19 February 2011

Rwanda: Microfinance Institution's Venture Into Agriculture

Rwanda Microfinance Limited (RML) will venture into agricultural lending and other personal loans, starting in May this year.

The Managing Director, Anthony Nderitu, wants the company to be a market leader in agricultural loans and in financial services to small and micro-entrepreneurs (SME) in the country.

"Our mission is to transform the livelihoods of our clients who are in viable economic activities while creating a rewarding and stimulating environment for our employees," he explained.

RML is part of the Micro Africa Group of microfinance companies with offices in Kenya, South Sudan, Uganda, Tanzania and Rwanda.

In an interview with Business Times, Nderitu said that the company offers competitive loans to salaried employees, individual (SME) clients and group-based micro-entrepreneurs who co-guarantee one another to access loans.

RML possesses a growing base of over 3,000 customers and a loan portfolio of over Rwf1.3 billion.

"Our target is to have over 5,000 active clients and a portfolio of over Rwf2 billion by the end of 2011," said RML Managing Director.

The Rwanda office hopes to create at least 7 more work opportunities before the end of this year.

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