Despite Covid-19 challenges on Rwanda’s economy, the financial sector continued to be sound and stable with sufficient capital and liquidity, the Central Bank said recently in its annual report.
For total assets of financial institutions increased by 16.2% in the financial year 2019-2020 to Rwf5, 747billion of the 603 regulated financial institutions.
The report shows that from 2008- 2020 formal financial inclusion increased from 21% to 77%, and Rwandans improved their financial behavior from 52% to 86% and while their formal savings increased from 36% in 2012 to 54% to date.
When asked by Parliament what is being done to improve the savings culture the Central Bank Governor, John Rwangombwa told parliament that among others, commercial banks are offering attractive savings schemes.
One of them is Gwiza Savings Account available in Banque Populaire du Rwanda (BPR-Atlas Mara)
Gwiza savings account- an individual saving account is one among the six savings products offered by BPR-Atlas Mara that can help Rwandans enjoy a flexible and attractive savings scheme with interest of 8% per annum, which is above the common offer of 5-7% elsewhere.
After spending months under COVID-19 lockdown, without earnings, Gwiza savings account can be a turning point for employees and employers and any person who is working on recovery in the new normal.
Using the Gwiza savings one can save more, be more prepared for even tougher times next year- which will have a low economic growth of 5.7%.
This journey can start now, and it all starts with just a Minimum Balance of Rwf5, 000 deposit.
With continued transactions, and savings on this account, BPR calculates Interest (8%) on Monthly Minimum Balance and this accumulated interest is paid once a year, and if one can wait for a whole year this can be a lump sum of cash to reinvest in.
However, in case of emergencies, Gwiza account is flexible and allows one to withdraw up to 30% of total deposit once a quarter- that is once in every three months.
Mukashyaka, a trading resident of Gisozi who has tasted the benefits of this account says she was introduced to this product at her nearest BPR branch and she shared the information with her spouse.
“We decided as a family to save with Gwiza, half of our total monthly incomes and within a few years we have been able to save more, get more interest that has enabled us to secure an affordable house property,” Mukashyaka says.
Gwiza savings account is a personal account, and helps persons like Mukashyaka who have a monthly income to save and get a bigger monthly interest rate paid than anywhere else.
Meanwhile, for more details on this account and other BPR service, DIAL 1500 or visit the nearest BPR branch/ Agents or click https://bpr.rw/products/gwiza.