Cogebanque Rwanda Plc has encouraged its customers to explore savings account options tailored to their financial goals. This is part of Savings Week, which is being marked worldwide under the theme Your Savings, Your Sustainable Growth. For Cogebanque, the week presents an excellent opportunity to reinforce and inspire their clients about the benefits associated with a savings-oriented culture and mindset. “It is also a superb occasion to elaborate further on our customised wide range of savings services and the benefits they offer,” said Antoine Iyamuremye, the Head of Marketing and Product Development at the bank. In Cogebanque, there are a wide range of savings accounts, depending on the client’s financial goals. There is a Teganya Account, which allows clients to save monthly while earning attractive interest rates starting at as low as Rwf 50,001. There is also the Nteganyiriza Minuze Account, which is designed for saving towards educational goals, be it for one’s education journey or for parents who want to save for their children’s education. Furthermore, there is the Iyubakire Account, which is designed for saving towards construction and renovation endeavors. According to Iyamuremye, with the account, a client establishes a ten-year contractual relationship with Cogebanque. “Over the course of this period, the client builds up savings on that account, and then after four years, they become eligible to secure a loan to advance their construction and renovation project or purchase new plots at a lower profit rate compared to the one who didn’t save in the Iyubakire Account,” he said. “This is a beneficial opportunity as it generates attractive interest rates ranging from 6.25 percent and above based on how much a client saves.” Additionally, there is Shobora Account Cogebanque, which empowers individuals to transform their dream projects into tangible realities through savings, whether they are thinking about investing in a business, planning a wedding, or going on a vacation. Iyamuremye said that with the account, the beneficiary can start with an initial deposit of Rwf 15,000, but one has to save a minimum of Rwf 10,000 per month or save even more depending on their preferences. “Through a six-year contract,” he continued, “a client saves a certain amount, and from the third year onward, they’ll start earning attractive interest rates customised for this account. You can acquire the loan at a lower interest rate compared to the market price, and you can invest through those profits you gain.” Cogebanque also has another savings account dubbed Term Deposit, commonly known as “Compte Bloqué. It allows a client to save funds and agree with Cogebanque on the period of time the funds will last, and the bank starts to count the interest rate. “This basically applies with a period exceeding six months,” said Iyamuremye. “Any amount of money is allowed, either Rwandan or foreign currency. A client agrees with Cogebanque on the period of time those funds will last on the account, and the bank starts to count the interest rate. Another benefit of a term deposit account is that a client is given a certificate of deposit that would be used as collateral while requesting a loan or in any project that would support a client’s financial endeavors. Asked who is eligible for the savings account, Iyamuremye said that every individual is eligible to save in Cogebanque, but specifically any of the bank’s clients who have a financial goal they want to achieve. “They do this by choosing a favourable savings account that suits their financial objectives. A client should have an account in Cogebanque to access the benefits of saving with us,” he explained.’ Iyamuremye said that saving is done by visiting the nearest Cogebanque branch. A client fills out a letter requesting to open a savings account, and they are requested to meet the necessary requirements to own the account. Various small, medium, and large companies are also requested to submit a letter. Still, Cogebanque asks the individuals who sign the documents to confirm their authorisation for ownership of the designated savings account. Iyamuremye further highlighted that the bank is embarking on a path to a more promising journey as people increasingly recognise the value of saving as well as their savings services. “Although it’s a lengthy expedition, we would like to encourage those who have not yet embarked on their savings journey to join us, as our financial experts provide free financial advisory to individuals before they open any of our savings accounts,” he said. He added that Cogebanque stands with Rwandans on the journey of securing their future through saving, which comes with a variety of services such as accessing their digital banking channels, applying for loans, and acquiring the term deposit account that enables a client to gain a certificate that can serve as collateral if they require a loan, among others. For more information, one can call toll-free at 5050 or visit the nearest Cogebanque branch.
