KCB to offer more mortgages

KCB to offer more mortgages

Kenya’s Commercial Bank, the largest lender by assets, plans to offer mortgage-backed securities on the local bourse to help developers raise funds to build new housing units, its chief executive said. There are less than 30,000 mortgages in Rwanda against a potential of 1 million, according to the government, and a severe shortage of houses has driven up prices. KCB, which also operates in Tanzania, Uganda, South Sudan and Burundi, has previously said it has a target of writing 1 million new mortgages, in a country where annual demand for housing outstrips supply by about 100,000 units. The bank, one of the biggest mortgage lenders in Kenya along with Housing Finance, said it was working with…

Gakenke; Residents embrace saving culture

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Residents of Gakenke sector in Gakenke district have embraced the saving culture, responding to a call by the local authorities; banks and small financial institutions operating in the area. This comes following the increase in the number of SACCOs and banks that operate in Gakenke district. Commenting on the importance of saving, Devota Mukamusoni, a resident of Rusagara cell reveals that saving has improved the social and economic standards of some residents. “I used to save my money in the house where it could be easily stolen. Today, I have an account in Umurenge SACCO which allows me to access financial services, I have achieved a lot ever since I embraced the discipline of saving,”…

Gatsibo: Residents hail Umurenge SACCO

Residents especially

Residents in Gasange and Murambi sectors in Rutsiro district have commended Umurenge SACCO, saying it’s the factor behind the implementation of Kora wigire, a national employment programme to curb down unemployment. Residents revealed this during savings week that started on October 25-31, 2014 in Rutsiro district under the theme “Save NOW for a better FUTURE”. Mukagatare Sylvie, a farmer confirmed that working with SACCO enables her to save and access loans anytime she needs more money. “Saving money on SACCO account has helped me to save from what I earn. I have access to loans whenever I need more money for other development projects,” she said. “Umurenge SACCOs reach out to members and areas that…

Rwanda to join better than cash alliance

10-30-2014Cashless

Today the Government of Rwanda has moved to accelerate its plans to transform Rwanda into a cashless economy and achieve 80 percent financial inclusion by 2017 Rwanda’s commitment to using information and communications technology (ICT) for financial services was made as it officially joined the Better than Cash Alliance, an initiative that works with governments, the development community, and the private sector to adopt the use of electronic payments. The Alliance provides support to those who commit to make the transition. These efforts aim to help people who do not have access to formal financial services and frequently have no option but to subsist almost entirely in an informal, cash-only economy. Living in a cash…

Fostering a savings culture among Rwandans

Fostering a savings culture among Rwandans

The savings week under the theme, ‘Save today and secure your future’ began on Monday dedicated to educate citizens on the importance of saving for the future as well as for the country’s economy in general. According to Ivan Murenzi a financial inclusion specialist at access to Finance Rwanda, the country has taken great strides into ensuring it informs its citizens about savings ahead of this year’s World Savings Day on Friday. “As of end 2012, we had 72 per cent of Rwandan adults accessing some form of financial services. That says something that if with education, with sensitisation , people can use financial services and we see mobilisation of capital which can be used…

Nyaruguru residents embrace saving culture

Nyaruguru residents embrace saving culture

Residents of Ngera sector in Nyaruguru district have embraced the saving culture, responding to a call by the local authorities; banks and small financial institutions operating in the area. Resident’s state that working with financial institutions and banks improved has improved the social and economic standards of some resident. Many used to keep money in household items like calabashes and cow horns but never achieved anything developmental until they embraced working with financial institutions. This was revealed during the event to launch a special savings week in Ngera sector in Nyaruguru district. Celestin Rusanganwa, a resident of Ngera sector confirmed that he used to keep money in the calabash but that money never helped him…

Microfinance in Rwanda targets rural financial inclusion

m_Microfinance in Rwanda targets rural financial inclusion

In a bid to boost the country’s efforts to   bank the unbanked, Letshego Rwanda Limited has launched products likely to increase rural financial inclusion. The products, which will see people easily accessing financial services in rural and peri- urban communities countrywide, include current, fixed and savings deposit taking. “Deposit taking in Rwanda will diversify Letshego’s core operating model and provide a key step towards developing of our financial inclusion agenda, with an emphasis on the rural areas,” said Bernard Kivava, Chief Executive Officer. The products, according to Kivava   will help Letshego Rwanda Limited in diversifying its business in markets where it can align with and contribute to the Government’s agenda of financial inclusion with the…

Kirehe: Saving associations commended for sustainable development

Kirehe: Saving associations commended for sustainable development

Members of Banguka, an association for lending and saving in Nyabikokora cell, Kirehe sector of Kirehe district commended the association for enabling them connect electricity to their homes in addition to acquiring property. Residents revealed this while the district prepares to launch ‘special savings week’ scheduled to take place between on October 25-31. A special savings week is under the theme “Save today and secure your future” aims at reminding and educating citizens about the importance of saving. Association members said they have purchased land, livestock, pay school fees for children and take good care of their families. Members revealed that forming credit and saving associations was initiated by Care International, a humanitarian organization fighting…

SACCOs can boost financial Inclusion

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There is optimism  that   as  savings and credit cooperatives-SACCOs continue to register   positive  outlook  in regard to savings and  access to credit  by rural folks, creation of  a  SACCO  cooperative Bank would  bolster the  inclusion efforts. The  savings and credit cooperatives registered  a positive outlook in  mobilizing  savings that  grew to  Rwf 36.7 billion  by December  last year up from  Rwf 6.3 billion in the same period  under review in  2010. With this  growth,  experts  believe that  establishment of  the  cooperative   bank would  increase  liquidity to Saccos  thus boost    inclusion as well  as access to credit  mainly in  rural  areas. “In the future the establishment of a SACCO Cooperative Bank will play a critical role…

Kirehe to launch special savings week

Kirehe to launch special savings week

To entrench a savings culture among Rwandans, a special savings week under the theme “Save today and secure your future” is to launched in Kirehe district dedicated towards reminding and educating citizens on the importance of saving. According to Jean de Dieu Tihabyona, the vice mayor for finance and economic development, the special savings week will involve several initiatives including awareness campaigns talk shows interviews with stakeholders and the public among others. The campaign is scheduled to take place between on October 25-31. He added that financial institutions should play an important role by educating target groups about the services and the products they offer. “You need to prove your competence and lure them to…