{"id":1848,"date":"2021-09-21T15:05:05","date_gmt":"2021-09-21T15:05:05","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/25-saccos-automated-in-pilot-phase"},"modified":"2021-09-21T15:20:37","modified_gmt":"2021-09-21T15:20:37","slug":"25-saccos-automated-in-pilot-phase","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/25-saccos-automated-in-pilot-phase","title":{"rendered":"25 Saccos automated in pilot phase"},"content":{"rendered":"

Africa-Press<\/a> – Rwanda<\/a>. <\/strong><\/span>As the government looks to automate the Savings and Credit Cooperatives across the country, 25 have so far commenced using the core digital banking system, according to officials.<\/p>\n

The automation which began in January 2020, has been cited as the solution to major challenges affecting the sector which had seen losses of an estimated Rwf 10 billion as of 2018.<\/p>\n

The losses have been a result of the manual system which has seen an increase of fraud and embezzlement of members\u2019 funds. The process commenced in January and was initially scheduled to take 12 months, but it took longer than expected as one of the impacts of the Covid-19 pandemic.<\/p>\n

However, details have emerged that the concerned institutions expect to have the exercise completed by August 2022, as the pilot phase has been completed.<\/p>\n

\u201cDuring the pilot phase, we have managed to automate 25 Saccos and they are already using the core banking system,\u201d Jean Bosco Harelimana, the Director General of Rwanda Cooperatives Agency told Doing Business.<\/p>\n

Some of the sectors already using the core banking system are Kanombe and Rutunga among others. The exercise is ongoing, Harelimana said data cleaning in 21 Saccos of Gicumbi and Rubavu has also been completed.<\/p>\n

Reports indicate that the project will cost Rwf 7.6 billion in 416 sectors scattered around the country until it is completed in August 2022. Umurenge Saccos across the country serve over two million members who are largely low-income rural people with limited access to the formal banking services.<\/p>\n

The Auditor General\u2019s report released in May 2021 indicated that automation of the banking systems aimed at scrapping off the manual system, hence reducing fraud and embezzlement of members\u2019 funds.<\/p>\n

However, in early August, the cooperatives agency and the central bank embarked on an exercise to compensate all those who lost savings in Umurenge SACCOs. The Ministry of Finance and Economic Planning was yet to comment by press time.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. As the government looks to automate the Savings and Credit Cooperatives across the country, 25 have so far commenced using the core digital banking system, according to officials. The automation which began in January 2020, has been cited as the solution to major challenges affecting the sector which had seen losses of […]<\/p>\n","protected":false},"author":84,"featured_media":1847,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28],"tags":[760,763,1488,1489,758],"class_list":["post-1848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-rwanda","tag-automated","tag-phase","tag-rwanda"],"yoast_head":"\n25 Saccos automated in pilot phase - Rwanda<\/title>\n<meta name=\"description\" content=\"As the government looks to automate the Savings and Credit Cooperatives across the country, 25 have so far commenced usi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/25-saccos-automated-in-pilot-phase\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"25 Saccos automated in pilot phase\" \/>\n<meta property=\"og:description\" content=\"As the government looks to automate the Savings and Credit Cooperatives across the country, 25 have so far commenced usi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/25-saccos-automated-in-pilot-phase\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-21T15:05:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-21T15:20:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2021\/09\/img-6149f82a6d1eb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"847\" \/>\n\t<meta property=\"og:image:height\" content=\"491\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/25-saccos-automated-in-pilot-phase#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/25-saccos-automated-in-pilot-phase\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"25 Saccos automated in pilot phase\",\"datePublished\":\"2021-09-21T15:05:05+00:00\",\"dateModified\":\"2021-09-21T15:20:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/25-saccos-automated-in-pilot-phase\"},\"wordCount\":316,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/25-saccos-automated-in-pilot-phase#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2021\/09\/img-6149f82a6d1eb.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"automated\",\"phase\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/25-saccos-automated-in-pilot-phase#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/25-saccos-automated-in-pilot-phase\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/25-saccos-automated-in-pilot-phase\",\"name\":\"25 Saccos automated in pilot phase - 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