With Rwanda actively implementing its Vision 2020 Umurenge
Program and China working toward its centenary goals, historic opportunities beckon for our cooperation.
As an alternative, most farmers depend on community-based micro- finance institutions, such as Umurenge
SACCOs which do not give long-term loans, KT Press said.
* The microfinance sector is comprised of 490 Institutions of which 11 are limited companies and 479 SACCOs (including 416 UMURENGE
Large programmes outside of Asia include the Productive Safety Net Programme (PSNP) in Ethiopia and the Vision 2020 Umurenge
Programme (VUP) in Rwanda.
The Strengthening Social Protection Project was approved in December 2017 to help the Government of Rwanda improve the effectiveness of Rwandas social protection system, notably the flagship Vision 2020 Umurenge
Program (VUP), for targeted vulnerable groups.
It will improve the harmonization and efficiency of the Vision Umurenge
Program (VUP) which provides cash for work, income support and financial services to poor households.
With this development, the users of Umurenge
SACCO in Rwanda will be able to operate mobile phones in a hassle-free manner.
This will be done by: (1)Supporting the capacity and systems development of financial service providers that serve the poor, with a specific focus on automating the operations of Rwandas Umurenge
Savings and Credit Cooperatives (SACCOs) and their connectivity to microfinancial institutions and commercial banks; (2) Supporting the flow of financial services to the agriculture sector; (3) Supporting the development of pensions for informal sector workers to promote long term savings; and (4) Supporting improved resilience to shocks whilst reducing the risks associated with productive investments through the utilisation of microinsurance.
Finally, through support to the expanded coverage phase of the country s Vision Umurenge
Program, it will promote a focus on the most poor and vulnerable population.
The bank targets bolstering outlets in rural areas by working with sector savings and credit cooperatives (Umurenge
Saccos) and increasing the number of electronic payment platforms, Karayenzi stated.
Within a period between 2001 and 2011, Rwanda has reduced poverty from 40% to 24% through implementation of several social security schemes, while the chief growth engine has been the Vision 2020 Umurenge
Program (VUP) under which more than 1 million people of Rwanda is protected.
The country has seen a drop in poverty from 40% to 24% in 2011, since 2001, which has been due to the various social protection programmes arranged but mainly the Vision 2020 Umurenge
Program (VUP) which covers more than one million people of Rwanda.