Rwanda : Nyagatare: more financial institutions to be launched

Nyagatare more financial

The stake holders of Mukama sector in Nyagatare district are holding talks with banks officials and other financial institutions to open up branches in Gihengeri trading centre.

 The need is being addressed after it was realized that peoples safety is at stake with a lot of robbery cases becoming rampant with many people being robbed of their money by unknown thugs but sector officials are hopeful that banks and other financial institutions will soon be opening up their branches within a few days to come.

Many of the people in Gihengeri trading centre keep money in their homes not because they don’t know the importance of banks or how to use them but because there is no bank or any other financial institution operating close in their proximity.

A business man in Gihengeri trading center Samuel Ntiyamira told us that the nearest bank is in Ngarama trading centre in Gatsibo district. “It is very tedious to come from Kigali where I do my businesses from and then first go Gatsibo district to keep my money at the bank before going home”, Ntiyamira revealed.

People decide to keep money in their homes which is very risky because even going to Ngarama for bank services in very far where one has to travel a journey of over 9km using  transport fees of about Rwf5000 on motorcycle taxi since there are no vehicles operating on that very route because of its rough road.

There is only one financial institution of Umurenge Sacco operating in Mukama sector in Rugarama trading centre which is also in about 15 kilometers from Gihengeri trading centre. The executive secretary of Mukama sector Emmanuel Hakuzweyezu revealed that it is indeed a very big challenge to find no bank or any other financial institution operating in the sector yet business in the trading centers is seriously booming. Hakuzweyezu said, “Other than getting banks where to secure their money from thieves, they can also manage to access loans to further more develop their businesses.

Hakuzweyezu Emmanuel said that they are holding talks with Umurenge Sacco officials to improvise how they can open up a branch in Gihengeri trading centre and talks with Bank popularly are also underway so that in a few days to come they will also be opening  branches in Mukama sector.

The program of Mukama sector officials collaborating with bank officials and other financial institutions to open up branches came after thugs with weapons of massive destruction robbed money from one business family worth Rwf28 million.


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