BRD appoints new board chairman

L-R Francis Mugisha, the new Board Chairman hands over a

The Development Bank of Rwanda (BRD) has approved the appointment of Francis Mugisha as the new Board Chairman to consolidate and oversee the next phase of the bank’s mandate of financing private sector investments aimed at poverty reduction. Mugisha replaced Bernard Ndungu, the previous board chairman, who was relieved of his duties upon request from the bank’s shareholders. Mugisha is a chartered Management Accountant by profession and current president of the Institute of Certified Public Accountants of Rwanda (iCPAR), who has also wide knowledge and experience of previously serving in various other capacities during past tenures as a BRD board member. In a related development, Dr. Daniel Ufitikirezi, the current Director General at RSSB was…

Gatsibo: Rugarama Residents embrace saving culture

m_Rugarama Residents embrace saving culture

Residents of Rugarama sector in Gatsibo 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 Gatsibo district. Commenting on the importance of saving, Jeanne Nyiramatabaro of Rugarama sector reveals that saving has improved the social and economic standards of some residents. Another resident, Pacifique Mukanoheri highlights that one doesn’t need to have lots of money to embrace saving culture. “One can save even when they are low income earners,” she said. Talking to, the executive secretary of Rugarama sector Consollée Urujeni stressed the possibility of…

I&M Bank records high profit growth

m_I&M Bank records high profit growth

I&M Bank has experienced a growth in loans and advances of 25 per cent to Rwf 65.6 billion of which more than 60 per cent was availed to small medium enterprises (SMEs) and retail clients. Customer deposits grew from Rwf85.8 billion to Rwf94.1 billion sighting almost a 10 percent increase as the bank registered more than 2000 new accounts. Total deposits grew from Rwf86.6 billion in 2012 to Rwf99 billion in 2013. Overall total shareholder equity also improved substantially from Rwf15.5 billion in 2012 to Rwf18.7 billion in 2013. Apparently the bank (formerly BCR) was rebranded in 2013 to I&M Bank. The bank earned Rwf4.5b profits after tax in 2013 as compared to Rwf4.2b in…

Gisagara: Youth cooperatives urged to hold onto saving culture

Youth cooperatives urged to hold onto saving culture

Cooperatives for youth in Gisagara district have been called on to work putting in mind savings in order to attain better living condition and a promising future. The call was made by RDB during a three week youth training that started on February 10th 2014 in Gisagara district. The training was organized by Gisagara district in partnership with Rwanda Development Board (RDB). The aim of the training is to prepare youth into forming and managing cooperatives and to become future entrepreneurs. Jean Marie Vianney Mahoro, a member of Icyerekezo cooperative (for mass production of tree seedlings) says that they have learnt a lot from the training like recording income and expenditure, making project proposals and…

Gisagara: VUP workers vow to take on saving


Direct support beneficiaries and residents employed in VUP program in Gisagara district have been called on to adopt saving culture that would help fighting poverty. In this programme, poor and elderly residents are given direct support, others given loans to set up income generating projects while others are employed in VUP activities. François Hakizimana, coordinator of VUP in Kigembe sector in Gisagara district said last week that saving is not much embraced but all efforts are being put in sensitizing residents to save. Apart from beneficiaries of direct support, residents employed in VUP program find it hard to embrace saving culture because they think saving is for people that earn a lot of money. Gaspard…

Ruhango: Authorities urge residents to develop saving culture

Laborers should not receive payment directly from employers

The Southern Province governor Alphonse Munyantwali has advised employers to pay employees through banks as one way of promoting saving culture in Ruhango district. The district administration is sensitizing residents to adopt the saving culture for improvement of the social standards of living. The governor highlights that it’s difficult for some residents to save when they still get salaries in their hands. Mbabazi Francois Xavier, mayor of Ruhango district asserts that the biggest challenge they face in sensitization is negative attitude of the residents on saving culture. However, the mayor says that some residents have started embracing the program and their lives have indicated a positive change.

Kabari: Saving culture boosts local economy in Rubavu District

Saving culture boosts local economy in Rubavu District

Parents in Kabari village, Kanzenze sector in Rubavu district have testified saving Rwf50 every day during parents evening (akagoroba k’ababyeyi) has resulted in Rwf489,900 a year. The idea of putting together little money they can all afford in order to help each other was started by parents and has grown to a bigger step. Some members in the ‘evening of parents’ reveal that after saving money for one year, they lend it to some members to start business and pay it back with 5 percent interest. They testify to have contributed Rwf50 each for a year, Rwf489, 900 piled up their treasury and has enabled them to buy scholastics for their children and home use…

Guaranty Trust (GT) Bank acquires Fina bank

Guaranty Trust (GT) Bank acquires Fina bank

Fina bank operations in Rwanda, Uganda and Kenya will now be renamed and rebranded as subsidiaries of Guaranty Trust (GT) Bank, after the latter acquiring at least 70 per cent stake in shares in the three regional countries. The move comes after customary regulatory approvals which have been obtained after GT Bank and the shareholders of Fina Bank entered into a Share Sale and Purchase Agreement for the acquisition of 70 percent stake in Fina Bank in July 2013. This means that GT Bank will have a good percentage of the $338 million Fina Bank’s assets and operations in Kenya, Rwanda and Uganda, but it is also expected that GT bank will not necesarilly tamper…

Rwanda targeting 80 per cent financial inclusion

Rwanda targeting 80 per cent financial inclusion

In order to achieve the country’s economic transformation and poverty reduction, Rwanda has set its goal on increasing financial inclusion to 80 percent by 2017, through deepening and broadening the financial literacy of Rwandans. This will be attained through the second Financial Sector Development Program (FSDP II), a five year program that seeks to develop a stable, sound and efficient financial sector. The program will also include a National Financial Education Strategy (NFES) that will be integrated into the school curriculum and rolled out in communities to equip Rwandans with the knowledge, skills and belief to make and exercise informed, confident and timely money management decisions “The purpose of financial education is to improve the financial…

Rusizi: Financial institutions urge clients to embrace saving culture

Financial institutions urge clients to embrace saving culture

Investment and Mortgage Bank Rwanda Limited (I&M Bank Rwanda Ltd) has urged residents in Rusizi District to open up savings Bank accounts in order to achieve social and economic goals. Jean Claude Munyeshuri, director of I&M bank Rwanda Ltd-Rusizi branch told clients during a get-together party for customers with savings bank accounts. The event was meant to encourage the customers keep up the saving spirit especially with the government sensitising residents to adopt saving culture. Munyeshuri affirmed that savings helps residents invest in different income generating projects aimed at sustainable development. Theobald Mbyayingabo from Gihundwe sector and a customer for over 40 years testified, savings account is crucial to the owner since it’s the key…