BNR to carry out financial education

The National Bank of Rwanda (BNR) will soon roll out a campaign to sensitise commercial bank clients about the rights to promote consumer protection. “The campaign is intended to enlighten depositors and the public generally about their rights and the different bank products,” Jonathan Gatera, the central bank director general for financial stability directorate, said. Most bank clients do not know their rights and even when they are abused they do not know that there is a window through which they can seek redress. “It is important for the central bank to keep a close eye on the industry because some players might have other intentions which are different from government’s objective of promoting financial inclusion and economic transformation,” a sector observer told Business Times. He also noted that it is important for the public to understand the benefits of being part of the growing financial industry so as to save with banks. According to Eric Rwigamba, the director of financial sector development at the Ministry of Finance, for the economy to grow sustainably, people have to embrace the culture of saving with banks. He said this will help increase bank deposits and boost lending to the private sector and hence sustainable growth. Last year, the Ministry for Finance launched a financial literacy campaign to educate the public about the different financial issues and to encourage Rwandans to save with banks, among others.