The merger of former sector-based SACCOs in Nyarugenge District has boosted financial capacity, with loan disbursements now reaching Rwf 120 million at Icyerekezo SACCO Nyarugenge.
This consolidation, part of a nationwide program, aims to transform SACCOs at the district level into a single national Cooperative Bank, with each branch operating under district structures.
According to branch accountant Uwangakurutwa Marie Thérèse, the maximum loan ceiling increased from just Rwf 10 million previously to Rwf 120 million today. She noted that interest rates have also dropped, from as high as 30% when SACCOs operated independently, to below 20% currently.
The National Bank of Rwanda confirmed the countrywide integration will conclude by the end of the fiscal year, promising improved services and solutions for members.
Since their inception in 2009, SACCOs have played a vital role in expanding financial inclusion, raising access to financial services from 21% in 2008 to 96% by 2024.
