Bank of Kigali has launched a new drive dubbed ‘Urumuri Initiative’ through which businesses can win interest-free credit of up to Rwf60 million.

Under the scheme, individual Rwandans with innovative ideas and enterprises with annual turnover of less than Rwf200 million can apply for interest-free credit.

The bank started receiving applications on Tuesday (March 7) and the process will go on through April 5, with the bank due to announce 50 winners in May.

The launch took place at Innovation Village, Kigali Public Library on Tuesday evening.

According to Diane Karusisi, the Bank of Kigali chief executive, the institution has supported entrepreneurship in the country over the last 50 years of its existence.

The Urumuri Initiative, she said, is another way to support innovators on their journey to forge a bright future.

"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,” Karusisi said.

The eventual winners will undertake a seven-month training in business support service at Inkomoko, an organisation that provides specialised training to business leaders to learn new skills that they can apply directly to their companies. "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,” Karusisi added.

Speaking as chief guest, Emmanuel Hategeka, chief operating officer, Rwanda Development Board, thanked Bank of Kigali for availing young innovators a chance to try their luck through the new initiative.

Hategeka noted that the scheme will not only benefit individuals but the country at large, especially through employment opportunities.

"Look next to you and there are opportunities all around us, it’s the things that are near us that might make one the biggest innovator,” Hategeka said.

He encouraged the industry to play a more active role in the country’s growth efforts by coming up with such schemes more regularly, saying the economy cannot be sustained through government’s initiatives only.

editorial@newtimes.co.rw