SPOTLIGHT: SPENN and I&M Bank launch micro-loans | The new times
SPENN Rwanda and I&M Bank Rwanda have launched a new loan product for micro-borrowers to foster financial inclusion for Rwandans.
The microcredit product was unveiled at a press conference on Thursday, March 10.
The “revolutionary” credit service is available to SPENN Rwanda users.
Customers can borrow up to Rwf 500,000 interest free for the first two weeks. After two weeks, the three-month loan starts earning 0.39% interest per day.
To access the loan, you must have a fully verified SPENN account for at least seven days and borrow up to double the money deposited in your savings account.
Norbert Haguma, the Country Director of SPENN Rwanda, said the loan will meet the urgent needs of individuals and businesses that are highly dependent on cash.
“Those who are in urgent need of money such as parents who want to pay school fees in difficult financial situation, families who need urgent medical care and commercial agents who want to close bigger deals without enough funds “, he said at the press conference.
I&M Bank Rwanda Managing Director Robin Bairstow said the product was introduced to boost financial inclusion and eradicate poverty in Rwandan society.
Managing Director of I&M Bank Rwanda, Robin Bairstow speaks to the media during the launch of the loan product in Kigali on March 10
He pointed out that the lack of access to credit hinders the growth and development of businesses and improves the social well-being of families.
“We believe that financial inclusion is the foundation on which a country can reduce poverty and uplift all sections of society. To achieve this, we have introduced SPENN Loans where our SPENN customers can now borrow Rwf 15,000-500,000 and get a special chance to pay 0% interest if repaid within 14 days,” said the CEO.
With the SPENN mobile app, you can pay different bills and transfer funds to other SPENN users and bank accounts among other business banking solutions.
SPENN was launched in partnership with I&M Bank Rwanda in 2018 and currently has over 350,000 registered customers on its platform in Rwanda.
With a presence in four countries around the world, SPENN’s mission is to promote financial inclusion by banking without fees.
Norbert Haguma, Country Manager of SPENN Rwanda and Managing Director of I&M Bank Rwanda, Robin Bairstow at the launch of the loan product in Kigali on March 10. All photos by Craish Bahizi
Journalists follow the launch of the loan product in Kigali on March 10. All photos by Craish Bahizi