Rwanda | New initiative for rural banking launched in Rwanda
KCB Rwanda’s Managing Director, Maurice K. Toroitich
The introduction of Agency banking in Rwanda will relieve many rural residents from traveling long distances to access major branches and the fear of paying bank fees.
The first agency banking was launched by the Kenya Commercial Bank (KCB) in Rwanda, this March 2, which is in line with Rwanda’s government policy of increasing access to financial institutions.
KCB Rwanda’s Managing Director, Maurice K. Toroitich said that new banking system has come as a solution to the problem access to financial services and many Rwandans will no longer have to worry about the going to main branches but deal directly with the bank agents in their locality.
At least 130 agents have already been established in the 30 districts of Rwanda under the banner ‘KCB Iwacu’- which means-(KCB in your neighborhood). These agents will operate 24 hours to service of the community.
The government of Rwanda wants to raise the level of access to financial services to 80% by the year 2020, as seen in its vision2020 strategy. Only 21% of an estimated 10million Rwandans have access to banking services, while 26% have access informal banking facilities.
“This technology driven system of banking is in line with our (KCB) financial inclusions strategy and will enhance the level of financial inclusion in Rwanda, as stipulated in the strategies of the government of Rwanda” Toroitich stated.
KCB Group has 222 branches and 924 ATM points across East Africa Region. Toroitich also disclosed that the KCB group would be opening operations in Burundi next month, making their presence available to all East African member states.