BANK OF KIGALI’S INNOVATIONS INCREASES ACCESS TO FINANCE

A recent Finscope survey indicated that in 2012, 23% of the Rwandan adult population is banked compared to 14% in 2008. In absolute terms, an additional 500,000 Rwandans have been banked in the period 2008-2012. This growth is at least in part, because of banks’ initiatives to become more accessible to the population. As such, 88% of adults live within 8km radius of a commercial bank branch or bank ATM access point. In 2008, Bank of Kigali only had 14 branches countrywide. Between 2008 and 2012, the bank opened an additional 42 branches bringing the total number of Branches to 56. Of these 56 branches, 38 branches are upcountry where 74% of the population resides. This is in line with the Bank’s commitment to take banking services closer to the people, and promote the use of formal financial services across the country. The Bank has also embraced technology driven channels such as ATMs and PoS and has seen its infrastructure increase significantly. Some of the ATMs are equipped with deposit taking facilities to improve their functionalities and meet customer needs. The Bank’s mobile offering has also been developed to enable clients purchase airtime and cash power, transfer money and make purchases at selected merchants from a simple click on your phone. This has made Rwandans access financial services with relative ease. All these initiatives have had a direct impact on Bank of Kigali’s retail customer base which has grown by 168% in the period. These results clearly indicate that Bank of Kigali has significantly contributed to the overall financial inclusion between 2008 and 2012. The Bank is also aware that access does not equate to usage. In order to make this a reality, the Bank provides products and services such as micro lending, Zipp cards and mobile money services in partnership with the mobile networks to address issues of access to credit and money transfer. The market can also look forward to the Bank’s agency banking service as the Bank has been granted a license and plans to recruit 500 agents to bring banking services even closer to the people through neighborhood merchants spread countrywide. Ultimately for access and usage of financial products to be adequately addressed, the most effective and affordable delivery channel is the mobile phone which is in the hands of 45% of the Rwandan population. Plans are underway to launch a mobile wallet product, to complement our agency banking, and give customers a secure store for their money through a virtual account on their mobile whether they have a current account or not. Taking it a notch Higher Yet Bank of Kigali has a lot more to offer to further facilitate Rwandans access to finance. Only last month, Bank of Kigali launched its mobile vans services. The pilot phase has started with five mobile vans dispatched to the five Provinces to serve those places that do not have Bank of Kigali Branches or even agency services. The Mobile vans are exactly like a branch, in terms of the services offered, the only difference being that they are mobile and can serve more than one area. They reach market places such that the business woman who has made her tomatoes’ sales of the day can deposit her day’s revenue with Bank of Kigali. The shopper can withdraw money to complete his or her shopping on the van. So Bank with Bank of Kigali as its primary goal is to financially transform your lives. Just as you would in any bank branch, please ensure you get your deposit or withdraw slip. Below are the currently served locations and the van number plates.

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BANK OF KIGALI’S INNOVATIONS INCREASES ACCESS TO FINANCE