Church to start microfinance institution

The Christian Association of Pentecostal Churches of Rwanda (ADEPR) is set to start a microfinance institution that will provide affordable loans and equity partnership to growth oriented Small and Medium Enterprises. This was announced, yesterday, by Francois Munyurangabo, the Chairman of Christian Investment Corporation (CICO) Limited, the majority shareholder of the proposed institution with over 50 percent. “We are going to start with a capital of Rwf 430 million, the money comes from the savings of our church association members,” he told journalists. He sated that the institution is focused on meeting the needs of small and medium-growth companies, and that Rwandans need flexible loans to address their financial constraints. “The proposed name of the financial institution is Ikigega Finance Limited. We are going to register it and request for a license from the National Bank of Rwanda,” he explained. Munyurangabo stressed that the financial organization will start before this year ends and that it will go on to open branches in the country. Aimable Nkuranga, the Chairman, Board of Directors of the proposed financial institution, said that the idea to start up the bank was because of the challenges faced by Rwandans in terms of accessing small loans. “The government has put in place a good environment for investment and so we don’t have any fears that our institution will fail,” he noted. Nkuranga called upon members of the public who want to buy shares in the imminent financial institution to do so in time. Ends