash payments system to transfer money and make deposits without spending additional money moving to the banks or mobile money agents.

"When a citizen uses eKash services and pays Rwf20 per a transaction, instead of taking a vehicle and paying transport fares just to make a deposit, it helps increase savings among citizens because they no longer incur additional expenses but instead save that money,” he said.

The government is seeking to build on the growing saving culture by increasing the country&039;s savings rate from 12.4 per cent of Gross Domestic Product (GDP) to 25.9 per cent by 2029, according to Hategekimana.

"Rwandans' are embracing the culture of saving. According to the figures we have, we have registered more than 15,000 saving groups with Rwf54 billion in savings, while Umurenge SACCOs have 4.4 million members and Rwf301 billion in assets,” he said.

Long-term saving is also gaining ground through the Ejo Heza national scheme, which has mobilised more than Rwf95 billion, according to Hategekimana.

In Kayonza District, Akagera SACCO provides another example of how saving can translate into access to credit and business opportunities.

Within one year of its establishment, the cooperative had registered 17,169 savings groups and accumulated capital of Rwf15 billion. It had also extended Rwf9.4 billion in loans to 4,600 savings groups.

The SACCO has increased its maximum individual loan from Rwf150 million to Rwf220 million, while reducing interest rates on agricultural loans from 24 per cent to 10 per cent.

For Ruth Tuyiringire, a resident of Ruramira Sector who belongs to an association involved in livestock farming and animal feed production, saving has helped her group qualify for progressively larger loans.

"We started with capital of about Rwf5 million. We then started working with financial institutions and began saving before applying for loans. The first time, we received Rwf8 million. As our activities grew, we applied for a second loan and received Rwf16 million,” she said.

The association now rears livestock and produces animal feeds using locally available materials, helping it keep production costs down.

Despite the progress, officials say more people need to make saving a regular part of their financial lives.

Eastern Province Governor Pudence Rubingisa urged citizens not to wait until they have paid all their expenses before they can save. Instead, he said, they should include saving in their income plans and gradually increase the amount they put aside for future use.

He highlighted the role of saving in helping households meet education costs, raise business capital, prepare for unexpected difficulties and secure their future.

"Developing a saving culture helps people lift themselves out of poverty, pay their children's school fees, escape rental housing and raise capital to implement their desired projects. It also helps them deal with unexpected challenges,” the governor said.

He added that the saving culture is particularly important because many Rwandans depend on agriculture for their livelihoods, making their incomes vulnerable to seasonal changes and other conditions that affect production.

The governor reminded residents to engage in Ejo Heza saving and to get insurance for crops and animals as well as key infrastructure to prevent losses which may result from fire outbreaks.