Community bank’s assets grow to over Rwf 1bn

KIGALI - Amasezerano community banking registered a growth in assets of Rwf 1billion, indicating a drastic 41 percent increase, the Managing Director, Daniel Muhimuzi Mugisha, has revealed. Deposits also rose from 3Rwf 18 million in 2009 to Rwf 494 million last year, representing 56 percent increment.Speaking to Sunday Times on Saturday, Mugisha, attributed the growth to the institution’s rigorous mobilization and innovative products which have been put in place to attract more clients to the institution. “We have registered all these successes working on six branches including a new one in Rusizi. We expect our growth to rise by 58 percent this year now that we are opening new branches and setting up partnerships with farmers’ cooperatives”, he said. Mugisha added that the institution is designing more strategies to promote financial inclusion through the introduction of mobile banking, money transfer with MTN and a Belgium firm, Money Trans to ease accessibility of their services to clients. Addressing the bank’s annual general meeting at AEE in Kabeza, Kigali, the chairperson Board of Directors, Froduald Munyankiko, said there was need for the bank to embark on mobilizing capital to increase the social equity which has been indicated to be a major constraint last year. “The conclusion from the audit report is positive. The legal systems and procedures required by the national bank have been strictly respected and we are happy, but this year we want to see a holistic and sustainable development, especially in increasing our share capital”, he said.Munyankiko added that the institution aims at creating sustainable development for all. “We have laid strategies of mobilizing investments by conducting market survey, bringing our founder members to increase share capital and understand their needs, create partnerships with SACCOs and diversify our products to increase accessibility of financial services which is very crucial,” he added. He urged SACCOs to step up training and mobilization of people in rural areas so as to improve on their saving culture, and the will to use financial services so that it becomes easier for financial institutions to access rural areas. Ends