New rural mobile banking scheme launched in Rwanda

Apr 18, 2011

Organisations operating in rural areas of Rwanda may now have better access to finance thanks to a new scheme.

Urwego Opportunity Bank (UOB) has launched mobile banks as a way of helping those who previously struggled to reach the financial institutions, the New Times reports.

Vans will be located in various areas allowing Savings And Credit Co-operatives (SACCOs) to deposit money free of charge in the evenings.

They will then be provided with cash in the morning when they open for business.

Francis Ndayiziga, Branch Banking Division Leader at UOB, told Business Times the organisation has introduced the project to "address problems of lack of banking services in rural areas; SACCOs have a lot of deposits but cannot access banks and they end up losing their money to thieves".

UOB had been in operation since 2007 and offers a range of services to Rwandans, including deposit and savings accounts that allow them to store their finances safely and earn interest.