Nyamasheke: BDF making dreams come true

Nyamasheke: BDF making dreams come true

Four months ago, the Business Development Fund (BDF) was launched Nyamasheke district. The BDF is now giving opportunities of Nyamasheke residents with a long time dream of owning a small or medium sized business. In an exclusive interview with Speaking with Valens Tugirimana, head of BDF in Nyamasheke district said, “The BDF will allow every residents, who has a good business plan but no collateral, to access loans. We believe that this initiative will add to the number of SME’s in the country, lowering the unemployment rate and increasing wealth” Tugirimana urged residents to utilise the opportunities Business development Fund brings into the district. BDF-Nyamasheke is in its campaign to sensitise residents on making business…

SACCOs asked to reduce non-performing loans

Heads of cooperatives in Eastern province during the meeting RCA

  Managers of Savings and credit co-operatives (SACCOs) have been advised to strengthen lending mechanisms to reduce on the rate of non-performing loans. Director General of Rwanda Cooperatives Agency (RCA)The call was made by Damien Mugabo during a meeting with SACCOs in Eastern Region. Mugabo expects that with this in mind, SACCOs could lower their non-performing loans (NPLs) to about 5%. “SACCOs authorities have to change the way the way the offer loans. They have to make sure that the people who secure loans have the capacity and also evaluate their project and if things go well, then we can hopefully bring our NPL levels down” The warning comes after SACCO NPLs in Eastern province…

Access bank registers Rwf369 million net profit decline

m_Access bank registers

Access  bank  has  registered a  net profit  decrease  of Rwf369 to Rwf360 million  in the first half of the year  down from  Rwf729 million  in the same  period under review   in 2013, indicating almost  50 percent decrease. Whilst, the bank’s total assets   climbed to Rwf50.6 billion up from Rwf48.9 billion by end of December  last year. The bank saw its loan book portfolio growing to Rwf14.5 billion in 2014 up from Rwf13.2 billion by the end of last year which was pushed by mortgages that climbed to Rwf5.1 billion by end of June up from Rwf1.9 billion in 2013. On the other hand, Treasury loans saw an increase of Rwf1.6 billion by end of June…

Tax bases grows 16% after govt introduces tough rules

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Barely six months after the introduction of Electronic Billing Machines, Rwanda revenue authority (RRA) says the results are impressive. Speaking at this year’s tax payers’ day celebration on Saturday, the commissioner general of RRA, Richard Tushabe, said the machines are helping the government increase its tax base. The commissioner also said the tools have helped cut down time spent screening books of accounts. “Auditors used to spend hours investigating and going over massive documentation, but with the EBM, audits are easily conducted,” he said. Tushabe also said RRA is now able to catch tax evaders with less effort. The same technology is used in countries such as Sweden, Germany, Greece, Ethiopia and Kenya to combat…

BK in 35% half year profits

Bank of Kigali

Bank of Kigali (BK) has announced its annual half profits posting a more than 30 percent profit as compared to last year’s results. Bank of Kigali also the first bank to be listed on the stock exchange is proving to be a hit for its investors with its increased rise in net income.   The bank’s net income from banking activities increased to Rwf30.6 billion from Rwf25.2 billion during the period. Its loan book also expanded, with equipment loans taking the largest share, increasing from Rwf54.6 billion last year to Rwf81.4 billion by end of June. Mortgage loans dropped to Rwf44.1 billion, from Rwf49.1 billion last year, indicating a Rwf5 billion decline. Treasury and consumer loans…

Equity in profit figures finally

Equity in profit figures finally

Equity Bank has posted Rwf194.4 million net profit for the first half of this year compared to the Rwf806.3 million loss it made in the same period last year, a financial statement from the lender indicates. According to the statement, the firm registered an increase in its total operating income from Rwf 2.11 billion end June last year to Rwf3.7 billion this year. However, it saw an increase in total operating expenses from Rwf2.9 billion to Rwf3.4 billion during the period. Its total assets went close to doubling during the period, increasing from Rwf38.8 billion end June last year to Rwf57.4 billion this year. The firm, which plans to cross-list on the Rwanda Stock Exchange…

Rwanda’s economy maintains 7.4% growth, despite a staggering trade deficit

National-Bank-maintains1

Rwanda’s economy has maintained a steady growth of 7.4% thanks to a booming service industry which rose by 22.4% from 12.6% in the first quarter. Central Bank Governor, John Rwangombwa said private sector financing grew by 47.8% from 12.4% of 2013 in the same period. Central bank Chief Economist, Dr. Thomas Kagabo, attributes said liquidity into commercial banks was a major tool that allowed them to lend more and remain stable. Meanwhile all construction projects that had been put on complete hold at the end of 2013, have contributed 8%. Manufacturing made a turnover of 13.1%. Rwanda is experiencing growth while recovering from a meltdown that dragged the economy to 4.7% in 2013 due to…

Fitch Ratings Upgrades Rwanda to ‘B+’; Outlook Stable

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Fitch Ratings has upgraded Rwanda’s Long-term foreign and local currency Issuer Default Ratings (IDR) to ‘B+’ from’B’. The Outlooks are Stable. The issue ratings on Rwanda’s senior unsecured foreign and local currency bonds have also been upgraded to ‘B+’ from ‘B’. The Country Ceiling has been upgraded to ‘B+’ from ‘B’ and the Short-term foreigncurrency IDR affirmed at ‘B’. KEY RATING DRIVERS The upgrade of Rwanda’s IDRs reflects the following key rating drivers and their relative weights: High Economic growth prospects are strong. GDP growth averaged 6.9%in 2009-2014 in a stable macro environment, supported by structural reforms. In 2014, Fitch expects real GDP growth to be 6.5% and to increase to 7%-8% in the medium…

Rwandan banks growing exponentially, but not taped into abundant opportunities

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KIGALI-RWANDA-Rwanda’s banking sector, regarded as a virgin industry, recorded modest profits in the first quarter of 2014, thanks to a cash-hungry economy recovering from the 2013 slump. The sector recorded Rwf700m in total profits during the first three months to hit Rwf8.8 billion (approx. $10m) measured against last year’s Rwf8.1b, Rwanda’s central bank announced two weeks ago. However, due to a mild contraction caused by aid suspension, only Rwf1.06 trillion (approx. 1.5b) deposits were recorded from Rwf866.4billion (approx. 1.2b) of same period 2013. The loan portfolio helped the industry bounce back from the slump, increasing to Rwf269.8 billion (approx. $384m) in the first five months from Rwf185.1 billion (approx.264m) of 2013 due to a slight…

Rulindo: abakora umwuga w’ubucuruzi barasabwa kwagura ubucuruzi bwabo bagana ibigo by’imari n’amabanki

m_abakora umwuga w’ubucuruzi barasabwa kwagura ubucuruzi bwabo bagana ibigo by’imari n’amabanki

Bamwe mu bacuruzi mu karere ka Rulindo,barasabwa kwagura ubucuruzi bwabo bukaba ubucuruzi bw’umwuga, kandi butanga inyungu zigaragara,aho guhora bakora ubucuruzi butabavana aho bari mu bukungu. Nk’uko bikunze kugarukwaho n’umuyobozi  wungirije w’aka karere ka Rulindo,Murindwa Prosper,ngo ikiza ni uguhitamo ibyo umuntu acuruza ,kandi abona ko bizamuzanira inyungu igaragara, ku buryo umucuruzi abasha kwiteza imbere,agateza n’igihugu imbere muri rusange. Ibi yabibasabye mu nama yagiranye na bamwe mu bacuruzi bo muri aka karere ,mu murenge wa Base,mu mpera z’icyumweru gishize,aho bari bahuriye hamwe ngo barebere hamwe uburyo bakwagura ubucuruzi bwabo,bakorera hamwe,biyubakira inzu y’ubucuruzi,mu rwego rwo kurushaho gukora neza no kwiteza imbere. Uyu muyobozi kandi yagiriye inama aba bacuruzi yo  kwagura ubucuruzi bwabo ,barushaho kugana ibigo by’imari n’amabanki bikorera…