CMA officials meet Kigali City staff on savings
The Rwanda stock market continues to show an impressive performance at a time when the country has embarked on increasing savings through community campaigns.
The Central Bank has announced launch of an awareness campaign on e-payment due to kick off on November 16th.
Tonight Governor, John Rwangobwa is also expected to appear on national television to divulge a wide context on progress of Rwanda becoming a cashless society.
This comes a week after the Capital Markets Authority also launched a savings week which ended last month.
Meanwhile, Rwanda Stock Exchange (RSE) has also announced public education session on saving and investing through Rwanda’s capital market on Friday, 10th November, at Kicukiro District as the institution continues to focus on encouraging civil servants to save.
RSE has challenged employees in the formal sector to embrace a savings culture, saying that most corporate and government workers hold accounts just for receiving salaries.
“If all of us (Rwandans) can adopt the culture of saving even up to 50% of what we’ve earned first before spending then we can have more savings,” said Celestin Rwabukumba the CEO of RSE.
CMA officials meet Kigali City staff on savings
Currently, over 86% of Rwandans save compared to 71% in 2012. The number of deposit accounts increase from 1, 736, 203 in June 2016 to 1,871, 858 in June 2017 as number of borrowers dropped from 299,498 to 261,871 in the same period.
Savings collected compared to withdrawals within the period indicate that Rwandans managed to spare over Rwf129 million in 2017 compared to Rwf128 million in 2016.
Introduction of Umurenge SACCOs, creation of the National Investment Trust, promotion of agent banking, mobile money, ATMs and Mobile banking insurance among others have attributed to this growth, enabling Rwandans to be financially included.
As of today the stock market index and shares went up 0.16 and 0.02 points to close at 134.22 and 133.31 respectively.
Only a few equities changed hands while the bonds market was quiet. Most companies maintained steady performance on shares from the previous except I&M Bank Rwanda (IMR) which had a slight increase on its stakes.
IMR counter closed at Rwf96 (Rwf 95 previous). The trading session recorded a total turnover of Rwf 7,526,400 from 78,400 shares traded in 3 deals.
