Kicukiro District, Gahanga Sector – On October 25, 2024, Hands of Compassion Rwanda (HACORWA) held a Financial Education training session for members of Internal Savings and Lending Groups (ISLGs), aiming to equip community members with essential financial knowledge and strategies to foster growth and stability. This one-day session, held in Gahanga, hosted 77 participants, primarily women, representing groups “Our Development Team” and “The Group We Will Bring Together.”
Facilitated by Madame Verena, the training began by addressing the participants’ expectations, with attendees expressing a desire to learn sustainable development methods and practical skills to enrich their livelihoods. The training covered critical topics, including:
- The Importance of Saving for Development: Members were encouraged to increase their savings as a foundation for individual and group advancement.
- Efficient Use of Group Books: HACORWA emphasized proper record-keeping using group books, which they referred to as “children’s books,” to track savings and progress accurately.
- Project Development: Rather than saving with the sole intent of disbursement, participants were urged to pool their resources into joint projects capable of generating sustainable profits.
- Legal Registration of ISLGs: To unlock access to financial services like bank loans, members were advised to seek a legal personality license within the sector.
Clement Kajyibwami, Director of Cooperatives and ISLG Sectoral Organizations, provided detailed insights into the legal requirements for establishing an ISLG. He emphasized that acquiring legal recognition would protect members’ funds, as government oversight would ensure the safety and integrity of their finances. He also encouraged participants to approach initiatives like the Vision Umurenge Program (VUP) Finance for funding opportunities and informed them about market stalls available for women through the sector, reducing the need to sell products on the streets.
Rev. Sereine, Director of HACORWA, clarified that while HACORWA does not directly provide financial aid, the organization remains dedicated to building members’ capacities for self-reliance. HACORWA’s capacity-building programs include:
- Knowledge about effective saving
- Conflict resolution within families
- Small business management skills
- Anti-violence training
- Good parenting guidance
- Combating malnutrition
Rev. Sereine also commended the progress members have made, particularly in managing their health insurance payments independently—an indicator of their growing financial stability. HACORWA has committed to a six-month training program, after which participants will receive a certificate recognizing their achievements.
As part of the training’s conclusion, participants received guidelines on essential ISLG regulations, which will assist them in obtaining legal recognition and achieving their group’s long-term goals.
