New Rwandan bank to lend to women
A new bank is being established in Rwanda that aims to improve access to finance for women living in rural areas.The initiative is being organised by the Women's Chamber of the Private Sector Federation and hopes to help those who often experience prejudice when applying for credit, the New Times reports.
According to the news provider, lending is still restricted to female entrepreneurs because they lack collateral and financial institutions consider them to be risky clients.
President of the organisation Immy Kamarade said: "It is our long-term strategy to have a women's bank that would appropriately serve the interests of all women, especially the rural based so that they can start business projects."
It is unclear when the new bank will be officially launched as there are still some details to finalise.
Speaking at the Columbia Business School in the US earlier this year, Rwandan businesswoman Symphrose Mukamazimpaka explained she had to "be brave" when applying for a loan to establish her enterprise as females are not usually considered to be entrepreneurs.