Banks urged to align products with clientele needs

Banks have been urged to design products that best suit customers' needs to encourage people to make the most of the sector.

Banks have been urged to design products that best suit customers’ needs to encourage people to make the most of the sector.

This will encourage people to transact businesses with the industry and ultimately boost their savings, Uzziel Ndagijimana, the state minister in charge of economic planning, said.

According to Ndagijimana, banks should play a critical role in sensitising the masses about products but also the importance of savings culture.

“This is how we will be able to fill the gap between the sector and its clients but also attract more people to make good use of the banks in terms of savings. People need to understand the role of banks in sustainable economic development,” Ndagijimana, who was speaking during the launch of a financial expo in Kigali on Tuesday, said.

The two-day expo in Nyabugogo was organised as part of the celebrations to mark World Savings Day to raise awareness of not only bank products but also the importance of saving in economic development.

Jean Marie Rugambwa, principal financial analyst, financial market department at the central bank, said the expo is an opportunity for Rwandans to learn about the different financial products at their deposal and how they can benefit from them.

“The national bank is taking the opportunity of the expo to sensitise the public about the upcoming bond due next month but also share our experience on banking and saving with the public,” Rugambwa said.

Rita Mugwaneza, a resident of Nyabugogo, said banks have done little to sensitise the public, especially in rural areas, about the different products on the market.

“Even those products on the market are still expensive, we encourage the sector to always consider the question of affordability when designing the products,” she said.

Biemuemu Tuyizere, director of marketing at Duterimbere IMF Ltd, said there is need for the public to understand the importance of saving.

“People ought to understand that, wealth is accumulated through saving and investing no matter the size of one’s income. Our role as banks is to make sure we align our products basing on that logic so that people start seeing banks as a means of wealth creation instead of another sector which is after their money.”

Rwanda will tomorrow join the rest of the world to celebrate World Savings Day.