Kenyan bank boosts local saving groups

Global Communities, an international non-governmental organisation, in partnership with the Kenya Commercial Bank, has pledged to promote savings and widen the availability of financial services to rural communities in Rwanda. Under a new programme launched in Huye District on Thursday, informal micro-savings and credits groups, locally known as Ibimina, will have access to the Bank’s services through a specially-designated account. The initiative is aimed at broadening the availability of finances to rural populations, according to John Ames, the Usaid/Ejo Heza project Chief of Party. “With this programme, people will have more access to funds,” he said. Under the programme, members of Ibimina groups are set to open accounts at KCB where they will be making their deposits. The money, which will not be subjected to the usual monthly charges, will serve as a guarantee for the residents to secure loans in the bank to execute income generating projects, according to Richard Ngabonziza, KCB’s Head of Treasury and Institutional Banking. The loan can reach up to five times each group’s deposits. Marie Chantal Nyiranshuti, 32, a resident of Maraba and a member of a local Ejo Heza Saving group, said she hopes the initiative will help change their living conditions for the better.

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Kenyan bank boosts local saving groups