Bank of Africa - Rwanda and SONARWA Life ltd have introduced a new savings product, Intego, a savings account which integrates life insurance to provide financial security for customers and their beneficiaries. The launch of the Intego savings account happened on February 28, during the inauguration of Bank Of Africa Rwanda’s new branch location in Muhanga.

ALSO READ: Bank of Africa-Rwanda appoints new Managing Director to spearhead growth and innovation

The event attended by local leaders, religious leaders, Bank of Africa Rwanda’s officials and personnel, and the bank’s clients, marked a significant milestone for the bank’s growth.

Speaking at the event, Vincent Istasse, Managing Director at Bank of Africa Rwanda, highlighted the relocation to the new branch office as a key milestone that symbolises the bank’s unwavering commitment to service excellence.

"While we have been part of this community for some time, this relocation to a more modern and accessible space is a reflection of our dedication to serving you better,” he added.

"At Bank of Africa, our mission is to offer convenient and customer-focused financial solutions. This move is not just about a new location, it symbolised our commitment to growth, innovation, and customer convenience.”

Reflecting on the newly unveiled Intego savings account, Istasse noted that it is a product to encourage and instill a savings culture and inspire goal-setting, building a stronger and safer future.

"This new product is an incentive to bring more customers and also provide solutions not only for the short-term in terms of savings and earning interests, but also on goals for life, and for the life of their people because you can even save for the studies of your children in some years,” he explained.

Intego is a goal-based savings account that offers an 8% annual interest rate and has an imbedded life insurance cover to provide financial security for customers and their beneficiaries.

Istasse highlighted that Bank of Africa is also dedicated to supporting different sectors including education, health, investment, and agriculture financing.

Dianah Mukundwa, CEO of SONARWA Life ltd, underscored that Intego is more than just a savings product, it encourages disciplined financial planning while ensuring security.

"If you want to build a home, you want to invest in the long-term, please think of Intego, because it embeds both the bank product as a saving, but also as life insurance,” she added.

Intego savings account is available for individuals aged from 18 to 60 years old who are Rwandan citizens or permanent residents and meet the bank’s requirements.

According to Mukundwa, Intego will allow users to specify their savings goals (targeted amount) and preferred duration, while the bank calculates the required monthly installments.

The 8% interest rate will be credited quarterly on the client’s savings.

The savings account includes a life insurance coverage from SONARWA Life ltd, protecting the account holder in case of total permanent disability or death. The bank will credit the client’s account with the full amount insured, to ensure financial goals are met, Mukundwa said.

"This means that no matter what happens, the customer&039;s intended financial goal remains uninterrupted and disrupted even in unforeseen circumstances,” Mukundwa added.

A client who registers on the Intego savings account is not permitted to withdraw before the savings period ends, as it would cancel the life insurance associated with the account.

In case of missed installment payments, a client has a 30-day grace period to make payments, but if the installment is not settled within this period, the insurance cover is suspended until all missed payments are covered.

Referring to the partnership with Bank of Africa, Mukundwa underscored that Bank of Africa’s expertise in savings management and excellent operations in the branch network will be a beacon to spread the product's usage.

Mukundwa remarked that Intego savings account is in line with the government's financial inclusion agenda that seeks to empower savings.

"Bank of Africa and us together are contributing to the bigger agenda of the country to enable you to know that besides living by the day, you can save for your goal and achieve it,” she added.

"And you're not even going to achieve it alone, but you're also going to earn interest accumulating to the savings that you're doing, but also have it with peace of mind.”

Vicent Kayumba, Head of Retail and Branches Network at Bank of Africa, indicated that there is still a need to increase the culture of saving, emphasising the bank’s commitment to bridge the gap.

"We are still a bit low. To bridge the gap, we have to bring innovations like these and accounts like this that have innovation. Usually, people save to be able to get their money in a given time, but we have added something more than mere savings. The client will understand that it is not just saving but also to gain interest and insurance,” he added.

Jacques Twahirwa, a Bank of Africa client in Muhanga, praised the bank’s growth and its impact on the community. "When we gain, we improve our families, and that is the foundation of our success.”

Jean Bosco Hitiyaremye, Muhanga Branch Manager, also encouraged clients to leverage all banking services to enhance financial stability.

During the launch of the Intego savings account, more than five clients immediately opened their savings account.

Dr Balthazar Ntivuguruzwa, Bishop of Kabgayi Diocese, commended Bank of Africa for its initiatives and promised ongoing collaboration.

"We share a common goal for development. Kabgayi Diocese is committed to working with the people of Muhanga, the district, and financial institutions—especially Bank of Africa,” he noted.