What is Microfinance Institution?
Microfinance Institutions are bodies specifically established to support business development and community empowerment, especially owners of small business entities or MSMEs.
How Many Microfinance Institutions Are In Rwanda?
The Rwandan microfinance sector consists of 460 institutions, of which three are microfinance banks, 19 limited liability companies, 416 Umurenge SACCOs, and 22 non-Umurenge SACCOs.
What is the importance of microfinance in Rwanda?
Microfinance is seen as an important instrument in the implementation of the Government program to reduce the number of people below the poverty line from 60% in 2000 to 30% in 2015 (Republic of Rwanda,2007).
What are the different types of financial institutions in Rwanda?
Commercial banks, Development banks, Cooperatives banks, and Microfinance banks.
What are the financial services in Rwanda?
The sector consists of a vast and growing array of institutions, a stock exchange, Banks, microfinance institutions, savings and credit cooperatives (SACCOs), insurance companies, and pension funds and is becoming increasingly diversified.