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Unguka bank to increase its products with new license

Published on: 17-12-2012 - at: 10:24'

According to bank manager Faustin Byakunda, the latest development will see Unguka introducing new services ranging from e-banking, to new branches in rural areas and improvements to its loan book.

In addition, Byakunda noted that credit interest rates will drop from 24% to 18% and that loan repayment periods will increase from a maximum of two years to a maximum of five years.

“For the next five years, we pursue to open four branches every year and additional service counters, then by 2015 we hope to become a fully fledged commercial bank,” Byakunda said.

Unguka Bank, a former Micro Finance Institution (MFI), has been awarded a banking license by the National Bank of Rwanda.
Unguka Bank, a former Micro Finance Institution (MFI), has been awarded a banking license by the National Bank of Rwanda.

He further explained that the bank has increased its capital after selling 35% of its shares to Rural Impulse Fund II (RIF II), indicating the bank will offer more products primarily based on improving deposits.

Dominiek Denconinck, RIF II’s Director of private equity, highlighted that Unguka will also focus on Small Medium Enterprises (SME’s) particularly based in rural areas. “Our investment will also be accompanied by a technical assistance facility aimed at strengthening Unguka’s bank policies, structures and human capital,” he remarked.

Monique Nsanzabaganwa, the National Bank deputy Governor, congratulated Unguka’s progress over the past seven years. “I expect a lot of better services such as financial transactions using a cheque, as well as the use of modern technology like Real Time Gross Settlement (RTGS) which facilitates quicker transfer of money and securities from one bank to another.”

Unguka Bank was started as a local initiative in June2005 by 215 shareholders who contributed an initial capital of Frw 321.1 million. Currently shareholders have increased to 556 and the bank has 14 outlets.

By Hope Magazine.

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