The figures were announced on Thursday, November 5, 2026, during celebrations marking International Savings Day in Mukarange Sector, Kayonza District, under the theme “Saving, the Foundation of Development”.
According to the 2024 FinScope survey, savings in Rwanda accounted for 12.4% of the country’s Gross Domestic Product (GDP), while the country aims to increase this share to 25.9% by 2029.
Hategekimana Cyrille, Director General of Banking and Non-Banking Services at MINECOFIN, said the culture of saving is gaining ground in Rwanda, with residents increasingly using different channels to set aside money.
He said collective savings schemes are the most widely used, followed by Umurenge SACCOs and the Ejo Heza scheme.
“Collective savings schemes are where most people save, followed by Umurenge SACCOs and Ejo Heza. At the Ministry of Finance and Economic Planning, we have so far registered more than 15,000 collective savings schemes, holding over Rwf54 billion in savings contributed by members. Umurenge SACCOs have more than 4.4 million members who have saved Rwf301 billion, showing that people understand the importance of saving,” he said.
Hategekimana added that savings under the Ejo Heza scheme have exceeded Rwf90 billion, describing the figures as evidence of progress in promoting a savings culture.
He urged residents to continue saving even when facing economic difficulties, including rising prices of goods and services.
“You should not save only when life is going well or when you have something left over. If prices have increased, you should find ways to increase your savings as well.
Saving should not stop. Work hard to sustain your livelihood, but also save as much as possible so that you can cope when difficulties arise,” he said.
Rising prices weigh on household savings
Despite the overall growth in savings, some residents say rising food prices and the cost of other essential goods have forced them to reduce the amounts they regularly put aside.
Figures from the National Institute of Statistics of Rwanda (NISR) show that market prices increased by 17.2% in September 2026 compared with September 2025, up from an annual increase of 15.7% recorded in August 2026.
Rumenerangabo Jean Paul, a resident of Mukarange Sector, said rising food prices had forced him to halve his weekly savings contribution, from Rwf10,000 to Rwf5,000.
He explained that although he remains committed to saving, the cost of supporting his family has increased, leaving him with less money to put aside.
Nyirahabimana Deborah, a resident of Gahini Sector, also said poor agricultural yields during the previous farming season had affected her ability to save.
A member of a collective savings scheme, she said her weekly contribution had fallen significantly and that there were times when she could not contribute at all.
“I used to save Rwf2,000 every week, but things have become difficult, so I now save Rwf500. Sometimes I cannot even manage that. What we need is rain so that we can plant and get a good harvest,” she said.
Sekera Alex, a resident of Nyamirama Sector, said rising market prices remain one of the biggest obstacles to maintaining a savings culture.
He explained that much of the money households earn goes towards buying food and meeting other daily needs, leaving little to save.
Eastern Province Governor Pudence Rubingisa said prolonged dry conditions in several parts of the province, particularly Mwiri, Ndego and Nasho sectors, had affected agricultural production.
He said authorities are seeking long-term solutions, including encouraging farmers to grow crops that can withstand changing weather conditions and mature within shorter periods.
“The solutions are available. When we encounter these conditions, they should not take us by surprise because they occur every year. We need to prepare by identifying crops that can withstand climate variability. There are cassava varieties, sweet potato vines and bean seeds that mature quickly and can withstand drought. We should avoid planting crops that require a lot of rainfall,” he said.
Rubingisa added that the Government has started implementing irrigation projects in areas frequently affected by drought to help farmers improve production.
He also said efforts are underway to promote other income-generating activities so that household livelihoods do not depend solely on agriculture, which is vulnerable to weather conditions.
Meanwhile, figures from the National Bank of Rwanda (BNR) show that deposits held by Rwandans in banks and other financial institutions reached Rwf8 trillion in June 2026, up from Rwf7 trillion in June 2025.
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