Banque Populaire has installed a new hi-tech system that will enable the bank process loan applications in less than an hour.

Ephraim Turahirwa, the Banque Populaire du Rwanda (BPR) chief executive officer, said the new system allows the bank to process clients’ applications and disburse the loans after 20 minutes.

"Embracing more efficient financial systems that allow us to process clients’ loan applications fast will facilitate investments and business growth. This will ultimately strengthen the country’s banking sector,” Turahirwa said during the launch of the system at the bank’s headquarters in Kigali last week.

He further noted that the system will be installed at all the bank’s branches across the country. 

The launch of the system is part of the three-month campaign dubbed "Achieve tomorrow today” that aims at promoting fast loan processing. 

Vivian Iguundura, the BPR chief commercial director, said the new initiative is also part of the bank’s efforts to support business and rural growth through efficient and reliable banking services that ease access to development finances.    

Alain Numa, a businessman, said it will encourage people to secure loans and improve their lives.