Rwanda’s national savings rate has reached 14.4 percent of the country’s Gross Domestic Product (GDP), according to the Ministry of Finance and Economic Planning (MINECOFIN), which is urging citizens to strengthen the culture of saving and long-term financial planning.
The announcement was made during the launch of National Savings Week on October 31, an annual initiative designed to improve financial literacy and increase the use of formal financial services across the country.
The government has set an ambitious target under the second National Strategy for Transformation (NST2): to raise the national savings rate from 12.5 percent to 25.9 percent of GDP by 2029.
Cyrille Hategekimana, Director of Financial Institutions at MINECOFIN, said reaching this goal requires a national mindset shift.
“A 14.4 percent savings rate is not too low, but we are still far from our goal,” Hategekimana emphasized. “Saving should not be what remains after spending. It must be a responsibility embraced by every citizen, regardless of income level.”
Citizens who practice consistent saving say the benefits are life-changing.
Jean De Dieu Habarushaka, a pig farmer from Gicumbi District, began saving in 2009. The money accumulated through his savings later enabled him to secure a loan to build a home and expand his livestock business.
“If I hadn’t been saving, I would not be where I am today,” he said. “Even small amounts can make a big difference over time.”
For others, savings groups offer a more accessible alternative to formal banks.
“In rural areas, people prefer community savings groups because bank loans often have high interest rates,” explained Marie Denise Mukabucyanayandi. “In these groups, the interest can be as low as 100 or 200 francs.”
Gicumbi district leading progress
Local leaders say Gicumbi continues to demonstrate how community-driven saving can contribute to economic growth. The district has mobilized more than Rwf 2.3 billion through the national long-term savings scheme Ejo Heza, while over 80 percent of households own livestock, providing another safety net and pathway to saving.
Deputy Mayor Parfaite Uwera said the district counts more than 2,000 savings groups and cooperatives, many of which are now shifting to digital systems to improve accountability and facilitate financial support.
Banks pledge expanded support
Financial institutions say they are committed to improving access to saving and investment tools.
“Equity Bank is working to reach more Rwandans with services that empower them to grow financially and secure their futures,” said Jean Pierre Birikunzira, the bank’s manager in Gicumbi.
Throughout National Savings Week, campaigns and community-based activities will focus on digital saving solutions, enabling more citizens to save conveniently and securely, and helping Rwanda move steadily toward its long-term financial goals.
