Equity Bank and Pact Rwanda have demonstrated the benefits of their joint project supporting miners, with Equity Bank being recognised as the only financial institution in Rwanda offering specialised services tailored to the mining sector.
The bank received praise for its contributions during the Pact partners' meeting, on September 19.
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The specialised services are designed to help miners engage with financial institutions and advance in their profession, contributing to their overall economic development.
The meeting focused on the achievements of the 'Illuminating Small-Scale Mining in Rwanda' project, which aims to provide environmentally friendly lighting solutions to small-scale miners.
Polycarpe Nshimirimana, the project leader at Pact Rwanda, an organisation dedicated to citizen development, discussed the partnership with Equity Bank and its role in supporting miners.
"There is a gap in financial services for miners. We approached Equity Bank, one of the most successful financial institutions, to discuss potential collaboration, which led to a cooperation agreement.
"Equity Bank understood our needs, visited the mines, and engaged with the miners to assess how their services could be enhanced to better support the sector. The bank is committed to working with mining organisations by offering loans at low interest rates. We appreciate their willingness to collaborate and contribute to the development of the mining industry," he added.
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Another key aspect of Equity Bank's partnership with Pact Rwanda is the provision of technical guidance to train miners on effectively engaging with financial institutions, empowering them to enhance their financial literacy and business practices.
Alice Kirezi, the Head of Investment and Social Impact at Equity Bank Rwanda, emphasised that the bank's commitment to sustainable development across Africa includes initiatives aimed at protecting the environment from the impact of various activities.
This commitment has driven the bank to collaborate with miners, not only to provide financial services but also to support environmental protection efforts.
Kirezi explained, "During our project assessment, we discovered that miners and their companies lacked knowledge about how financial institutions operate. The issue was not just about accessing savings and loans, but also a lack of understanding of financial systems. We engaged with them, explained our services, and helped them grasp how they could benefit."
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Kirezi noted that their initial efforts were just the beginning, and that Pact Rwanda plays a crucial role in helping them connect with miners who understand their specific needs.
Equity Bank and Pact Rwanda are jointly implementing the 'Illuminating Small-Scale Mining in Rwanda' project, which aims to improve lighting in mines where minerals are extracted.
As part of this initiative, a partnership was established to supply miners with specialised torches designed for use in mining. These torches simplify the work by allowing continuous operation without the need for daily replacement of batteries, and they are available through affordable loan options.
The project is currently active in the mines of Nyarugenge and Muhanga districts, with plans to expand to other areas through continued collaboration between Equity Bank and mining companies.
