Rwanda: Bank of Kigali launches interest-free credit initiative
Through the initiative, businesses can obtain interest-free credit up to Rwf60 million.The Bank of Kigali on Tuesday launched a new initiative for businesses to obtain interest-free credit up to Rwf60 million. Under the initiative which is tagged 'Urumuri Initiative', Rwandans with innovative ideas and enterprises with annual turnover of less than Rwf200 million can apply for interest-free credit. According to Diane Karusisi, the Bank of Kigali Chief Executive, the initiative is one of the ways the bank's supports
business growth in Rwanda. Speaking during the launch, she said "this initiative is meant to support business innovations that have the potential to grow into industry front-runners and drive Rwanda's growth over the next 50 years. "As a bank, we know that limitation in accessing credit, and lack of technical know-how of most entrepreneurs is a major barrier to most start-ups. Therefore, Urumuri Initiative is a humble way of extending our support" she stated. The bank, through Inkomoko, an organization which offers business support service in Rwanda, will
provide business support services for beneficiaries of the interest-free credit facility. Lack of access to business support services has slowed down efforts to boost the business sector which is seen as a source of employment and key driver of private sector growth.