Business round-up

MTN staff benefit from KCB’s mortgage facilityKenya Commercial Bank Rwanda’s (KCB) entered an agreement with MTN Rwanda that will enable MTN staff employees benefit from the bank`s mortgage facility, a product launched last month. This simply means that MTN employees will only pay a minimum 10 percent of the costs to own a home, minimum 20 percent deposit for residential units under construction and 30 percent deposit for non residential commercial properties. The Managing Director of KCB Rwanda, Maurice K. Toroitich, said that even those on the pension scheme will have access to the product in form of secured grantee to have a mortgage loan. He also noted that it will also help to promote the bank’s housing scheme. He explained that the bank is committed to providing the facility in a more secure and structured approach. Commercial rent on the rise It was reported that commercial rents are going up with tenancy levels in Kigali City increasing, according to a property agent. Charles Haba, a property agent told Business Times that prices are going up and some areas are highly priced. Haba cited the Union Trade Centre in the CBD where he said tenants pay highly. He explained that tenants have no choice but to pay especially when they have to operate in good or modern buildings. Nathan Loyd, Chief Executive Officer of DN International said that the on going construction will enable the country have commercial complex of world standard, pointing out the upcoming Kigali City Tower. RBS approves cooking oil brandRwanda Bureau of Standards (RBS) approved Daily Fry cooking oil as fit for human consumption. The product has been under scrutiny regarding its compliance to consumer standards. The Director of Quality Assurance Unit at RBS, Philip Nzaire, said that the product passed the laboratory tests.This product in imported to East Africa by Torit oil limited, a Kenya based industry from Indonesia and Malaysia. He explained that apart from improving on labeling, the product’s quality is good The Director said separate laboratories outside Rwanda were selected to ensure quality tests are obtained. The exercise came after Rwanda’s embassy in Uganda asked RBS to carry out the test after authorities in Uganda expressed dissatisfaction on the product`s quality. Leather Company closed amidst competitionRwanda Leather Industry closed due to stiff competition in the region. This leaves only two players in the sector.John Nkubana, a Team Leader of Industry and Small and Medium Enterprises (SMEs) in the Ministry of Trade and Industry said the situation called for immediate action. He said this was due to ban of the exportation of unprocessed hides and skins that government put in place in 2005. According to Nkubana, the industry could not to stand the ban and this attracted other regional players.He explained that by the time the ban was lifted, competition from both Uganda and Kenya out competed and it was not possible for the industry to stay in business. Global Witness wrong about Rwandan minerals-mining authorityThe National Geology and Mining Authority (OGMR) dismissed claims by a global watchdog organisation that little is done to prevent illegal mineral trade from Democratic Republic of Congo (DRC). The Director General of OGMR, Michael Biryabarema, made the remarks after a report released by Global Witness, an international NGO, claimed the country does not do enough to prevent the illegal trade. OGMR said the NGO went a step further to request leading dealers from Australia and Canada to freeze their mineral trade with Rwanda. Biryabarema said that the country has done enough towards achieving complete mineral certification and tagging than any other country in the regionBK wins prestigious award A Paris based research organization, Otherways Management and Consulting, recently awarded Bank of Kigali (BK) with an international award for its quality customer care and consistent business performance. The award was received by Januario Mucyo, the bank`s Marketing Manager during a function that was held in Berlin, Germany. Mucyo told Business Times that the award means a lot to the institution, having been rewarded together with other 51 international companies. Consumer Rights body petitions government for supportThe Consumer Rights Association of Rwanda wants support from government in order to deliver on its mandate. The body`s Chief Consultant, Job Opar, said the body does not have enough resources and that the matter was about the current fuel prices which have gone up. Oper said that the support is mainly needed to help in publications and publicity as a way to create awareness on consumer rights. He added that the group is also concerned about the hike in food products which has forced retailers to increase prices without considering consumers` rights. Ends