Bank of Kigali announces new rural finance schemes

May 27, 2011

Rwanda's Bank of Kigali has introduced three new products aimed at poorer people living in rural areas.

Rwanda's Bank of Kigali (BK) has introduced three new products aimed at poorer people living in rural areas.

These improvements include special entrepreneurship accounts for women and young people and will help individuals to acquire loans.

It is hoped they will also give support to the elderly and other largely unbanked individuals, the New Times reports.

So far, BK has utilised money from the European Investment Bank and French Cooperation for the project.

It also expects to receive an additional $12 million (€8.4 million) from an international development bank, the news provider continued.

BK Chief Operations Officer Naibo Lawson said the organisation has "a responsibility to contribute to the social, economic development of our people".

He added that "the three products are meant to transform the lives of the people whom we think are excluded from accessing finance".

This comes after the bank announced earlier this month that it is to increase lending after agreeing to a $20 million line of credit with the French Development Agency.