Rwanda : Banking services changing lives in Rusizi

Banking services changing lives in RusiziResidents of Rusizi district say that their lives have improved in terms of social and economic welfare due to access to banking services and use of modern technology in the banking sector.

The residents say this was not dreamt of in the last 18 years ago, since there were few banks in the country and even the existing banks were associated with the rich and upper class citizens, unlike today.

Residents say that the only banks that were existent, included BK, BCR and BACAR- which were also located on Butare (Now Huye district)- which is over six hours drive from Rusizi. However, residents acknowledge that most financial institutions have come closer to their community, which has enabled them to open up accounts and have shares in the banks. Besides the access to banking services residents also say that they have embraced the use of technology in banking-such use of ATM’s, Mobile banking and transactions, and internet banking among other services

“This has made life very easy for the community, because there is no need to travel anymore or wait in long queues” This is good for business and enables money to flows amongst the traders and consumers just by a click of a number on the phone” says one trader, Halidi Nsabimana.

Local leaders say that the role of the private sector in improving business the Rusizi area today, has resulted to many commercial and microfinance institutions flooding the area- which has improved the way of doing business in the Rusizi area -which is borders Rwanda and the DR Congo in the western part of Rwanda.

This is considered a major breakthrough in bridging the gap in the finance banking sector in Rwanda, which so far has 28% of the population (1.3million Rwandans) without any notion of the banking systems, but ultimately will be a response to the government target of having a 90% access to finance and banking for all Rwandans by year 2020.

 

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About the author

Mr. Sina is the Managing Partner & Chief Editor of RwandaEye. After completing his post-graduation from the Faculty of Economics and Management, National University of Rwanda,he worked in various consulting capacities for equity and business firms in Kigali. A shrewd strategist, he is an Economic Pundit, entrepreneur and Investment Banker.

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