BPR Bank targets savers in different income groups with tailored accounts

BPR Bank Rwanda is stepping up efforts to encourage more Rwandans to save regularly, with a focus on making savings opportunities accessible to customers across different income groups. This is part of the bank's activities during Savings Week. ALSO READ: BPR steps up financing for key sectors as Musanze redevelopment gathers pace Jean Marc Gakwandi, Head of Retail Banking at BPR Bank Rwanda, said the bank’s approach is based on making savings accessible to everyone. “Saving should not be a privilege reserved for people with high incomes; everyone should have the opportunity to develop a saving habit and build financial security, regardless of their income level,” he said. To encourage more people to save, Gakwandi said the bank offers savings accounts without monthly maintenance fees, while customers are not required to deposit a minimum amount to start saving, subject to the applicable account terms. “Our message is simple: you do not need to wait until you have a substantial income to start saving. The important thing is to start, remain consistent and allow your savings to grow over time.” ALSO READ: BPR Bank to pay Rwf4 billion in dividends after strong annual profit The bank pointed out that its savings proposition includes several products designed to address different financial needs. These include the Hirwa Account, which supports customers in developing regular savings habits as a group, and the Gwiza Account, which is designed to help customers accumulate savings and strengthen their financial security. The Abana Account targets parents and guardians who want to save towards their children’s future, while also encouraging financial awareness among young people from an early age. For customers working towards specific financial objectives, the Goal Account provides an opportunity to set aside money towards short- and medium-term plans. BPR also offers the WSME Account, which is designed to support women-owned and women-led businesses in developing financial discipline and strengthening their financial resources. ALSO READ: BPR Bank expects sustained growth after 35% profit jump driven by lending expansion According to Gakwandi, the bank offers competitive interest rates on its savings products, with interest credited quarterly, although the applicable rates depend on the specific product’s terms and conditions. “Our digital platforms are user friendly and enable customers to transfer money into their savings accounts conveniently, without necessarily visiting a branch,” he added. Customers can also save through Mofaya, which the bank says provides additional flexibility in managing their savings. BPR combines its digital platforms with its branch network and other banking channels to help customers manage their accounts and maintain their savings habits. Beyond accumulating money, Gakwandi said maintaining savings can also help customers strengthen their financial profiles and potentially access credit. He said customers may also use eligible savings as cash collateral when seeking financing, subject to the bank’s credit policies and applicable conditions. The bank’s Goal Account, he added, can help customers progressively accumulate funds towards objectives such as education, property acquisition and business investment. “Over the past three years, BPR Bank Rwanda has recorded 23 per cent growth in savings deposits, reflecting the increasing confidence that customers place in the bank.” He added that the bank intends to sustain this growth through financial literacy initiatives, tailored savings products, digital banking solutions and its branch network.

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BPR Bank targets savers in different income groups with tailored accounts