Abstract:
The Research based on the role of Saving and Credit Cooperatives services in social economic development of Rwanda. The general objective is to assess the role of Saving and Credit Cooperatives services in social economic development of Rwanda. The specific objectives of the study are to determine the effectiveness of services delivered by Sacco Icyerekezo Kinyinya and to assess the contribution of services offered by Sacco Icyerekezo Kinyinya on socio-economic development of its members. The data was collected by using questionnaires, interview and documentation techniques with a sample size of members of Sacco Icyerekezo Kinyinya.98 selecte from 4,562 members of Sacco Icyereko Kinyinya. The findings show that the researcher have been found that the Mean=4.50 and Std.=0.650 find the process of opening a savings account with SACCO to be straightforward. This shows that most members perceive the account-opening process as user-friendly and efficient. The Mean=4.20 and Std= 0.890 agree that SACCO provides adequate information about its saving services. While a majority find the information sufficient, there is a smaller percentage of members who might feel that SACCO could improve in this area. The loan offered by Sacco Icyerekezo Kinyinya to their clients from 2020 are classified as follows the loans given in the commerce, restaurants and hotels were 86,850,650Rwf, for the client who request the loan with a purpose of Public work (Construction) buildings, residences/homes
were 28,015,078 Rwf in 2020 and 57,639,911 in 2021, the loans offered for Agriculture, Livestock and Fishing were 17,443,915 in 2020 and 11,382,598 in 2021. With mean= 4.20 and Std.= 0.750) agreeing that the interest rates on loans are reasonable, it indicates a favorable perception among members regarding the cost associated with borrowing from SACCO. The mean improved significantly from 3.24 to 4.56, reflecting a substantial positive impact. The reduction in standard deviation (from 1.05 to 0.69) indicates greater consistency in respondents' experiences after using the financial services. The ability to obtain school materials on time improved considerably, with the mean rising from 3.12 to 4.47. It should simplify the procedures associated with loan acquisition and Sacco Icyerekezo Kinyinya should think and ask BNR to revise the interest rate scheme to an affordable rate so that clients can be able to access loans since the study revealed that high interest rate is limiting lower income from applying for loans.
