The second AB Bank Tombola promotion has helped the financial institution to increase deposits by 20 per cent, officials have said.

Joas Sibomana, the AB Bank deputy head of micro-credit, said that 282 new clients joined the bank during the promotion period, which helped increase the institution’s deposit by Rwf380 million.

Sibomana was speaking during the prize giving event on Tuesday in Kigali. Narcice Singirankabo, a charcoal seller in Rwampara, Nyarugenge District. He won a brand new motorcycle .

Singirankabo said the bike, worth Rwf1.1 million, will ease his business operations. The other prizes included fridges, flat screen TV sets, solar lamps, and radios sets.

Singirankabo started banking with the financial institution three years ago, and he was one of the 13 customers that won different prizes worth a total of Rwf2.5 million. The second AB Bank Tombola promotion started in December 2017 and ended on March 26, 2018. It sought to encourage a savings culture among clients and other Rwandans.

Meanwhile, Sibomana said that the bank is committed to promoting the national strategy on savings mobilisation and deepening the culture of saving among Rwandans.

He added that, during the campaign, one could start saving with as little as Rwf25,000 because "we want to promote financial inclusion among low-income individuals.” He added that the bank has introduced informal savings groups (Ikimina) which boast of over 2,000 members presently. 

Arah Sadava, the chief executive officer, said the bank will continue to provide products and services that meet customer needs. Sadava added, in a press statement, that initiatives like Ikimina, are essential to achieving financial inclusion targets. AB Bank has five branches, four in Kigali and one in Musanze District.