Business Round-Up

Fina bank unveils NGO focused account Fina bank Rwanda officially launched its new product called ‘Free NGO Account’ designed for Non-Government Organisations (NGOs) as well as non-profit organisations. The service focuses on activities that uplift the standards of living of various vulnerable groups in the society in which they operate. Steve Caley, the Managing Director of Fina bank Rwanda said that the new account offers distinctive services to its NGO clients such as insurance premium finance, trade finance for export and imports foreign and personal banking solutions. Other features and benefits include the unlimited number of transactions (deposits and withdrawals), the availability of 24 leaf cheque book, with zero minimum operating balance. It also has a minimum initial deposit of Rwf50,000 or equivalent of major foreign currencies as the only requirement for opening the account. IFC training strengthens SME’s The International Finance Corporation (IFC)’s Rwanda Entrepreneurship Development Programme (REDP) designed a training programme to help Rwanda’s Small and Medium Enterprises (SMEs) become more productive, competitive and sustainable. The Training of Trainers (TOTs) held recently aimed at giving management skills to owners and managers of smaller businesses in the country. The 20 trainers were certified following completion of a five-day training on complementary computer –based learning program, the SME Toolkit. Ignace Bacyaha, IFC’s REDP Manager, the training focuses on SMEs because they constitute a large proportion of Rwanda’s private sector. The Private Sector Federation (PSF) Chief Executive Officer (CEO), Emmanuel Hategeka explained that it is important that SMEs continue to be strengthened as they form the back bone of the economy through employment provision. He continued that capacity building is still a major issue in the private sector, limiting their capacity to compete not only on the domestic market but regional markets. Loans increase by 73 percent in UOB URWEGO Opportunity Bank (UOB) registered a 73 percent increase in its loan portfolio from USD1.4 million in 2006 to USD 5.2 million today. This bank’s Chief Operations Officer (COO), Ross Nathan during a three day workshop on Savings Learning and Awareness said that the increase was as a result of growth in the Savings portfolio which rose from USD 147,000 to $2.6 million. “There is also an increase in the voluntary savings’ customers from 17,000 to 30,000.” UOB operates in 27 out of 30 districts in the all country. The bank plans to open up four new savings branches in Kigali and one in Bugesera. Rwf283m for countrywide customer care drive The Rwanda Development Board (RDB) has budgeted about USD 0.5 million (Rwf283 million) for its campaign on improving customer care countrywide. The RDB Deputy Chief Executive Officer (CEO) for Business Operation and Services, Clare Akamanzi said that the estimated budget will cater for all the scheduled events over two years. Akamanzi who also doubles as Chairperson of the National Customer Care Taskforce (NCCT) said that the event include introductory training for hospitality industries and forums with district Mayors and Good Governance Directors countrywide. It will also involve media campaigns, dramas and essay competition in high schools among others activities as well as a Customer Care Exhibition. The campaign starts in July this year and its will also be reinforced by comprehensive training programmes by Workforce Development Authority (WDA) on behalf of NCCT. This comes after a research by Institute of Policy Analysis and Research (IPAR) indicated that Rwanda is the least hospitable country in the region, where the most business operators, especially in the service sector, are either slow or non-responsive towards customers. Onatracom acquires new buses Onatracom, a public transport company imported four luxurious buses with a power track system technology that will see it improve transportation on both its regional and local routes. For the first time in its history, the government owned company purchased the buses from its own budget whose total cost was USD 0.4 million (Rwf226.1 million). The transport company that offers three services a day for Kigali - Kampala route and one service for Kigali- Bujumbura route plans to open a route to Nairobi in the near future. The transport facilities are also fully installed with a system that enables live tracking of the bus wherever it is. It also ensures fuel management, speed control and maintenance alert systems. Regarding the Hi-Tech, the buses can now be monitored from the base in Kigali to, across the whole region, where they may have reached. EAC enters recession Member states of the East African Community (EAC), are being affected by the global financial crisis, with the latest being a sharp decline in revenue collected. Of the five EAC Partner States, Tanzania has been hit most recording a fall of $192 million by March of its domestic revenue, and its expected to hit to $369 million at the end of the fiscal year at the end of this month. This deficit represents a revenue decline of 25 percent. This was revealed during the presentation of the EAC budget for the Community for the financial year 2009/2010, to the East African Legislative Assembly (EALA) in Burundi. The Chairperson of the regional Council of Ministers, Monique Mukaruliza said that the revenue and expenditure budget is being tabled against the backdrop of a serious global financial and economic crisis, which will adversely impact economies. Ends