Rwandan women have been called upon to fully embrace financial savings culture by opening accounts in banks and micro financial institutions as a way of improving their socio-economic livelihoods.
Nadine Umutoni, permanent secretary in Rwanda’s ministry of gender and family promotion, told reporters on Sunday that Rwandan women had not embraced financial savings culture that hinders their social and economic livelihood.
“Many women manage day-to-day finances on behalf of their family using bank accounts in their partners’ name or joint accounts. Women should take responsibility for their own financial affairs by also having a bank account in their names,” she said.Umutoni said that many Rwandan women fund household expenses from their salaries, believing they can rely on their partner’s investments and savings for their future.
“Embracing a savings culture will enhance financial inclusion and accelerate growth,” she added. According to statistics from the National Bank of Rwanda, the number of women who access to financial services has increased from 36.1 percent in 2012 to 63 percent in 2016.The Rwandan government has continued to champion financial inclusiveness with the creation of the National Investment Trust, promotion of agent banking, mobile money savings and banking insurance, among others.