Bank of Kigali Showcases its Financial Product Aimed at Empowering Women In Business

by Daniel Sabiiti October 3, 2024

written by Daniel Sabiiti October 3, 20242:58 pm

The Bank of Kigali has launched a series of women’s business forums aimed at sensitizing women business owners to acquire financial support with the new women’s unsecured Stock Loan (Kataza na BK) product.

The first forum was held on October 2nd attracting women led businesses operating in the City of Kigali who were showed the benefits of tapping into « Kataza na BK »financing.« Kataza na BK » is for women business owners.

It is a collateral free loan aimed at addressing the challenges of women accessing financing that is indicated in various research findings,” said Darius Mukunzi, Head of BK’s SME Department.

Kataza na BK Product Terms Conditions:According to the BK SME department staff, the loan will be providing up to Rwf15M with a one-year repayment period, for women-led businesses with at least one year in operation and one with no standing loan with another bank.The loan will be provided in three categories of financial needs.

These include: The stock up (with financing up to 50% of the monthly turnover. Here, a beneficiary is required to prove the registration certificate, list of stock, among others, however, the bank will help to prepare a financial statement.

The equipment financing- with up to 70% financing. One is required to submit an application letter, amount requested and all other proofs such as supplier approval and financial history (bank or Mobile Money) if one doesn’t work with BK; among others.

The 3rd one is the Investment loan- for women who want to expand their business or increase working capital, and also those who sell services which require float funds. These are also required to show proof of working history and financial statements.

Anitha Mukamwezi

Anitha Mukamwezi, the owner of Mwezita Business Ltd- which deals in shoes and sportswear gave a testimony of how she and the spouse were equally scared of applying for any bank loan because of fear of auctioning their property until she was introduced to BK where she acquired Rwf5million loan.

“This funding made wonders for me and it took away my fears. While I was retailing in Dubai, with other business women, they told me about the collateral- free women’s loan at BK- which I applied for,” Mukamwezi told the forum.

“I think these BK funds are blessed because it made me courageous and enabled me to import from China. Today, I have managed to buy a vehicle, build a house and have also received the Kataza na BK loan with no fear of failing as many women think,” Mukomwezi said.

The women participants at the forum made as many inquiries about the loan product. Jeannette Mukamurenzi, the proprietor of Cyesha Urugo Enterprise- that trains and connects job seekers to employers, especially touched on the interest rate which she said should be reduced to allow more applicants.

BK SME Department staff, Ann-Marie Giraneza said this has already been considered for the interest to gradually reduce with time and a good track record of loan repayment.

Some women asked about how the loan and interest can cater for business with seasonal low and high peaks, but Giraneza said that this can be considered with an offer to pay interest according to seasonal incomes where an average income between both peaks can be charged considerably.After the launch event in Kigali, the women’s unsecured Stock Loan (Kataza na BK) will also hold four regional forums across the country, bringing together women entrepreneurs, with the aim of introducing and onboarding them to this new product.