Banque Populaire du Rwanda Plc (BPR Plc.) has availed Rwf100 million to support the governments efforts in mitigating the impact of COVID-19 on vulnerable members of society. The Bank’s interventions come amidst the impact of COVID-19 on individuals which has affected cash flow and availability of financial sources especially among the population working in the informal sector. “The emergence of Covid-19 and its impact on individuals and businesses has been unprecedented. The bank fully understands that as a result of the measures taken to control the spread of the virus, certain members of our community may be experiencing difficulties in their day to day living,” the bank said in a statement. The financiers intervention, they said will go into supporting the government in mitigating the impact of COVID19 on vulnerable members of our society. The new support is in addition to multiple adjustments made in recent weeks to support their clients and business during the slowdown. The bank announced interest and/or principal repayment moratoriums for up to 3-6 months depending on each customer’s circumstances in response to the pandemic’s effect on cash flows. For customers who forfeited their April salary to support Rwandans impacted by the pandemic, the bank introduced a personal loan product equivalent to the monthly salary forfeited with a 1-month repayment grace period and thereafter with repayments of up to 12 months. BPR has also ensured that their electronic banking channels are fully operational encouraging clients to stay safe by using electronic banking channels and avoid the risk of contracting the virus in crowded banking halls. All fees and charges for transactions through the lender’s digital channels have been waived for a period of 3 months. As clients take on digital payment channels, BPR has cautioned its clients on emerging digital financial security challenges and vulnerabilities which could lead to theft of funds if precautions are not taken. The bank has noted that with ongoing efforts encouraging bank customers to adopt and use electronic channels for banking, fraudsters have been attempting to take advantage of the development to con clients. Among the common ways fraudsters have been attempting to con bank clients include reaching out to them asking for them to send money via mobile money to be eligible to defer loan repayments.
