The National Savings Week awareness campaign kicked off on Thursday last week with a call to make saving and investing a habit to create wealth. Savings week is a period dedicated to sensitizing the public about the importance of saving and investing for personal development and retirement, which ultimately helps to build long-term savings for National Development. The Savings week kicked off on October 24, 2024.
Under the theme “Save-Invest-Prosper,” the 2024 Savings Week offers an opportunity to educate, raise awareness and promote different savings financial products with the aim of increasing access, uptake and usage of available savings products and services.
Mobilizing savings is among the key priorities embedded in the 5-year second National Strategy for Transformation (NST2). Over the course of NST2 savings are expected to grow from the current 12.5% of GDP registered under NST1 to 26% of GDP by 2029.
“There have been improvements in terms of savings; however, it is not enough. We need to save more. It is through increased savings and investments that we can offset high interest rates, ensure access to low-interest credit, create individual and national wealth and Investments, and contribute to our dignity as a self-sufficient nation,” said Yusuf Murangwa, Minister of Finance and Economic Planning.
Making saving a habit and embracing a culture of savings is essential for Rwandans to safeguard their financial future, support their families, and contribute to the sustainable economic growth that the country needs to achieve the desired economic development.
Key activities planned for the week include, Financial Service providers showcasing their savings products, media talk shows featuring experts in finance, insurance, and capital markets, who will share insights on the importance of saving, available saving opportunities and platforms, and practical saving strategies. Additionally, there will be mini-expos by financial service providers and a keynote address at the Umuganda. The official launch of savings week will take place in Nyaruguru Districts on 26, October, 2024.
Savings Week will conclude with the celebration of International Savings Day on October 31, 2024, dedicated to promoting savings worldwide. (End)