Care’s rural savings scheme hits Rwf 300 million

Care International-Rwanda’s Voluntary Savings and Loans Association (VSLAs) savings have surged to over Rwf 300m, within one year, projecting a better image of financial inclusion for the poorest in rural areas. Innocent Rutikanga, the project manager of Care Rwanda in Eastern Province, said the Rwf 329,246,575 were collected from 37,081 people, most of them women. “I feel pleased to see people who started with nothing now sharing out these huge amounts and as Care International we are happy to see more people getting out of poverty,” he said. Rutikanga said this during the sharing of savings and dividends among two groups in Rugarama, Kigina in Kirehe District on Thursday. The two groups Dufatanye 1 and 2 received Rwf 958.928 and Rwf 1.082.800 respectively. He said that VSLA which is an implementing methodology of the Sustainable Access To Financial Services for Investment (Safi) aims at enabling the ppor people to save as well as access financial services. William Bahati, Safi Project Field Supervisor, noted that with a share at Rwf 100, the identified poor people started saving in groups of 30 with the aim of raising savings which would later be used as loans amongst themselves. He noted that the groups which are built on mutual trust, confidence, transparency and accountability help the poor to raise their livelihoods. “Apart from savings and loans, these groups contribute to a social fund that helps them meet each member’s needs,” he said, adding that the groups have shown a 100 per cent loan repayment. He also noted that Care is linking the groups to financial institutions to access services after attaining a financial stand from their savings which has been making them shy away. Association of Microfinance Institutions in Rwanda-AMIR Executive Secretary, Rita Ngarambe, said that the initiative of empowering the rural poor to save will help Microfinance Institutions to extend to rural areas as they would be assured of clients. Domicilla Nyirandemeye, one of the members of the group, said that she started saving Rwf 100 and acquired a Rwf 3000 loan from her group which she used to start a pineapple business. “I came back after 1994 with nothing. I didn’t have where to sleep, no clothes and no food to eat, but Care helped us to join Associations,” she said, adding that in one year she has been able to build a house, buy a cow and expand her business. Ends