The 457 Microfinance Institutions (Microfinance Banks: 22, and Microfinance Cooperatives: 433), regulated by Rwanda’s Central Bank (the National Bank of Rwanda) are:
Microfinance Banks
INKINGI MICROFINANCE
AMASEZERANO COMMUNITY BANKING PLC
VISIONFUND Rwanda PLC
SAGER GANZA MICROFINANCE PLC
COPEDU PLC
DUTERIMBERE IMF PLC
LETSHEGO Rwanda PLC
GOSHEN FINANCE PLC
RESEAU INTERDIOCESAIN DE MICROFINANCE (RIM) PLC
FINANCIAL SAFETY COMPANY LTD
ASA International Rwanda PLC
CLECAM EJO HEZA PLC
UMUTANGUHA FINANCE COMPANY PLC
TRUST CAPITAL KIRA MICROFINANCE PLC
INKUNGA FINANCE PLC
UMURIMO FINANCE PLC
JALI SC PLC
BRAC Rwanda Microfinance PLC
ATLANTIQUE MICROFINANCE PLC
AB Rwanda PLC
URWEGO FINANCE CBC
LOLC UNGUKA FINANCE PLC
Microfinance Cooperatives (UMURENGE SACCO)
UMWALIMU SACCO
COOPEC UBAKA
COOPEC ZAMUKA
CYCLE INVESTMENT COOPERATIVE (CIC SACCO)
COOPEC IKIRENGA
MTG ISHEMA SACCO
PFUNDA TEA FARMERS AND WORKERS SACCO (PTFW SACCO)
COMICOKA
SACCO TEA SHAGASHA
COOPERATIVE OF PROGRESS AND FINANCING (CPF) INEZA
COOPEC IMPAMBA
CT NYAMAGABE
COOPEC TWIZIGAMIRE
GATARE TEA FARMERS SACCO
COOJAD BUGESERA
COOPEC INGASHYA
AMIZERO SACCO GISAKURA
MUGANGA SACCO
IKAPAGI
HOPE SACCO MUHIMA
KIGALI SACCO
EJOHEZA SACCO
ICYIZERE SACCO GITEGA
SACCO MAGERAGERE ICYEREKEZO
INDATWA SACCO KANYINYA
KUNGAHARA SACCO NYAKABANDA
URUGWIRO SACCO
DEVELOPMENT VISION SACCO
TRUST SACCO NYAMIRAMBO
GATSATA SACCO AMIZERO
GIKOMERO SACCO(KOPEKUKUGI)
GISOZI SACCO
SACCO ICYEREKEZO KINYINYA
IJABO REMERA SACCO
INDATSIKIRA SACCO KIMIHURURA
JABANA SACCO
UMUNARA SACCO JALI
KACYIRU SACCO
HOME BASKET SACCO KIMIRONKO
KOPERATIVE ZIGAMA GURINZWA NDUBA
RUSORORO SACCO
SACCO RUTUNGA
ZAMUKA BUMBOGO SACCO
NDERA SACCO
KANOMBE SACCO
IMBONEZA SACCO
ABAHIZI SACCO
IJABO SACCO KIGARAMA
IJABO SACCO KICUKIRO
VISION SACCO GAHANGA (VISAGA)
ICYEREKEZO MASAKA SACCO
GATENGA SACCO
KAGARAMA SAVINGS AND CREDIT COOPERATIVE
INDAHIGWA SACCO NIBOYE
TWIYUBAKE GASHORA SACCO
ZAMUKA JURU SACCO
KAMABUYE SACCO
JYAMBERE MAREBA SACCO
MAYANGE SACCO
IMBARUTSO MUSENYI SACCO
MWOGO SACCO
IJABO NGERUKA SACCO
NTARAMA SACCO
NYAMATA SACCO
NYARUGENGE ICYEREKEZO SACCO
RILIMA SACCO
RUHUHA DEVELOPMENT SACCO
RWERU SACCO
SHYARA SACCO
IMBONI KIGABIRO SACCO
IMBADUKO MUHAZI SACCO
ICYEREKEZO GISHARI SACCO
MUNYIGINYA SACCO (MY SACCO)
IMPORE MWULIRE SACCO
UMUSARE SACCO-MUSHA
SANGWA SACCO GAHENGERI
FUMBWE SACCO
UMUGISHA SACCO MUYUMBU
COOPEC UBUMWE BWA NYAKARIRO
GWIZA KARENGE SACCO
IZIGAMIRE NZIGE SACCO
IZERE RUBONA SACCO
TWIYUBAKE MUNYAGA SACCO
GAHINI SACCO
KOPERATIVE KUNGAHARA KABARE
SACCO DUKIRE KABARONDO
SACCO ICYOGERE MUKARANGE
DUKIRE SACCO MURAMA
SACCOMURUNDI
MWILI SACCO
SACCO DUKIRE NDEGO
COOPEC ABANZUMUGAYO/NYAMIRAMA
SACCO UMUCYO RUKARA
SACCO RURAMIRA ICYEREKEZO
SACCO TWIFATANYE RWINKWAVU
KOPERATIVE ABIZERANYE Y’I GASHANDA(KOPABIGA)
AMEREKEZO JARAMA SACCO (KOPAJA)
COOPERATIVE IMENA ZA KAREMBO(CIMEKA)
KAZO SAVING AND CREDIT COOPERATIVE
KOPERATIVE ZIGAMA KIBUNGO (KOZIKI)
IBYIZA MUGESERA SACCO
KOTIMU
SACCO INGOBOKA MUTENDERI
REMERA PEOPLE SAVING AND CREDIT COOPERATIVE
KUNGAHARA RUKIRA SACCO
ZIGAMA INTERA RUKUMBELI
RURENGE PEOPLE SACCO (RP SACCO)
KOPERATIVE ZIGAMA ISANGE MURI SAKE(KOZISA)
SACCO NTUSIGARE(KOZINTU)
JYAMBERE GAHARA
VISION SACCO GATORE
IMIRASIRE Y’ITERAMBERE SACCO KIGARAMA
KIGINA SACCO
SACCO RUGERO
SACCO IMBERE HEZA MAHAMA
SACCO HAGURUKA UKORE-MPANGA
UMURUNGA SACCO MUSAZA
MUSHIKIRI SACCO DEVELOPMENT(M.S.D)
SACCO MENYIBANGA
TWUNGURANE SACCO
NYARUBUYE SACCO VISION
IMBARUTSO SACCO GATUNDA
COOPEC ISANGE KARAMA
KARANGAZI UMURENGE SACCO
KATABAGEMU SACCO (CESEKA)
UBUSUGIRE SACCO KIYOMBE
MATIMBA VISION SACCO
UMURABYO SACCO MIMURI
SACCO INGOBOKA MUKAMA
MUSHELI SACCO
NYAGATARE DEVELOPMENT SACCO
KARIBU SACCO RUKOMO
RWEMPASHA SACCO
SACCO TURWANYUBUKENE RWIMIYAGA
SACCO TABAGWE
TURWUBAKANE GASANGE “COTUGA SACCO”
GATSIBO UMURAGE SACCO
GITOKI IZERE SACCO
ISONGA SACCO KABARORE
KAGEYO SACCO IZIGAME
KIRAMURUZI UKURI SACCO
KIZIGURO ISONGA SACCO
UMUHIGO SACCO MUHURA
INGENZI MURAMBI SACCO
NGARAMA ISUNGE SACCO
SACCO TERIMBERE NYAGIHANGA (SACCOTENYA)
REMERA SACCO GIRIBAKWE
RUGARAMA URUMURI SACCO
TUGANEHEZA SACCO RWIMBOGO
SACCO IREMBO RY’UBUKIRE KAYENZI
SACCO IBONEMO GACURABWENGE (SIGA)
SACCO IMARABUKENE NGAMBA
SACCO URUYANGERUKOMA (SUR)
SACCO INYUMBA YA KAYUMBU
SACCO MBONEZISONGA MUSAMBIRA
SACCO URUFUNGUZO RW’UBUKIRE RUNDA
SACCO ICYUZUZO RUGALIKA
SACCO KIRA KARAMA
SACCO ISHEMA RY’UMURYANGO NYAMIYAGA (SISUNYA)
SACCO DUSIZE UBUKENE NYARUBAKA
SACCO MUGINA JYAMBERE (SAMUJYA)
ICYEREKEZO SACCO
SACCO IMBANGUKIRAGUKIRA
SACCO TERIMBERE SHYOGWE
SACCO AMIZERO RONGI
SACCO KORA UTEGANYA
TUGANE SACCO NYABINONI
SACCO DUKIRE NYARUSANGE
SACCO ICYEREKEZO KIYUMBA
SACCO IZIGAMIRE KABACUZI
SACCO WISIGARA MUHANGA
SACCO AMIZERO RUGENDABARI
SACCO INGERI CYEZA
JYAMBERE BWERAMANA
INGENZI SACCO BYIMANA
COOPEC KABAGALI
COOPEC URUBUTO KINIHIRA
IMBONEZACYEREKEZO SACCO
SACCO ABAHIZI DUKIRE MWENDO
NKUNGANIRE
SACCO BATUREBEREHO RUHANGO
SACCO TEGANYA BUSASAMANA
SACCO VISION BUSORO
SACCO JYEJURU CYABAKAMYI
EJO HEZA TUZAMURANA SACCO KIBIRIZI
SACCO UMURAVA KIGOMA
SACCO TUZAMURANE MUKINGO
SACCO MUYIRA DUSHYIGIKIRANE
KOPERATIVE URUMURI RW’AMAJYAMBERE
SACCO GANAHEZA NYAGISOZI
SACCO IGISUBIZO RWABICUMA
COOPEC INGERI GISHAMVU
TUJYANE HUYE SACCO
SACCO TUGEREHEZA KARAMA
TEGANYA KIGOMA SACCO
KINAZI AMIZERO SACCO
COOPEC KIRA MARABA
MBAZI ISONGA SACCO
UBWUGAMO MUKURA SACCO
ISANGE NGOMA SACCO
TUGENDANE N’IGIHE RUHASHYA SACCO
SHISHOZA UKIRE RUSATIRA SACCO
SACCO HIRWA RWANIRO
DUKIRE SIMBI SACCO
RATWA TUMBA SACCO
TERIMBERE KIBIRIZI SACCO
SACCO IZERE GIKONKO
COOPEC URUGERO MUGOMBWA
URUMURI MAMBA SACCO
SACCO INDATWA KIGEMBE
SACCO IMBEREHEZA NDORA
SACCO INDASHYIKIRWA MUGANZA
INTWARI SACCO SAVE
SACCO NYANZA DUKIRE
SACCO TUGANEHEZA GISHUBI
UMUCYO SACCO MUKINDO
ISHYAKA KANSI SACCO
SACCO ITEGANYIRIZE MUSHA
SACCO KIRA BURUHUKIRO
IMBEREHEZA CYANIKA SACCO
INGENZI GASAKA SACCO
SACCO JYAMBERE GATARE
URUFUNGUZO RW’UBUKIRE KADUHA SACCO
SACCO INDAHIGWA KAMEGERI
SACCO INDATWA KIBIRIZI
INDANGAMIRWA KIBUMBWE SACCO (IKS)
SACCO TWITEGANYIRIZE KITABI
ICYEREKEZO MBAZI SACCO (IMS)
INSHUTI Z’I MUGANO SACCO
URUMURI RWA MUSANGE SACCO (UMS)
SACCO INDATWA MUSEBEYA
INDASHYIKIRWA MUSHUBI SACCO
TUBWAMBUKENKOMANE SACCO
SACCO TUZAMURANE TARE
SACCO IBYIRINGIRO UWINKINGI
SACCO JYAMBERE BUSANZE
SACCO AMIZERO CYAHINDA
SACCO IMBONI KIBEHO
SACCO INKINGI Y’ITERAMBERE KIVU
SACCO ITEZIMBERE MATA
SACCO UMURAVA MUGANZA
SACCO WISIGARA MUNINI
SACCO TWIZIGAMIRE NGERA
SACCO ZAMUKA NGOMA
UKURI NYABIMATA SACCO
SACCO EJOHAZAZA NYAGISOZI
SACCO NKUNGANIRE
KORUKIRE RURAMBA
SACCO INOZAMIHIGO RUSENGE
IZUBA SACCO BASE
IMBADUKO SACCO BUREGA
COOPERATIVE DE DEVELOPMENT DE BUSHOKI
GIRUBUKIRE SACCO BUYOGA
IGISABO CYINZUZI SACCO
TERIMBERE SACCO CYUNGO
KOPERATIVETUGIRUBUKIRE KINIHIRA
UMUSINGIMW ITERAMBERE (UMITE)
SACCO COOPEBAMU
MBOGO DEVELOPMENT COOPERATIVE
IJABO SACCO MURAMBI
SHIRUBUKENE SACCO NGOMA
INGANZA SACCO NTARABANA
COOPERATIVE GARAGAZUMUSARURO RUKOZO
IMBARUTSO SACCO RUSIGA
BADUKA SACCO SHYORONGI
ABAHIZI SACCO TUMBA
SACCO BUSENGO
REBAKURE SACCO
CYABINGO SACCO
SACCO KUNGAHARA GAKENKE
SACCO GASE
UZAZUREBE SACCO
IZIYIGIHE SACCO
KARAMBO VA MU BUKENE SACCO
GIRINTEGO SACCO
SIGARABUKENE SACCO
SACCO INDASHYIKIRWA
SACCO NEW HOPE
SACCO TWAMBUTSANYE
SACCO KATAZA MUYONGWE
INDASHYIKIRWA SACCO
IMBONERA SACCO
SACCO TUGIRE UBUKIRE
UMUSINGI SACCO RUSHASHI
ISONGA SACCO
NDORWA SACCO
SACCO IYUNGURE CYANIKA
UMURUNGA W’ITERAMBERE SACCO CYERU
SACCO AKABANDO
SACCO DUKIRE GATEBE
GITOVU SACCO
KAGOGO VISION SACCO (KAVISACCO)
KINONI SACCO
INDORERWAMO KINYABABA SACCO
COOPEC ICYEREKEZO KIZIMA
DUHORANE IJABO SACCO
SACCO RUGARAMA IMBERE HEZA
UMURAGE SACCO
RUHUNDE SACCO
SACCO REBAKURE RUSARABUYE
RUGEZI SACCO
BUKURE SACCO
IMBARUTSO SACCO
IMBONI SACCO KAGEYO
AGASHYA MANYAGIRO SACCO
WISIGARA RUSHAKI SACCO
TSIMBURA SACCO
KIRA MUTETE SACCO
HASHYUBUKENE SACCO RWAMIKO
BYUMBA SACCO
BWISIGE SACCO
TUGENDANE N’IGIHE SACCO
IBAKWE SACCO MUKARANGE
UMURABYO SACCO NYAMIYAGA
IMIRASIRE Y’ITERAMBERE SACCO RUKOMO
ITEGANYIRIZE SACCO RUTARE
SHIRUBUKENE SACCO RUVUNE
IZIGAMIRE SACCO MIYOVE
TUVUDUKE SACCO RUBAYA
MFASHNKIRE SACCO
INDATWA SACCO MUKO
HIRWA CYUMBA SACCO
IHIRWE BUSOGO SACCO
INYONGERA SACCO
NEW VISION SACCO
UMURAVA SACCO GASHAKI
GATARAGA TWIBUMBE SACCO
KIMONYI SACCO
SACCO ABIHUTA KINIGI
ABAMUHOZA SACCO
SACCO IRENGERE
UMUTUZO SACCO
IGIHONDOHONDOSACCO
INYANGE SACCO
ITEGANYIRIZE SACCO
UMUSINGI RWAZA SACCO
NEZERWA 2020 SACCO
SACCO TWIHUTE KARAGO
KOPERATIVE IMBARUTSO Y’UBUKIRE
IFUMBA Y’UBUKIRE
SACCO KIRA KABATWA
IMIRASIRE SACCO
UMURAVA SACCO BIGOGWE
ISOKO Y’AMAJYAMBERE SACCO
COOPERATIVE D’EPARGNE ET DE CREDIT DE RUGERA
COOPERATIVE D’EPARGNE ET DE CREDIT DE RUREMBO
SACCO KALISIMBI JENDA
DUKIZANYE MULINGA SACCO
SANGA SACCO
TURAHUMURIJWE SACCO
SACCO INTOZAMUCO
SACCO ISANGANIRO
SACCO SERUKA
ICYEZA
ABADAHARANA SACCO
IMBONERA SACCO MUDENDE
UMUSHYIKIRANO SACCO
ISHAKWE SACCO
SACCO UMWIMERERE
INKERAGUTABARA SACCO OF RUBAVU
INTARUTWA SACCO YA RUGERERO
TERIMBERE SACCO BWIRA
UMUSUNGI SACCO GATUMBA
HINDIRO SACCO
SACCO KABAYA JYAMBERE
UMUKORE SACCO
SACCO TUGANE HEZA
MATYAZO SACCO
HAGURUKA UKORE SACCO-MUHANDA
MUHORORO SACCO
JYAMBERE NDARO SACCO
MAGIRIRANE SACCO
INYANGE SACCO NSIBO
GIRUBUKIRE SACCO SOVU
SACCO IBAKWE RYA BONEZA
SACCO ABESAMIHIGO BA GIHANGO
SACCO NGWINO UREBE KIGEYO
SACCO TUZIGAMIRE ABACU KIVUMU
SACCO IMBERE HEZA MANIHIRA
SACCOTUGENDANEN IGIHEMUKURA
INDASHYIKIRWA ZA MURUNDA SACCO
IMBANZAMIHIGO SACCO
SACCO TERIMBERE MUSHONYI
SACCO DUFITUMURAVA MUSHUBATI
SACCO NYABIRASI_RUTSIRO
SACCO DUKUNGAHARE RUHANGO
SACCO ICYEREKEZO RUSEBEYA
BWISHYURA SACCO
INDATSIKIRA SACCO GASHALI
GISHYITA SACCO
SACCO GITESI
DUHASHYUBUKENE SACCO MUBUGA
IMPARANIRAKURUSHA
SACCO NGWINO UREBE
MUTUNTU SACCO
SACCO RUBENGERA
RUGABANO SACCO
SACCO ISONGA RUGANDA
TWIYUBAKE RWANKUBA
TWUMBA SACCO
BUSHENGE SACCO
TERIMBERE RUHARAMBUGA SACCO
BUSHEKERI SACCO
DUFATANYE KARENGERA SACCO
NYABITEKERI SACCO
SHANGI SACCO
CYATO SACCO
KAGANO SACCO
UNGUKA GIHOMBO SACCO
AMIZERO MACUBA SACCO
SACCO WISIGARA RANGIRO
TWISUNGANE MAHEMBE SACCO
TWITEZIMBERE KILIMBI SACCO
KANJONGO SACCO
KARAMBI VISION SACCO
IMBATURABUKUNGU SACCO
TUBEHO SACCO BWEYEYE
URUYANGE SACCO
TUBEKWISONGA SACCO
IREMBO SACCO
UMUSINGI SACCO GIHUNDWE
UBUMWE SACCO
INDATWA GITAMBI SACCO
NKAMIRA SACCO
MASHYUZA SACCO
HUZA SACCO
SACCO REBIMBERE NKANKA
NGIRANKUGIRE SACCO
SACCO NTUKABUMWE NKUNGU
NTUSIGARE SACCO
SACCO ABESAMIHIGO NYAKARENZO
NZAHAHA INTSINZI SACCO
BAHO SACCO
National Bank of Rwanda
Microfinance in Rwanda has emerged as a powerful tool for reducing poverty, promoting entrepreneurship, and fostering financial inclusion. Over the last two decades, the sector has transformed from small, community-led savings groups to a nationwide network of licensed microfinance institutions (MFIs) regulated by the National Bank of Rwanda (BNR).
According to the BNR Financial Stability Report 2024, over 4 million Rwandans now have access to financial services through MFIs and Savings and Credit Cooperatives (SACCOs). This is a significant leap from the early 2000s, when formal banking was concentrated mainly in urban areas and excluded rural communities.
The Rwandan government has made financial inclusion a key pillar of its Vision 2050 strategy, ensuring that every citizen can access affordable financial products. Microfinance has become an essential driver of this mission, particularly in rural areas where traditional banks have little presence.
Purpose of Microfinance
Microfinance refers to the provision of small-scale financial services—such as loans, savings accounts, and insurance—to individuals or groups who lack access to conventional banking services. The primary objectives are:
Empowering Low-Income Communities: Giving people capital to start or expand income-generating activities.
Reducing Poverty: Offering financial tools to improve household stability.
Promoting Self-Sufficiency: Helping individuals become financially independent without relying on aid.
In Rwanda, microfinance is not only about lending money—it’s about building sustainable economic opportunities through financial literacy, business support, and social empowerment.
Historical Development of Microfinance in Rwanda
The roots of microfinance in Rwanda date back to the 1980s, when community savings groups began pooling resources to support members in times of need. After the 1994 genocide against the Tutsi, rebuilding the economy required innovative financial solutions for displaced populations and vulnerable households.
Key milestones include:
1997: Establishment of the first formal SACCOs.
2006: Launch of the Umurenge SACCO program, ensuring every sector (administrative unit) in Rwanda had a cooperative bank.
2011: Implementation of comprehensive microfinance laws under BNR supervision.
2020–2024: Rapid integration of digital finance and mobile money services, bringing MFIs to smartphones.
Often target women, youth, and marginalized groups.
Key Services Provided by Rwandan MFIs
Rwandan MFIs go beyond traditional banking by offering:
Microloans: For small businesses, agriculture, and trade.
Savings Accounts: Encouraging safe money storage and long-term financial planning.
Insurance Products: Protecting against health issues, crop failure, or livestock loss.
Financial Literacy Training: Teaching budgeting, investment, and debt management.
Major Microfinance Institutions in Rwanda
Some key players in the Rwandan microfinance sector include:
Umwalimu SACCO: Serving teachers nationwide with affordable financial services.
Urwego Bank: A Christian-based microfinance bank offering both loans and social support.
CLECAM: Local cooperatives focusing on rural agricultural financing.
Duterimbere MFI: Empowering women entrepreneurs through tailored loan products.
Role of Microfinance in Rwanda’s Economic Development
Microfinance supports Rwanda’s economy by:
Reducing Poverty: Giving citizens the means to start sustainable businesses.
Empowering Women: Over 60% of MFI clients are women.
Boosting Agriculture: Financing smallholder farmers for seeds, tools, and irrigation.
Encouraging Youth Entrepreneurship: Offering startup loans to young innovators.
A case study from Urwego Bank shows that a group of 15 women traders in Huye District increased their average monthly income by 150% within a year of receiving microloans.
Challenges Facing MFIs in Rwanda
Despite its successes, the sector faces several challenges:
Loan Default Risks: Caused by income instability, especially in agriculture.
Limited Access to Capital: Restricting the ability to scale operations.
Technological Barriers: Digital services are still limited in some rural areas.
High Operating Costs: Due to small transaction sizes and dispersed customers.
Technological Innovations in the Microfinance Sector
Technology is changing the game for MFIs:
Mobile Money Integration: Platforms like MTN Mobile Money and Airtel Money make transactions faster.
Digital Loan Processing: Automating applications to reduce approval times.
AI Credit Scoring: Using transaction data to assess borrower reliability.
BNR reports that over 80% of SACCOs now use digital systems for record-keeping.
Government and NGO Support for MFIs
Financial Sector Development Program (FSDP): Strengthens microfinance capacity.
Partnerships with NGOs: Such as CARE International and World Vision for training and funding.
Women and Youth Empowerment Funds: Providing targeted financial support.
Future of Microfinance in Rwanda
The sector is expected to grow with:
Increased digital transformation.
More investment from private and international players.
Greater focus on green financing for sustainable agriculture.
FAQs on Microfinance Institutions in Rwanda
1. What is the main role of microfinance in Rwanda? To provide affordable financial services to low-income communities, promoting entrepreneurship and poverty reduction.
2. Are SACCOs and MFIs the same? No. SACCOs are member-owned cooperatives, while MFIs can be banks, NGOs, or private institutions.
3. How are MFIs regulated in Rwanda? They are supervised by the National Bank of Rwanda under strict licensing and compliance rules.
4. Can foreigners use Rwandan MFIs? Yes, but eligibility depends on the institution’s policies and residency requirements.
5. What is the average loan size in Rwandan MFIs? Typically between RWF 50,000 and RWF 500,000 for first-time borrowers.
6. What challenges do MFIs face? Loan defaults, limited capital, high operating costs, and technological gaps.
Microfinance institutions in Rwanda are transforming lives by bridging the financial gap between the formal banking sector and underserved populations. With continued innovation, government support, and community engagement, MFIs are poised to play an even greater role in Rwanda’s journey toward inclusive economic growth.
