Digitizing their operations, SACCOs can gain access to real-time data and analytics that they can use to make informed decisions. This helps in understanding their customers better, managing their finances more proficiently, and improving customer service.

It helps make financial transactions both quick and transparent, saving time and cost of printing. In Rwanda, 21% of the adult population use informal mechanism only for their financial transaction. Technology has made it much easier for users to manage financial data. Data can be organized much better than before, and people can quickly access the data.

“There are still challenges to transfer Money through modern technology, thus my wish is Connect and link it with banks and telecommunication Companies.” Said Bebeto SIBOMABA, Member, ZAMUKA SACCO, Bumbogo.

“Technology is not enough; my request is to linkage SACCOs accounts with our phone numbers also possibly to have agents to help us withdraw and transfer money easily.”Said, Nyiraminani Egidia, member, ZAMUKA SACCO, Bumbogo.

“Challenges we face, many of our customers decrease due to lack of modern technology, they request Muchmore to link their account to the phone and the banks, and yet to achieve that. They can't withdraw money in Kimironko,Gisozi, Nyarugenge, Kicukiro, etc.” Said, Mrs. Console MUKASHYAKA, Cashier at ZAMUKA SACCO, Bumbogo, Gasabo District.

“SACCOs members are about four million, established in 2008 with the aim to boost up rural savings and provide Rwandans with loans to improve their earnings and enhance their livelihoods. Cooperatives offer significant benefits to their members through the principle of strength in numbers and pooled resources. Sacco services are distributed to low-income communities. Currently, there are 438 Sacco branches across the country. The financial policy dictates that every five kilometers, there is a SACCOs. They provide loans, employment and services. Also access to Loans (productive and provident) on competitive terms as a way of enhancing members socio- economic well-being. SACCOs are formed by people having a common bond. The public should understand the functioning of the SACCOs and its benefits, as during Covid 19, the SACCOs members were exempted.” Said, Richard MUGAMBAGE, Specialist, Financial Services Cooperatives Development and Sustainability, Rwanda Cooperative Agency (RCA).

“RCA is in charge of capacity development, conducts research and analysis on the development of the SACCOs and cooperatives. By removing the barriers in June/2024, every SACCO will have technology. Linking them, will improving accounting services, the people should have confidence, we will raise awareness and publicize what they do, SACCOs loans are more than7%!” He added.

“SACCOs in digitalization increase Quick service delivery; fair financial report; and computerization help to avoid fraudulent conversion.” Said, Jean Rubangutsangabo, Chief Urban Economists, City of Kigali.

“The cooperatives are the key driving force in attaining different strategies, objectives and plans within the country. This people-centered business model has a particularly vital role in rural areas as they mobilize self-help mechanisms through a common purpose covering a wide range of economic sectors and social needs. The potential of the cooperative model to generate and provide sustainability to social and economic enterprises capable of addressing the new needs of modern societies is huge. Journalists Advocate for the cooperatives. Either by setting laws, prices, otherwise Minicom sets the prices. We have a potato cooperative, where we encourage them to work together both in making laws, etc.” Said, Mrs. Pacifique MUGWANEZA, Ag. Director General, Rwanda Cooperative Agency (RCA).

In the world, there are 3 million cooperatives contributing to sustainable economic growth and stable, quality employment. At least 12% of people on earth is a cooperator of any of the 3million cooperatives worldwide. However, In Rwanda, there are more than 5.1 million people working through 10,563 cooperatives.

Cooperatives play an important role in poverty reduction and the development of Rwandans. It is the best model to attain financial inclusion and other socio-economic development aspects. Therefore, the cooperatives contribute a lot to the economic transformation (NST1), especially in the activity related to creating 1,500,000 (214,000 annually) decent and productive jobs and modernizing and increasing the productivity of agriculture and livestock.