Rwandans have been urged to save as part of efforts to support government efforts to develop the country and ensure self-reliance. Albert Mugisha, the corporate relationship officer at Business Development Fund (BDF), said embracing a savings culture also safeguards one’s financial future.
“When more people save, banks get money to lend to the private sector to finance development projects. Besides, if you want to start a business, you must first save to raise enough funds to kick-start the enterprise,” he added.
Mugisha was, yesterday, speaking during the BDF Business Clinic outreach event at BPR Nyabugogo branch. The outreach programme is aimed at sensitising the public especially BPR, COPEDU and Bank of Kigali customers, about BDF services.
He said BDF targets bank and microfinance customers because “it is where the organisation can easily identify people with project proposals for “possible support as some don’t have collateral to guarantee loans”. He urged banks to always sensitise customers about the services and opportunities that BDF offers businesses, especially start-ups and small-and-medium enterprises (SMEs).
Francois Ndagijimana, a BPR customer, lauded the organisation’s efforts, saying he would approach it for support when he starts his poultry farming business in the near future as he does not have collateral.
BDF gives qualifying businesses guarantee to get loans from banks and MFIs.