The main mission of BNR is to ensure and maintain price and financial stability.
It depends on the denomination. Important to note is that paper is for banknotes and metal for coins. For each new currency issuance, related features are published through the official gazette and related specimen for banknotes are distributed to the financial sector. The external security features for currency can also be obtained through the Central bank’s website.
It varies from bank to bank. Commonly there are three months, six months and twelve months terms deposits.
A SACCO is a microfinance institution created under the legal status of cooperative, meaning that it provides financial services exclusively to members and the contribution of members in the share capital is the same. A limited company is a microfinance institution created by individuals or company without necessarily contributing equally in the share capital and its services are not limited to its shareholders.
No. It is not mandatory to open an account with UMURENGE SACCO. However, the aim is for each Rwandan adult to use financial services aiming at educating the population on the culture of saving.
It is due to the interests charged on monthly basis. Customers are advised to read the terms of contract before signing it and to comply with them in order to avoid penalties which increase the amount to be repaid. However, also MFIs have the responsibility of explaining to their customers the terms of loan contract.
No, the regulations governing the activities of credit bureaus carefully balance the ability of creditors to share information with the data subjects’ right to privacy. At every step of the process, the customer information is subject to strict rules of confidentiality of managing data.
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