Umurenge Sacco Financial Services and Social Wellbeing of its Members in Rwanda a Case of Ijabo Ngeruka Umurenge Sacco in Bugesera District

Background: The main objective of this study is to investigate how financial services offered by Umurenge Sacco impact the overall welfare of its members, focusing on Ijabo Ngeruka Umurenge Sacco in Bugesera District. The researcher established three specific objectives: to understand how savings accumulation affects the social welfare of Ijabo Ngeruka Umurenge Sacco members, to evaluate the impact of loan facilities on their social welfare, and to assess the role of long-term capital accumulation on their social welfare. Methods and Materials: The study consists of five chapters and employs a descriptive research design, combining qualitative and quantitative data collection methods. Instruments like questionnaires, observations, and interviews were utilized. A subset of 720 participants was chosen at random from a total population of 2,397 clients affiliated with Ijabo Ngeruka Umurenge Sacco. Data analysis involved SPSS Version 21 descriptive statistics such as mean, standard deviation, and inferential statistics like Pearson correlation coefficient (r). Results: The findings revealed positive correlations of 0.57 indicating that higher savings accumulation tends to improve social welfare, while negative correlations -0.24 suggest a decrease in one variable leads to a decrease in the other. The strength of correlation indicates the degree of relationship between variables. The results provide insights into how saving practices affect respondents' well-being, with statistically significant correlations observed at the 0.01 level, indicating a strong confidence in the associations between variables. Conclusion: The study highlights the critical roles of savings mobilization, credit facilities, and long-term capital mobilization in enhancing the social wellbeing of Ijabo Ngeruka Umurenge Sacco members. These findings provide valuable insights into the SACCO’s contributions to its members' financial stability and overall quality of life, reaffirming its central role in the community’s economic development and social wellbeing.