Narcice Singirankabo, a charcoal seller in Rwampara, Nyarugenge District, has won a new motorcycle in the second AB Bank Tombola promotion. Singirankabo said the motorcycle (which the top prize of the promo) worth Rwf1.1 million will ease his business operations. The trader started banking with the financial institution three years ago, and he was one of the 13 customers that won different prizes worth a total of Rwf2.5 million. The other prizes include fridges, flat screen TV sets, solar lamps and radios sets.
Singirankabo said he was surprise to win the bike, adding that he acquired a loan from the bank to expand his charcoal business and also continued saving. “I got the loan without collateral, which enabled me to expand my charcoal store and business,” he said at the bank head offices in Nyarugenge.
The second AB Bank Tombola promotion started in December 2017 and ended on March 26, 2018. It sought to encourage a savings culture among clients and other Rwandans, officials said.
Joas Sibomana, the AB Bank deputy head of micro-credit, said the Tombola promotion supports national strategy on savings mobilsation and deepening the culture of saving among Rwandans. He added that during the campaign, the bank clients were expected to maintain a minimum balance on their accounts to qualify for a draw from which winners were selected.
“One could start saving with as little as Rwf25,000 because we want to promote financial inclusion among low-income individuals,” he said.
He added that the bank introduced informal savings groups (Ikimina) which boast of over 2,000 members presently. The bank has five branches, four in Kigali and one in Musanze. Sibomana said 282 new clients joined the bank during the promotion period, which helped to increase the institution’s deposit by 20 per cent or Rwf380 million.
Arah Sadava, chief executive officer, said the bank will continue to provide products and services that meet customer needs. Sadava added in a press statement that initiatives like Ikimina, are essential to achieve financial inclusion targets.