The role of savings is crucial in the realization of projects. The chairman of the board of directors of the network of microfinance institutions of Burundi, Mr. Bernard Kinyata said in a press conference on Wednesday, October 31, 2018.
This press conference was organized on the occasion of the celebration of the international day of savings, 2018 edition under the theme “save for tomorrow“.
Kinyata said that on this day, microfinance has the same goal of encouraging the population to save for the next day by putting a special emphasis on the importance and the need for formal savings.
People without bank accounts urged to have them.
It is also an opportunity for institutions and banks to raise awareness for people not having bank accounts, to open them with formal financial institutions.
He also pointed out that the level of financial inclusion shows a very low rate of 21.92% according to the 2015 surveys. Regarding the main reasons for this weakness, Mr. Kinyata cited the level of poverty of the population as well as cultural barriers that promote informal savings which are detrimental to formal savings.
It has also meant that the progression of financial inclusion is the pace of income growth for the rural population.
Savings are a major boost to the country’s economy.
He further stated that savings are one of the financial factors that greatly influence the level of
rate of financial inclusion. It is the most stable source of domestic liquidity for any financial institution and hence a basis for economic growth in each country.
The network of microfinance institutions of Burundi appeals to all Burundians to open a bank account in an institution of his/her choice among the 42 institutions that operate throughout the country.
Microfinance institutions and Burundian banks are urged to make innovations in developing savings services that meet the needs of the population and will have contributed to improving the level of national financial inclusion.
The Network of Microfinance institutions also calls on the Burundian government to take measures to boost
a change in the behavior of the population in favor of a culture of savings within the system.
It should be noted that the International Savings Day took place in Burundi for the first time in 2012.
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