Rwanda to mark inaugural microfinance day

Rwanda will next month celebrate microfinance day, the first time the country will be marking the day. Jean Marie Vianney Nzagahimana, the chairman of Association of Microfinance Institutions in Rwanda (AMIR), said the day was planned to highlight the achievements the sector has so far recorded, as well as specific activities in the sector and how they have impacted on financial inclusion. Nzagahimana said the day will be marked under the theme, “Boosting inclusive finance with a professional microfinance sector in Rwanda”. The microfinance day is also meant to raise awareness about microfinance at the local and international levels. “We want to highlight the need for professionalism among the local microfinance industry, and how we can stimulate an inclusive financial sector, especially by focusing on the grassroots segment of the market, Peter Rwema, the AMIR acting secretary general, said. Rwanda’s microfinance sector is made up of 13 limited companies, 64 non-Umurenge Saccos and 416 Umurenge Saccos, representing only 31.9 per cent. And according to data from the National Bank of Rwanda, the sector’s asset grew by 23.8 per cent from Rwf128.7 billion in December 2013 to Rwf159.3 last year, largely driven by loans, which increased by 22.4 per cent over the year. Meanwhile, microfinance institutions that have exhibited excellent credit administration skills and product innovation towards financial inclusion will be recognised, Damascene Hakuzimana, the senior advocacy and communications officer at AMIR, has said. He said the awards aim at encouraging credit and saving institutions to embrace new technologies that will help boost financial inclusion. business@newtimes.co.rw

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Rwanda to mark inaugural microfinance day