I&M Bank (Rwanda) pc in partnership with Hanga Ahazaza, a MasterCard Foundation project together with the Tourism Chamber organized a one-day training designed to equip MSMEs in the Tourism and Hospitality industry with Financial and Managerial literacy.

I&M Bank Hanga Ahazaza was launched to finance at least 100 MSMEs in the Tourism and Hospitality industry, to design tailored products to MSMEs needs and to contribute to poverty reduction and improve livelihood improvements through funded businesses and this training is a step closer to this objective.

It was attended by small and medium enterprises within the sector and participants included hotel owners, managers, tourism operators and other business owners within this sector.

According to Olivier Gakuba, the Director of Business Development at I&M Bank (Rwanda) Plc, the Bank’s focus is not limited to revenue generation but also playing an advisory role for its existing and potential customers.

"We are committed to availing innovative financial solutions, providing advisory services to support the Tourism and Hospitality Sector in Rwanda by equipping SMEs with adequate financial and management skills”,” he noted during the seminar.

He added that one of their main targets in the workshop is to equip participants with the requisite financial skills to not only help keep their businesses afloat, but also be able to recover and sustain profitability despite the economic challenges.

"Statistics show that SMEs naturally fail within three years of inception, but we would like to change our SMEs narrative in the country and enable their growth regardless of the prevailing challenges including the Covid-19 crisis” he added.

Gakuba also mentioned that Corporate Governance is another area to be covered during the training.

"Most worldwide corporations started as SMEs before building a robust Corporate Governance system allowing considerable business growth and continuity.”

Engagement with participants also covered investment readiness, sales optimization, digital solutions and financial literacy in order to secure funding from Financial Institutions

Andrew Gatera, one of the participants and founder of G-Step Tours hailed the initiative, noting that it comes at the right time.

"This is what we need to survive right now. With enough skills on financial prudence, the hospitality sector will easily bounce back from the current recession,” he said.

The workshop was attended by 40 participants from different areas of tourism and hospitality industry and it was held in respect of the Covid-19 control measures.