“The National Bank of Rwanda (BNR) has licensed 355 of the 416 savings and credit co-operatives (Saccos) operating across the country to offer loans in addition to collecting deposits.”
http://www.theeastafrica...8/-/p5byqp/-/index.html
In their context will enhance financial deepening and a instill saving culture; but off course with need for stringent regulation and controls -deposit taking sacco’s can swindle the public and/or turn into mega Ponzi schemes.
In the past, pyramid schemes have operated on this premise (as deposit taking institutions.). This can therefore present a perfect opportunity for unscrupulous individuals to exploit the gullible public.