The Capital Markets Advisory council (CMAC), this week has been engaged in the saving mobilisation campaign for various financial sectors in the country.
The savings awareness in the country is in conformity with the United Nations annual saving mobilisation campaign which is being celebrated for the first time in Rwanda.
According to Olivier Kamanzi, the Deputy Executive Director of CMAC, the campaign is critical for improving the country’s poor saving culture among households.
“Capital markets can help people to reinvest their savings for long term benefits hence enhancing the saving culture,” said Kamanzi.
As part of its activities, CMAC also urged banks to diversify products on the market so as to allow people to have a variety of products in which to invest.
CMAC which is primarily responsible for regulating the capital markets a component of the financial sector that deals in financial securities is collaborating with companies to bring as many products on the market as possible.
“With Rwanda’s banking population at 14 percent, the campaign will be very tremendous in promoting savings in the country,” added Kamanzi.
Kamanzi also stressed that economic independence of the country can only be achieved by the citizens investing in the markets thus allowing them to participate in the growth of the economy.
The trading of securities in Rwanda is done through Rwanda Over-The-Counter (OTC) market which has since January 2008 traded Rwf 643 million worth of bonds in 52 transactions.
The sensitization this week comes to compliment the country wide public education awareness programme that has seen CMAC visit the thirty districts in the country and more than 2000 people receiving training on investment potential and opportunities.
During the session, Kamanzi said that CMAC’s vision is to be a key contributor to Rwanda’s bid of becoming a competitive financial center in the region and beyond.
In order to improve the saving culture, the government last year formulated a national savings strategy and policy with six pillars including instutionalised, secure and diversified means of saving increased awareness of tangible benefits of savings among others.