Financial institutions should always train customers to equip them with skills required to grow their businesses, the Minister for Trade and Industry,  Francois Kanimba, has said. 

The minister, who was officiating at a financial literacy training workshop for SMEs that have received funds under the Hanga Umurimo Programme, also encouraged banks to partner with Umurenge SACCOs in the parts of the country where there is a low presence of commercial banks.

"I believe such workshops will help build viable, sustainable and prosperous businesses, especially the small-and-medium enterprises (SMEs),” Kanimba said.

The SME operators were trained in business best practices to promote tax compliance, apply loan application, interpret financial statements and how to maintain a good credit standing.

The workshop was organised by I&M Bank last week. The bank organises annual workshops aimed at giving SMEs the best tools to ensure the stability and growth of their businesses. 

According to the bank officials, SMEs face several challenges, including limited basic business management skills, access to finance, limited access to markets and new technologies.

Fifty businesses, including clients of I&M Bank, as well as banks  attended the training. 

Virginie Mukakabanu, one of the entrepreneurs who attended the workshop, said it was an eye opener for most of them.

"We are now aware of the important aspects of our businesses like how to maintain books of accounts and a good credit rating,” Mukakabanu said.

The Hanga Umirimo Programme was launched by the government in 2012 to help create off-farm jobs for Rwandans.  The programme’s main objective is to support a young generation with entrepreneurial mindset, competitive and innovative enterprises to unlock their potential. 

Over 600 startups from different sectors have so far been trained as part of the initiative and up to 100 have been successfully facilitated by banks and micro-finance institutions.