SPENN Rwanda and I&M Bank Rwanda have launched a new loan product for micro borrowers to drive up financial inclusion among Rwandans.

The micro loan product was unveiled at a press conference on Thursday March 10.

The "revolutionary” credit service can be accessed by SPENN Rwanda users.

Clients can borrow up to Rwf500,000 at zero interest for the first two weeks. After two weeks, the three month loan starts to attract an interest of 0.39 per cent per day.

To access the loan, you need to have a fully verified SPENN account for at least seven days and borrow up to double of the money deposited on your savings account.  

Norbert Haguma, the Country Manager of SPENN Rwanda, said that the loan will facilitate urgent needs of individuals and businesses that heavily rely on cash.

"Those who urgently need money like parents who want to pay the school fees in a tough financial situation, families that need urgent medical care and business agents who want to transact bigger deals without enough funds,” he said during the press conference.

The Chief Executive of I&M Bank Rwanda, Robin Bairstow, said that the product was introduced to scale up financial inclusion and drive out poverty in the Rwandan society.

Chief Executive of I&M Bank Rwanda, Robin Bairstow addresses media during the launch of loan product in Kigali on March 10

He clarified that lack of access to credits hinders growth and development for business and improves social welfare for families.

"We believe that financial inclusion is the basis on which a country can reduce poverty and uplift all sections of society. To fulfil this, we have introduced SPENN Loans where our SPENN customers can now borrow from Rwf15,000 to Rwf500,000 and get a special chance to pay 0% interest if repaid within 14 days,” said CEO.

With the SPENN mobile app, you can pay different bills and transfer funds to other SPENN users and bank accounts among other business banking solutions.

SPENN was launched in partnership with I&M Bank Rwanda in 2018 and currently has more than 350,000 clients registered on its platform in Rwanda.

With presence in four countries around the world, SPENN’s mission is to promote financial inclusion by banking free of fees.

Norbert Haguma, the Country Manager of SPENN Rwanda and Chief Executive of I&M Bank Rwanda, Robin Bairstow during the launch of loan product in Kigali on March 10. All Photos by Craish Bahizi

Journalists follow the launch of loan product in Kigali on March 10. All Photos by Craish Bahizi