EASTERN REGION

Bugesera — Urwego Opportunity bank (UOB) one of the local banking institutions last friday officially launched its operations in the district of Bugesera. The guest of honour of the occasion Francois Kanimba, the Governor of the Central Bank emphasized the importance of banking.

"It is high time Rwandans learnt to save. If you don’t save, then you find it difficult to develop. Microfinance institutions like this one helps the people to develop.

So let the people utilize it,” the Governor told a mammoth crowd.Urwego Opportunity bank (UOB) has been in operation for three years now in the country. It is been on a branch expansion drive since its entry.

"We are determined to push our tentacles throughout the country. In fact we intend to be creating three more branches in the next five years,” Jeffrey J. Lee the  bank’s Chief Executive Officer remarked.

He added that,"Bugesera is one of the areas in Rwanda that has a bad history of development. But potentially it has a lot to offer. The airport, railway line and free  trade zone to be established in the near future will boost the district’s opportunities”.

On a positive note, the CEO said that the bank will be offering agricultural loans. "If this is done it will be the only commercial bank offering such services in Rwanda. Other commercial banks don’t support agricultural activities,” said Jeffrey J. Lee.

He however noted that the people’s attitude towards saving is generally poor.

"People are still inclined towards spending than in saving. This is one of the challenges we must be ready to face,” said one bank official at the ceremony.

Meanwhile, the occasion was attended by hundreds of Nyamata residents, curious to know what the new bank will offer.

Ends