Business round up

Businesses asked to respect consumer rightsThe Minister of Trade and Industry, Monique Nsanzabaganwa, said the business community should uphold consumer protection as it continues to compete fairly in the economy. She noted that as economies move progressively towards increased liberalisation, certain undesirable business practices emerge which act as a hindrance to a fair, rule-based game in the market. Nsanzabaganwa was speaking during celebrations to mark the International Consumer Protection Day.She said government has the task to create conducive business environment, provide consumers with competitive prices and product choices at the best possible quality.During the celebrations, the Minister assured that government intends to create a fair and equitable climate, where consumers and producers can maximize their profits and satisfaction respectively through the competition and consumer protection policy. US$10 million earmarked for one-stop border postTradeMark East Africa (TMEA), a non profit making organization said it will inject US$10 million in setting up a One Stop Border Post (OSBP) at the Uganda-Rwanda borders of Gatuna and Kagitumba. Graham Johnson, a Customs Advisor at TMEA said the fund will be directed towards activities that will enable the successful operation of the border points. The official was speaking during a conference that brought together participants from various institutions from Rwanda and Uganda to explore measures of implementing the project. The project which aims at easing customs activities at the two border points will bring custom activities from Uganda and Rwanda under one roof. Graham said that this will enable the two sides to share infrastructure, laboratory with ICT modern equipments, ware houses among others. Zephanie Muhingi, the Acting Commissioner for Customs and Head of Field Operation at RRA, said the one stop centre will make operation even more efficient and services will be provided in the shortest time possible.Inflation rises to 2.56% It was reported that the country`s year-on-year inflation, increased to 2.56 percent in February, up from 0.91 percent in the previous month.The rise is attributed to increase in housing and transport prices. According to the National Institute of Statistics of Rwanda (NISR) underlying inflation rate, including fresh food and energy increased by 0.91 percent compared to 1.57 percent in the previous month. A statement from the institute indicated that consumer price index is attributed to the increase in food and non-alcoholic beverages and in education due to the increase in private school fees recorded early this year. Mobile subscribers rise 51% Rwanda Utilities Regulatory Agency (RURA) said the country recorded growth in the number of cell phone users with the three telecom operators. The Agency said more 1.2 million subscribers were recorded last year. This raised mobile subscribers to 3.6 million by January this year from 2.4 million in January in 2010.Latest statistics from RURA show that MTN Rwanda is still the market leader with 2,587,694 active mobile subscribers followed by Tigo Rwanda with 692,950 and Rwandatel with 345,771. Regis Gatarayiha, the Director General RURA, said that these figures were attained after Tigo entered the market in December 2009. He also noted that there have been innovative promotions and reduction of calling tariffs that attracted more users on different networks. He also said that the country expects to hit 6 million subscribers by 2015. BCR nets Rwf2.6b in profitRwanda Commercial Bank’s (BCR) profit rose to Rwf2.6b in 2010 from Rwf0.9b in 2009. This was partly attributed to high interest income and improved management of operating expenses. Sanjeev Anand, BCR’s Managing Director said that the bank`s operating efficiency improved in previous years.He was addressing the bank’s Annual General Meeting (AGM) The bank’s cost income ratio, which is the indicator of operating efficiency, is one of the best in the industry at 72 percent from above 89 percent in 2009. Anand said that the bank upgraded its core banking platform to incorporate straight processes like internet and SMS banking which simplified banking services. The bank’s loan book grew significantly, bringing about the re-launch of mortgage and construction products on the market. Rwandatel subscribers up 20% Rwandatel said that its active mobile subscriber base grew by 20 percent from 600,000 subscribers by the end of last year to 721,000. However, the figure contradicts RURA’s official report, which was released in September last year, where Rwandatel had lost its position as Rwanda’s second largest mobile operator by market share to TIGO Rwanda The RURA report said that Rwandatel has 306,706 subscribers, TIGO Rwanda 685,393 and MTN Rwanda 2,546,983. Rwandatel’s CEO, Issiaka Maiga Hamidou, said the growth is a result of new promotions, which represent low calling rates on the market. Hamidou announced the figures while awarding five lucky winners of motor bikes in the operator’s ongoing “bonne anne” promotion. The official said that the company intends to roll-out Worldwide Interoperability for Microwave Access (WiMax) technology, a telecommunications protocol that provides fixed and mobile Internet access. Ends