Isheja: Equity Bank, MUA unveil cheap finance-insurance solution for women customers

Women entrepreneurs including existing customers with insurable assets, new entrepreneurs, and both salaried and non-salaried women with banking and insurance needs, are set to benefit from “Isheja”, a new hybrid banking and insurance product. It was co-developed by Equity Bank Rwanda and MUA Insurance Rwanda Ltd, exclusively designed to empower women across Rwanda. Both parties explained that Isheja will address the unique financial needs of women by providing access to affordable loans, expert business guidance, and comprehensive insurance coverage that protects both personal and business interests. During the signing of a relevant Memorandum of Understanding on March 30, at Equity Head Office, both parties said that the product is available to all women entrepreneurs, both individuals and businesses. ALSO READ: Equity Bank Rwanda launches new healthcare financing products “Women entrepreneurs who are Equity Bank members, must be a women entrepreneur or part of women's groups, individual members of MUA on condition of opening an account with Equity Bank Rwanda or women who have good credit history for financing, are both eligible,” said Frank Ngarambe, Head of Bancassurance at Equity Bank Rwanda. Flexible financing with competitive rates Ngarambe explained that beneficiaries will be able to access a minimum of Rwf1 million and up to Rwf70 million at preferential loan interest rates designed to support their financial growth, with rates starting as low as 1.3 per cent per month. As one of Equity’s banking solutions, officials said that Isheja’s key feature is affordable loans at competitive interest rates, business advice and entrepreneurship training. The product also includes three months deferred loan repayment during maternity leave and up to 75 per cent collateral coverage in case of insufficient security. Comprehensive insurance coverage by MUA Regarding protection, MUA’s insurance solutions include “Fire Insurance” covering residential, commercial, and administrative buildings, including office equipment, as well as “Personal Accident Insurance” covering accidental death and total permanent disability and motor insurance covering private and commercial vehicles. They also feature “Bundled Discounts” when multiple insurance products are purchased, complementary services such as roadside assistance and emergency towing, “Car Replacement Service” in case of an accident for uninterrupted mobility, “Car Wash Rewards” for clients with no claims, and “Referral Incentives” offering additional discounts for new clients. “The launch of Isheja reflects our strategic vision to empower women economically through innovative financial solutions. This hybrid product combines banking and insurance to give women access to capital, expert business guidance, and protection for both personal and business continuity,” said Ngarambe. “By supporting women to thrive financially, we strengthen families, communities, and Rwanda’s economy.” Isheja is available to all Equity Bank women customers, both borrowers and non-borrowers, who own insurable assets and meet standard banking eligibility requirements. Speaking at the event, Konde Bugingo, the Managing Director of MUA Insurance Rwanda Ltd said “at MUA, we firmly believe that women are not only the foundation of our future, but also the backbone of our nation. It is for this reason that we are proud to offer services that complement what has already been provided ensuring that women are supported with solutions that give them true peace of mind.” “Our role is to strengthen and enhance the value already extended to customers, so that women can focus on what truly matters,” he added. Bugingo said that what matters most is growing women’s businesses, finding customers, delivering value. “Over the past 10 to 15 years, women have consistently proven to be more responsible drivers. Our claims data shows that the claim ratio for women is significantly lower than that of men,” he said. “Why should women be priced the same, when the risk is clearly different? “Through discounted insurance premiums, fast claims processing, and benefits such as business continuity support, replacement vehicles, and roadside assistance, women entrepreneurs and professionals are safeguarded against unforeseen risks. This allows them to focus on growing their businesses with confidence and security,” he added. How to access Isheja Women interested in Isheja can visit their nearest Equity Bank branch or call 4555 for more information.

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Isheja: Equity Bank, MUA unveil cheap finance-insurance solution for women customers