UOB opens new branch

RWAMAGANA - Urwego Opportunity Bank (UOB) on Wednesday opened a new branch in Rwamagana town. Officiating at the ceremony, the National Bank of Rwanda (BNR) governor, Francois Kanimba, praised UOB as a potentially successful bank in the country. He said that the bank started with a reasonable initial capital of over Rwf2 billion and has the capacity to invest in more if the need arises. Kanimba added that the bank’s administration is composed of people with satisfying managerial skills. “I call upon people to join this bank without fear of losing their deposits. I understand why the people of Eastern Province are afraid to join micro-finance institutions…they lost their money under previous institutions with dubious management expertise. But I assure you this is a different bank,” he said. The governor noted that the bank has serious international investors who are not only bent on making profits, but are keen to work in the interest of their clients. “Its core values are based on rural development…that is why BNR has all reasons to believe in it. It uses modern technology in delivering services to the people, clients testimonies attest to what I am saying. In fact it is an exemplary bank in Rwanda,” he said. Meanwhile, Kanimba criticised people claiming that joining Savings and Credit Cooperative (SACCOs) is forceful. The SACCOs, he said, have been formed to boost savings within citizens. Provincial governor, Dr. Ephraim Kabaija, called upon area residents to develop a culture of saving as one way of creating wealth. “Don’t think that you can only save extra money that may come in the future. For every coin you earn, make sure there is some saving you make…it is the only way to develop. Fighting poverty cannot be taken for granted, it is like any other war,” he said. Philip Smith, an UOB official, said the ultimate aim of the bank is to foster a sustainable financial system in the country. According to Geoffrey Lee, another top official of the bank , the new branch is the third to be opened upcountry, and the seventh country-wide. Ends