Rwanda: Bank of Kigali Launches a "Financial Literacy Clinic"

Bank of Kigali has launched a financial literacy clinic, an educative and entertaining program that seeks to provide financial literacy to the youth.

The campaign was launched over the weekend on the sidelines of Iwacu Muzika Festival, an entertainment platform organized annually by East African Promoters.

To reach out to the youth, the bank will henceforth broadcast a show on Bank of Kigali YouTube Channel and Isibo TV every Sunday at 9pm.

Thierry Nshuti, the Head of Marketing at Bank of Kigali said that the development is evidence of their commitment to enable young people to grow financially.

"As a bank, we want to use such concerts as a platform enabling us to engage with the youth, artists, and Rwandans in general to build a resilient economy. Artists will understand how to yield big from their talent. We want to create awareness on what the bank can offer to artists, the youth and the rest following these programs, paving the way for a fruitful collaboration with Bank of Kigali," he said.

Nshuti noted that the initiative will seek to build financial literacy and awareness enabling them to grow their respective financial positions.

"For instance, artists earn a lot of money from concerts but rarely paid through bank accounts yet they need to execute stalling projects or invest in different businesses to streamline sources of income. Bank of Kigali is aware of challenges in the music industry and wants to advise them on how they can manage their finances. That is why we recommend them to open accounts through which all payments will be channeled. Having records of their account history will enable us to identify all risks involved and assess the feasibility of loan repayment," added Nshuti.

Among others, Nshuti revealed that the bank has organized weekly awards for selected individuals following its platforms where the financial literacy show is aired.

According to Joseph Mushyoma, the CEO of East African Promoters (EAP) which organizes Iwacu Muzika Festival, artists need capital to promote their talent and underscored that such financial literacy clinic is crucial as it creates awareness on efficient utilization of income.

Launched last year, the festival is aimed at promoting Rwandan music by bringing together different artists in their respective age brackets on the same stage.

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