Timeline of events in the history of the Umurenge SACCO financial inclusion program in Rwanda
| Year | Timeline of events |
|---|---|
| December 2008 | The idea of Umurenge SACCOs was discussed and supported during the National Dialogue Meeting |
| March 2009 | Umurenge SACCO policy was adopted by Cabinet |
| June 2009 | All districts began working on implementing the Umurenge SACCOs |
| August 2009 | Umurenge SACCO boards were elected in all 416 sectors in Rwanda |
| October 2009 | The Rwanda Cooperative Agency (RCA) grants legal status to all SACCOs established under the Umurenge SACCO program |
| June 2010 | All SACCOs established under the Umurenge SACCO program are given a provisional license by the National Bank of Rwanda (NBR) to begin mobilizing capital and deposits. Lending was not allowed at this stage |
| November 2010 | MINECOFIN conducted a comprehensive joint assessment of challenges experienced in implementing the SACCOs |
| May 2011 | NBR appoints two inspectors in each of the country's 30 districts to monitor SACCOs' compliance with laws and regulations |
| November 2011 | Umurenge SACCOs officially launched in 30 districts of Rwanda |
| January 2012 | All SACCOs were allowed to issue loans while maintaining a liquidity ratio of 80%, far above the 30% required by law |
| June 2012 | All inspectors complete intensive training from the World Bank and NBR issues a savings and credit policy guide for SACCOs |
| December 2012 | The NBR releases the first SACCO rating report |
| January 2013 | The NBR issues internal control guidelines for SACCOs to curb cases of fraud and embezzlement |
| June 2013 | All 416 SACCOs are fully licensed by the NBR and allowed to reduce their liquidity ratio from 80% to 60% |
| July 2013 | 304 SACCOs are stopped from receiving government subsidies to cover their operational costs, and the NBR allows 218 SACCOs to decrease their liquidity ratio from 60% to 30% due to satisfactory |
| December 2013 | The NBR publishes the second SACCO rating, which reveals that 355 SACCOs (85.3%) broke even without taking government subsidies into account. All 416 SACCOs are authorized to maintain a 30% liquidity ratio |
| Year | Timeline of events |
|---|---|
| December 2008 | The idea of Umurenge SACCOs was discussed and supported during the National Dialogue Meeting |
| March 2009 | Umurenge SACCO policy was adopted by Cabinet |
| June 2009 | All districts began working on implementing the Umurenge SACCOs |
| August 2009 | Umurenge SACCO boards were elected in all 416 sectors in Rwanda |
| October 2009 | The Rwanda Cooperative Agency (RCA) grants legal status to all SACCOs established under the Umurenge SACCO program |
| June 2010 | All SACCOs established under the Umurenge SACCO program are given a provisional license by the National Bank of Rwanda (NBR) to begin mobilizing capital and deposits. Lending was not allowed at this stage |
| November 2010 | MINECOFIN conducted a comprehensive joint assessment of challenges experienced in implementing the SACCOs |
| May 2011 | NBR appoints two inspectors in each of the country's 30 districts to monitor SACCOs' compliance with laws and regulations |
| November 2011 | Umurenge SACCOs officially launched in 30 districts of Rwanda |
| January 2012 | All SACCOs were allowed to issue loans while maintaining a liquidity ratio of 80%, far above the 30% required by law |
| June 2012 | All inspectors complete intensive training from the World Bank and NBR issues a savings and credit policy guide for SACCOs |
| December 2012 | The NBR releases the first SACCO rating report |
| January 2013 | The NBR issues internal control guidelines for SACCOs to curb cases of fraud and embezzlement |
| June 2013 | All 416 SACCOs are fully licensed by the NBR and allowed to reduce their liquidity ratio from 80% to 60% |
| July 2013 | 304 SACCOs are stopped from receiving government subsidies to cover their operational costs, and the NBR allows 218 SACCOs to decrease their liquidity ratio from 60% to 30% due to satisfactory |
| December 2013 | The NBR publishes the second SACCO rating, which reveals that 355 SACCOs (85.3%) broke even without taking government subsidies into account. All 416 SACCOs are authorized to maintain a 30% liquidity ratio |
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