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…

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…

Four arrested for credit cards forgery

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The Police have completed and forwarded to prosecution a file of four men suspected to be behind various financial related crimes, especially registered in the City of Kigali. The suspects are two Rwandans and two Cameroonians. They were arrested separately recently following investigations carried out by Rwanda National Police. They were identified as Frank Safari, Daniel Mugisha, Tata Bodwin and Francis Wabo. The four men allegedly forged credit cards of different people, which they used to buy goods in supermarkets and to withdraw money in different banks. It is suspected that Safari, who has been a cashier of Mr. Price shop, connived with the trio and gave them PIN numbers of customers’ credit cards which…

Rwanda | Rutsiro : abaturage basobanuriwe ko kwizigamira atari iby’abifite gusa

abaturage basobanuriwe ko kwizigamira 2

Abaturage bo mu murenge wa Mushubati mu karere ka Rutsiro bibumbiye mu matsinda akorana n’umushinga EJO HEZA bavuga ko bamaze kubona inyungu zo kwizigamira bahereye kuri bicye, bakaba bahamagarira bagenzi babo kwitabira ibigo by’imari iciriritse n’amabanki kugira ngo na bo bizigamire bityo barusheho kwiteza imbere. Mu birori byo kwizihiza icyumweru cyahariwe kuzigama byabereye mu murenge wa Mushubati mu karere ka Rutsiro ku itariki ya 30/11/2012 biteguwe n’umushinga EJO HEZA, bamwe mu baturage bakorana n’uwo mushinga batanze ubuhamya bw’icyizere bafite cy’ejo hazaza babikesheje kwizigamira binyuze mu matsinda. Nsanzabakuze Froduard ni umwe muri bo akaba ari mu itsinda “Urumuri” . Avuga ko mbere atari azi ibijyanye no kwizigamira, ariko aho amaze kubisobanukirwa akaba ngo hari inyungu nyinshi…

Rwanda : Ecobank survives robbery attempt

Ecobank survives robbery attempt

  Police in Nyarugenge District, Muhima Police Station is detaining one Soko Salim, 21, who attempted to steal money from Ecobank, Biryogo Branch using a fake Gun. Police reports indicate that the suspect managed to sneak into the bank premises at around 12h00 wearing a hood and a toy pistol meant to scare the manager and staff of the bank. When he got inside the bank, he immediately put everybody present at gun point and forced the teller to fill his bag with bank notes. In the process, a cleaner cried from inside calling for help. Eye witnesses in the areas said that the criminal saw that people outside were alert and started entering the…

Rwanda : 72 per cent of Rwandan adults use financial products or mechanisms – FinScope survey

The Second FinScope survey 2012 on Rwanda has revealed that 72 percent of Rwandan adults (3.2 million) have, or use, financial products or mechanisms. This comes as big contrast with what was on ground five years ago. The findings were released by the Government of Rwanda in partnership with Access to Finance Rwanda (AFR). The first FinScope Rwanda survey was conducted in 2008. The survey showed that 79 percent of Rwandans, 18 years or older were not using formal financial insti­tutions. A large amount of money remained in people’s pockets, which not only limited Rwandans’ ability to build financial security, but also financial institutions’ capacity to distribute credit because of a lack of liquidity. Since…

Rwanda | Teacher’s saving scheme makes profit of Rwf700M

Rwanda | Teacher s saving

Saving Schemes in Rwanda, commonly known as Umwalimu Savings and Credit Cooperatives (SACCOs) have announced a profit of almost 700,033,594 Rwandan francs in the year 2011. The bank announced its balance sheet, as part of the financial institutions requirements to publish their financial performance annually. Other banks have also declared their ranks. Jean Marie Vianney Nzabahimana, the SACCO’s chief manager said that despite its late payment loan of Frw1,143,680,370  in 2011, the institution has managed to make a remarkable achievement profit of Frw700 million. He explained that the late payment of the loan was due to the loans given to teachers, who failed to pay on time and apparently are unable to pay back the…

Rwanda : World Bank takes a stand on Governance and Anti-corruption

Rwanda World Bank takes a stand on Governance

The World Bank’s Board of Executive Directors today endorsed the institution’s updated governance and anti-corruption strategy and implementation plan as an integral part of the work to improve development effectiveness, reduce poverty and promote economic growth. As a way of Strengthening Governance, Tackling Corruption, the World Bank Group’s Updated its Strategy and Implementation Plan which  will focus on increasing and systematizing governance and anti-corruption work in country and sector programs; strengthening country institutions; better measuring results from programs and policies; managing risks; supporting governance in global initiatives; and improving the organization of the Bank’s internal resources for governance work. The update builds on the successes and lessons learned from the 2007 strategy (Strengthening World Bank Group…

Rwanda : FINA Bank targeting $2.6million profit for 2012

FINA Bank targeting

Kenyan banking group FINA Bank made a handsome profit for 2011 amid growing savings and effective debt management – and that has raised the bank’s prospects for 2012. The year-end balance sheet shows the commercial bank’s profits before tax for the past year grew to Frw 1.1Billion, up from just about Frw 553million a year before. Executives from the lender, the third Kenyan bank in the country, attribute the booming performance to increased channels of income and improved recovery. Bad loans or Non-Performing Loans also dropped to about 8 percent in the same year – from 21 percent a year earlier. FINA Bank has distinguished itself as a leading lender to small businesses (SMEs) with…