Byangabo trading center needs banking services

The minister of infrastructure, Albert Nsengiyumva, has called on banking institutions operating in Musanze district, to extend their services to the Byangabo trading center where a modern market is currently being constructed. The minister made the remarks on January 22, 2013, while accessing the progress of the construction activities at the site where the new market is being constructed. The new market is being constructed on two hectares of land and contains at least 60 shops, granaries, an abattoir, and storage facilities among others. Minister Nsengiyumva said that the availability of banking services would ease the economic activities of the business community and traders who will be operating small and medium business in the market,…

Rwanda | Rusizi: RAB helps farmers reduce bank debts

About 108 farmers in Rusizi district who had got loans to buy cows from Banque Populaire Rwanda (BPR) in Girinka program are celebrating; after Rwanda Agriculture Board reduced their debts and arrears they owed the bank. According to the original agreement made by the district with the contractor, the contractor was supposed to give Frisian cows (100%) and the owners had to pay Rwf600.000 to the Bank Populaire. Those who were given mixed cows (50% crossed breeds) had to pay Rwf500.000 but later farmers who were given these cows complained that the cows they were given are not providing the expected production and they failed to pay the bank according to the agreed terms. This…

Rwanda | Gatsibo: financial institutions to strengthen their security

Members of Savings and Credit Cooperatives (SACCOS) in sectors of Gatsibo district demand that cooperatives be strengthened for reliable security of their money after being aware that their money are not very secure.    This issue was discussed on Thursday the 3rd.Jan.2013 in the mee6ting that was meant to encourage SACCO members in Gatsibo sector to actively work with different financial institutions in 2013. The district administration with the support of security levels assured local people that the security of SACCOs will be highly maintained. The vice mayor for economic development Isaie Habarurema said that the insecurity issue in SACCOs is usually common in SACCOs that work extra hours and this problem is going to be…

Rwanda : Bankers complain of increasing numbers of bad loan

The association of banking institution in Musanze district have said that the increasing numbers of clients failing to service their loans has resulted in a loss of trust among clients and warned that clients to desist from the habit. The complaint was raised during a Joint Action Development Forum (JADF) meeting in Musanze district in the Northern Province on December 20. The meeting brought together development district partners to discuss achievements made during the 2012 performance contracts. The bankers said that the habit has resulted to some institutions becoming reserved in the amounts of loans handed out to residents, which in turn impacts on the development goals set by the district especially in the economic…

Rwanda : Village settlement, a stumbling block to accessing financial services

 We cannot access loans because we have no legal property ownership, residents, associations and cooperatives of people in village settlements in Ngororero district have spoken out. According to the Ngororero sector leader, residents in the village settlements have not yet got land titles as per the policy of the ministry of local government (MINALOC).                   Residents with houses and pieces of land cannot use them as guarantee to access loans which is hindering development in this area. Josephine musanabera, member of women’s crafting cooperative narrates this cooperative cannot expand because they have asked for a loan but in vain. As a result, some banks in Ngororero district…

Rwanda : Govt school teachers to pay low interest rates on loans

While private school teachers pay 14percent on loans, govt school teachers will be charged 11 percent interest yearly in 2013, Joseph Museruka; Head of Umwalimu Sacco has revealed. Museruka says the interest charge reduction is aimed at alluring teachers to stick on public service than branching to private schools for higher salaries and other benefits. “We hope that this will prevent teachers from resigning their duties in government schools to join private schools where they get allowances and higher salaries,” he explains. To carry out this activity successfully, Sacco requires close to Rwf5 Billion from the government of Rwanda, to increase its capacity in availing loans to many teachers. However, Rwf5 Billion will be used…

Rwanda | GISAGARA: SACCO to promote residents development

Residents of Gisagara district especially those in Kigembe sector have been asked to join Sector Savings and Credit Cooperative (SACCO) for them to be able to develop themselves and have security of their money. They were asked this by the mayor of Gisagara district Leandre Karekezi during the celebration to officially open the Kigembe sector SACCO’s new office building which was built on the partnership of its members. Leandre Karekezi Gisagara district mayor   The new building for the Kigembe Sector’s SACCO was built by its members’ money which is worth Rwf15million. This is the first sectors’ SACCO in Gisagara district to own its own building where it operates without renting. This sector being the…

Rwanda | Ngoma: Confidence increases as Sacco set up administration houses

Customers of Umurenge SACCO have revealed that they are gaining confidence in them as Sacco’s continue to build their own administration houses.   This is because most Sacco’s have been operating in a small room that is equivalent to a sector office.   This fear existed arising from small financial institutions that emerged in previous years and collapsed taking along our heard earned savings, residents reveal.   One customer of Umurenge Sacco-Kazo asserts: “At first I could deposit little money in Sacco and keep the rest in other banks in fear of its security. However, with confidence I keep all my money in the nearest SACCO.”   The acting accountant of SACCO-Kazo, Josue Habimana remarks…

Rwanda | Muhanga: Why residents fear seeking Sacco services

Some residents of Muhanga district in Southern Province have revealed they don’t seek SACCO services fearing they might make losses like it was with micro finances in previous years. This was revealed by the residents of Muhanga district during the event to open Sacco Terimbere in Shyogwe sector. Residents said that they are not sure of Umurenge Sacco’s because they don’t understand the difference between Sacco and Microfinances in Rwanda that brought huge loss to the residents. Most of the residents say they would rather open accounts in big banks or keep money in their pockets than keeping it in Umurenge Sacco’s. However, they confess that big banks cannot give them loans they require to…

Rwanda | Ngororero: Residents accredit Magirirane Sacco for improving lives

  While most residents in Ngororero town prefer working with Unguka bank and Banque populaire than Umurenge Sacco, middle class residents praise Magirirane Sacco for uplifting them from poverty. This has been achieved through saving and using small loans to start small income generating projects. Alvera Mukamana, a resident of Ngororero sector and customer to Magirirane SACCO, revealed to the reporter that she had never sought SACCO services in her life thinking it’s for the rich. However, she now understands the importance of working with financial institutions, to an extent that she saves small money from Rwf200 until it’s enough for something. Magirirane Sacco in Ngororero sector has many customers since many residents have come…