Active Research

Umurenge SACCOS Initiative:
Increasing financial inclusion in rural Rwanda 

University of Toronto

In 2008, only 21% of Rwanda’s population had regular access to a formal financial institution, making financial exclusion a major problem in the country. Launched in 2008, the government of Rwanda started the Umurenge Saving and Credit Co-operative Societies (SACCOs) to improve financial inclusion in the country. SACCOs are community member-owned, non-profit financial institutions. Since the implementation of SACCOs, financial inclusion in Rwanda has increased to 89% in 2020. This case study will investigate SACCOs and the digitization of financial inclusion in rural Rwanda.