Rwandans have understood the culture of saving because they know its benefits especially in times where one gets a financial problem. Statistics from the National Bank (BNR) show that in 2006, the population saved 268.2 billion Rwandan francs, the figures grew to 525.5 billion Frw in 2011. It is a growth of 163.81% in five years. Although numbers are increasing, the number of bankers is decreasing, from 14% in 2012 to 13% in 2016. Others use the other way around ways to save such as Sector SACCOs and Mobile Money. There is no doubt that these numbers have now risen significantly, but the suspicion is that only 27% of Rwandans are the only ones who use bank services. In the last three years, 72% of Rwandans were saving using pyramid schemes. However, statistics show that savings are still less than 15% mainly because there are many who do not understand the importance of savings habits. 35% keep money in their homes. The answer to strengthening the savings habit is to work with banks like Cogebanque, which has been around for more than 23 years in Rwanda. During the Savings week, Cogebanque continued encouraging people to save more and increase opportunities of having access to different banking services offered by the bank. Speaking to The New Times, the Head of Marketing and product development of Cogebanque, Antoine Iyamuremye, said that Cogebanque has accounts that help people save and get better interest as well as opportunities to access other bank products, secure income growth and are available to any Cogebanque client to achieve their dreams. He said, “Savings are important in planning for the future and its benefits reach more than one person. The more we adopt the culture of saving the more interest on bank loans are reduced”. Iyamuremye also pointed out that the savings services in Cogebanque have profits to consumers and investment in general. “Saving helps you achieve your goals and dreams without having to deposit money each month. These savings can as well guarantee you to get other banking services such as personal and business loans.” He said. Iyamuremye further said that as a bank, they always encourage their clients to adopt the saving culture because it helps them build financial security and plan for the future. Here are some of Cogebanque’s different savings accounts depending on the specific purpose of what one wishes to achieve. - Teganya Account This is a normal savings account that is linked to the current account of the customer, but the savings start generating profit when the account has 50,001 Frw and above. Interest is computerized monthly but will be settled after a year. - Nteganyiriza Minuze Account It is a customized account for children or any other student. Users can increase their savings, giving them the opportunity to earn attractive profits. When saving for a child, the account is opened in the child's name and the representative signs it. - Iyubakire Account Dedicated to construction, buying or renovating residential houses. The person who opens this account is required to set up 35,000 Frw (which can be increased) of the foundation and then deposit 15,000 Frw every month. After four years, the account holder can start making a higher profit and even buy a house at a lower price than the current one on the market. - Shobora Account It is specially designed for clients who want to make their dreams come true with projects such as starting a business, buying home furniture, event planning like weddings, car purchases, travel and other projects that reach the client's goals financially. The client sets 15,000 Frw as a base (which can be increased) and saves at least 10,000 Frw per month. - Term deposit (Compte bloqué) It is a long-term savings account that helps the customer to save a certain amount of money in a given period of time of his choice. The client must have at least a deposit of six months savings and the bank provides interests based on the agreement between the two. The client is given a proof certificate that shows his savings in order to use it as a credit collateral. The customer also receives financial advisory services at no cost. The more a client saves, the more profit they make. This account, like many others, is available to any Cogebanque client at free of charge. Iyamuremye pointed out that savings services in Cogebanque are beneficial for consumers and investments in general. He said, “It helps you achieve your goals and dreams, without having to pay monthly account maintenance fees , you can get a loan or have your savings as a collateral. You can also get other banking services but they require the customer to comply with the terms and conditions.'' He said that as a bank they always encourage people to have the habit of saving because it helps to build and plan for the future. He said, At Cogebanque, we have a variety of services, we accompany the client in his choices to build a savings culture, build the capacity of assets such as buying a house, paying for education, buying household goods, implementing projects, going on vacation and so on. Cogebanque concluded Savings Week on the occasion of the international savings day on 31st October 2022 , and the theme of this year was Building a Better Tomorrow by Saving. About Cogebanque Plc Cogebanque (Compagnie Générale de Banque Plc) is a Rwanda based commercial bank, licensed by the National Bank of Rwanda. It started operations in 1999. It is one of the fastest growing banks in Rwanda and today has 28 branches, over 600 agents, and 36 ATMs across the country. These are supported by Mobile banking (USSD on *505# and Mobile App “Coge mBank”), Cards (Mastercards, Smart cash & SafariBus), SchoolGEAR and internet banking delivery channels accessible through different media. Cogebanque has been serving Rwandan industries for over 23 years with innovative services to its customers and has positively affected the Rwandan economy. Cogebanque provides a comprehensive range of products and services targeted at corporate, SMEs and retail customers.
