24 March 2014

Rwanda: Zigama Looks to Agency Banking to Ease Access

Zigama Credit and Savings Society will soon start agency banking to ease access to its services and reduce operational costs.

Dr James Ndahiro, the institution's board chairman, disclosed this during the institution's general assembly meeting in Kigali on Friday, saying it is one of the planned initiatives aimed at increasing efficiency to spur growth.

"Agency banking will ease access to financial services to our members across the country more efficiently and also help us reduce operational costs," Ndahiro said.

He added that they are currently training staff as they prepare to roll out the service, noting that Information Communication Technology (ICT) provides vast opportunities for the financial industry, among which is taking services closer to the masses. Ndahiro also said they would soon sign an agreement with Umwarimu Sacco that make it possible for clients to access services at the Sacco branches.

Meanwhile, Zigama's profits increased from Rwf3.7b in 2012 to Rwf4.7b last year. The institution's net profits were Rwf3.2b, up from Rwf2.4b the previous year.

Ndahiro said they were targeting Rwf5.5b profits this year.

The Defence and Military spokesperson, Brig. Gen. Joseph Nzabamwita, said the general assembly approved the proposal to establish a financial advisory team, which will be charged with training members.

"We want to continue supporting and improving the welfare of our people to help address the challenge of poverty and also create more jobs," Nzabamwita said.

Zigama CSS is a co-operative bank for the armed forces; Rwanda Defence Forces, Rwanda National Police, and Rwanda Correctional Services.


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