Forty Rwandan small and medium enterprises (SMEs) have received support of digital business management tools from Ecobank Rwanda to improve record-keeping, strengthen business management and potentially ease access to finance. The support, including KAYKO-powered digital devices, was delivered on Saturday, October 3, during the 14th Ecobank Day Celebration at Hotel des Mille Collines in Kigali. The 14th Ecobank Day themed “Building Tomorrow’s Skills Today” marks the conclusion of Ecobank’s 40th anniversary celebrations and the three-year “Transforming Africa Through Education” campaign, which has focused on digital skills, AI literacy and inclusive learning for children with disabilities. This year's initiative was implemented in partnership with Vanguard Economics targeting 40 Entrepreneurs including women, youth and people with disabilities. The digital devices provided will enable beneficiaries to track sales, stock and expenses while generating financial records that can help them assess business performance and make informed decisions. ALSO READ: Ecobank Rwanda launches first dedicated agriculture lending facility, offering up to Rwf2bn Carine Umutoni, Managing Director of Ecobank Rwanda, said the initiative reflects the bank’s commitment to supporting communities beyond conventional banking services. “Ecobank Day is a special day when Ecobank, its partners and communities come together to support initiatives aimed at contributing to the social and economic development and wellbeing of communities. This time, Ecobank Rwanda is extending its digital inclusion efforts to entrepreneurs, providing practical digital solutions to help them manage their businesses more effectively, make informed decisions and prepare for future growth,” she said. She added: “We recognise that reliable business information and proper record-keeping can help entrepreneurs better understand their business performance, strengthen day-to-day management, identify opportunities for sustainable growth and improve their access to financial services. When businesses have the right skills and tools, they are better positioned to grow, create opportunities and contribute to the wellbeing of their communities.” The beneficiaries had previously received training under Value added Initiative to Boost Employment programme in financial management, business development, operations, customer acquisition and market access. The digital tools are intended to help them apply those skills while building verifiable business records. From research to direct support Dr Kato Kimbugwe, Managing Director of Vanguard Economics, said the initiative grew from research showing that many SMEs struggle to access finance and markets. “We decided we need to get away from just doing studies to actually supporting businesses,” he said. Vanguard Economics subsequently established the Vanguard Economics Foundation to provide SMEs with business development skills, market access and links to finance. The programme currently supports about 400 SMEs, while its Akazi Digital programme aims to reach 10,000 SMEs across Rwanda over the next four years, Kimbugwe said. He said many businesses know their sales but lack reliable records to determine profitability and demonstrate performance to lenders. “A lot of businesses are trading, but really don't have records of how they're trading and their performance,” he said. The digital platform allows entrepreneurs to record stock, sales and expenditure and generate financial statements, including profit-and-loss reports and balance sheets. Kimbugwe said such records could improve entrepreneurs’ ability to engage financial institutions, particularly those without traditional collateral such as land or houses. “With this data that is generated in utilising the platform, it allows these businesses to now have a digital collateral,” he said. The aim, he added, is to enable entrepreneurs to approach lenders with evidence of their business performance. “A business goes there, not begging, but with confidence. I have data, I have records, I have evidence,” he said. Entrepreneurs see practical value Agnes Mutarutwa, founder of Upholstery Experts, a furniture restoration and reupholstery business in Kimironko, said the digital tool would replace the handwritten records her company previously used. “Before, the business was operating on written papers. We would keep the records in books,” she said. She observed that the device would improve sales and stock tracking and provide reports to support business planning. “It’s going to help us track data, have reports of what has been sold on a daily basis and on a monthly basis, and also be able to track and plan ahead for the business,” she said. Mutarutwa said the tool would also help her put into practice the business skills acquired through Vanguard Economics’ entrepreneurship training. “We believe that it’s going to take our business to the next level,” she added. Prosper Muganza, CEO and founder of MP Flowers, said the technology would make business reporting faster and more accurate. “The device is going to help me a lot in controlling my business and making it easier and faster,” he said. He also expects the financial records generated by the system to support future credit applications. “It will give me the balance sheets, good accurate ones, and this will help me go to the banks to get access to finance in an easier way,” he said. Digital support expands The initiative builds on Ecobank Rwanda’s previous digital inclusion efforts. In 2024, the bank provided computers to Agahozo-Shalom Youth Village, while in 2025 it partnered with the Ministry of Youth and Arts to provide computers to youth centres. This year, the focus has shifted towards giving businesses digital tools to improve their operations and financial records. Umutoni urged the 40 beneficiaries to make full use of the tools and skills gained through the VIBE programme. “The success of this initiative will not be measured only by the tools we provide, but by the results they generate in strengthening your businesses and creating new opportunities,” she said.
