KIGALI, Oct. 23 (Xinhua) -- At least 86 percent or about 5.1 million Rwandan adults in the country save, according to the 2016 Finscope Survey released on Monday in Rwandan capital Kigali.

According to the survey released during the launch of 2017 Savings Week, saving through formal institutions currently stands at 49 percent, an increase of 13 percent from 36 percent in 2012.

The uptake in formal savings has been attributed to savings at credit and savings schemes locally called Umurenge SACCOs which stand at 27 percent and mobile money savings at 17 percent.

Speaking at the launch of the savings week, Rwandan minister of finance Claver Gatete said the government seeks to raise savings rate from the current 10.2 percent to 20 percent of the Growth Domestic Product (GDP) by 2020.

He stressed the importance of savings in the country, citing examples from developed countries which he said have a higher savings rate.

The Savings Week will run until Oct. 31, featuring showcasing of new savings products by financial institutions, and other savings groups promoters.

The Rwandan government mobilizes savings through Iterambere Fund launched in 2015 to promote financial inclusion targeting mainly people with little means. Currently, the fund with over 2,000 savers has accumulated about 1,651,020 U.S. dollars, according to the chief executive of Rwanda National Investment Trust. Enditem

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