Bank of Kigali (BK Plc) is working with businesses affected by the fire that destroyed GOICO Plaza in Musanze District to explore financial support, address outstanding loans and facilitate the market’s reconstruction. The bank met traders, property owners, government officials and other stakeholders on Thursday, November 5, nearly a month after the October 10 fire gutted the five-storey commercial building, which housed more than 1,550 traders and received an estimated 25,000 visitors daily. BK had supported the development of GOICO with an initial loan of about Rwf5 billion, as part of the wider commercial building financing. According to the investors, approximately Rwf1 billion remained outstanding before the fire, after they had repaid about Rwf12 billion over the course of the loan arrangement. With the disaster disrupting businesses that operated in the facility, BK is engaging affected customers to explore ways of easing their financial obligations and supporting the rebuilding process. BK Chief Executive Officer Diane Karusisi said the bank wanted to reassure affected customers of its continued commitment to helping them recover. “We came to tell them that we are together. We want to discuss how we can support them in rebuilding, and how we can continue helping businesses in Musanze and the region as a whole,” she said. BK explores loan relief and fresh financing for affected businesses The discussions focused on easing the financial burden on affected traders and investors, supporting those seeking to resume operations and exploring additional financing for reconstruction. The investors said they had completed the necessary documentation for an insurance claim during the week and planned to engage their insurer the following week, after the company had accepted their application. They are also considering constructing a modern commercial complex to replace the destroyed building. The proposed development could have several floors, potentially reaching up to 10, although the final design will depend on a feasibility study and approval by the General Assembly. The investors appealed to BK to consider easing interest obligations on the outstanding loan and providing additional financing for reconstruction. Northern Province Governor Maurice Mugabowagahunde said the meeting was intended to address the different financial challenges facing traders and property owners, including those with existing loans and those requiring fresh financing. “We have agreed with the bank’s senior management to engage individually with everyone who operated at GOICO, including those who already hold loans and others who may now require new financing,” he said. He said the bank would develop solutions based on individual circumstances rather than applying the same measures to everyone. A dedicated desk is also expected to be established at BK’s Musanze branch to receive affected customers and help address their needs. Mugabowagahunde said the province had engaged the Rwanda Revenue Authority and received guidance on handling tax obligations for businesses that operated at GOICO. Insurance companies had also started compensating policyholders. He added that the province was working on a fund to support recovery, although details were yet to be finalised. Speaking on behalf of BK customers who operated at GOICO, Marie Claire Uwera commended the bank for its credit facilities and the support provided by its staff and advisers. “We are grateful for the credit facilities provided, and beyond that, we have access to an adviser. If anyone encounters an issue, they can reach out and receive the necessary support,” Uwera said. She also praised the bank's internet banking service, saying it was useful to business owners managing their operations through phones and computers. She said traders appreciated the bank's engagement and hoped to continue working with it as they rebuilt their businesses. BK engages other clients on expansion plans worth billions in Musanze The GOICO engagement was part of BK’s annual customer outreach tour, through which Karusisi visits clients and branch teams to understand their experiences, investment plans and financing needs. At INES-Ruhengeri, Chancellor Bishop Vincent Harelimana said the institution's partnership with BK, which began in 2010, had supported development projects worth about Rwf8 billion through loans for construction and other investments. He praised the bank for making credit accessible and maintaining a close working relationship with the institution. “When a file concerning INES-Ruhengeri reaches her desk, she already has a clear understanding of the context. She knows exactly who to consult and can follow up on the progress of that project,” he said. The institution is seeking about Rwf5 billion from BK towards a proposed clinic that would provide practical training for health sciences students while offering medical services to the surrounding community. It is also considering seeking about Rwf2 billion to establish a smart library, alongside plans for a digital hub and workshops to strengthen students’ practical skills. The delegation also visited Excel International Academy, where representative Nathan Rulinda said BK had financed the construction of a new building to expand the school's facilities. The school, which began operating in Musanze in 2021, has grown from 76 students to 556 and employs about 300 people across its facilities. At A1 Iron and Steel Rwanda, which is engaging in steel production, discussions focused on the factory’s electricity needs and plans to establish its own power plant, an area where BK could explore possible collaboration. Karusisi said the visits enable the bank to understand clients’ ambitions and identify financing opportunities to support their projects. “We visit our clients to express our appreciation for their partnership and the business they bring to us. We listen to their goals and strategies so that we can help them put these into action, because our core mission is to support businesses in achieving their dreams,” she said. She described Musanze as a fast-growing district with potential in education, manufacturing, tourism and hospitality, adding that supporting businesses in the area could contribute to job creation and wider economic development.
