Fina Bank Rwanda, the country’s leading lender to Small and Medium Enterprises (SMEs), has said that it plans to open up six more branches by the end of this year.
The Bank’s Acting Managing Director, Rao G. Balivada, said, last week ,that they have indentified 12 locations where they are ready to set up the branches.
“As a way of bringing services closer to our customers, of the 12 indentified locations, six branches will be open this year, one in Kigali and five branches upcountry,” he said, Friday, at the launch of a new service called Insurance Premium Finance dubbed ‘FINA IPF’
The new product will facilitate both individuals and businesses that need to make instalment payments to meet their insurance needs.
“As you know, it is illegal for insurance companies to sell insurance policies on credit,” Balivada explained, adding that: “Under the IPF, we shall pay the insurance company upfront and give our clients flexibility to pay at their connivance.”
He also revealed that the bank has managed to cut its None Performing Loans (NPL) by one percentage point from 14 percent.
“We are now working on increasing the portfolio which will bring the ratio down, and the second aspect is to look into matters why there is a high percentage and we right off some bad debts or restructure the system,” Halivada explained