BY ALPHONSE RUTAZIGWA
Inkingi Microfinance, provided twelve motor cycles to motorcylists in Kayonza District, Eastern province.
Inkingi Director General Berite Buseruka said the loan initiative would boost household incomes and boost economic development in the country.
The loan recipients are under Cooperative de taxis motos de Kayonza (Cotamoka), a local cooperative society bringing together motorcyclists in the area.
Each motorbike was provided at a principle value of Frw1.3 million. The loan was offered at an interest rate of 2.25 per cent. Buseruka said the loan would be recovered in 13 months.
“Poverty can hardly be reduced without MFIs getting involved,” said Buseruka.
Inkingi with thirty five branches countrywide, started operating in 2004, to avail credits and sensitise people on saving. It works in partnership with Bancor, one of the country’s commercial banks.
Buseruka said that applying for loans would take a maximum of 10 days. Presenting security for a loan is a requirement for individual’s applicant and not cooperative societies.
Inkingi boasts of a capital stock of Frw300 million, which corresponds with stipulations of the central bank.