I&M Bank Rwanda has launched its second annual account opening campaign ‘Kira – Biba Usarure’ in a bid to increase financial inclusiveness. The campaign is also aimed at promoting electronic banking services such as online and mobile banking.
To further encourage people to open accounts, the bank has at the same time unveiled three new products targeting specific groups: the Young Saver’s Account (for children younger than 18 years), the Malaika Women’s Account (a personal transaction account for women) and the FuturePro Account (for students aged 18 and above).
People who open one of these three new accounts, a personal current account or a Smart Saver account during the ‘Kira – Biba Usarure’ campaign (which runs for three months) will not only receive free services such as free Visa cards and online and mobile banking, but they also stand a chance to win prizes in bi-weekly draws.
The ‘Kira – Biba Usarure’ campaign wants to get more people into the banking system, as the 2016 Finscope Survey indicated that only 26% of the adult population in Rwanda has a bank account.
“The statistics are eye-opening and we see a need that has to be met,” said Faustin Byishimo, I&M Bank Rwanda’s executive director and head of the business development division. “For example, we introduced the Malaika Women’s Account to serve the 76% of women in Rwanda that remain underserved. The product comes with special features and benefits that suit the financing needs and lifestyles of women.”
The Malaika Account recognises the special status of women with special requirements and offers a package of features and benefits that does just that; it comes with a Malaika Club Card that gives the account holder discounts at many merchants including discounts on air tickets, supermarkets, hotels and many more, and also gives account holders access to I&M’s exclusive Select Banking branches.
The FuturePro account, on the other hand, is an affordable and flexible account for students that comes with zero opening fees, no account maintenance cost, no set minimum balance and attractive interest rates on savings.
“This is the second time that we are giving this opportunity to the public, after a tremendous turn-out for ‘Kira – Biba Usarure’ last year,” Byishimo said. “This new chapter is specifically focused on equipping a new generation for the future, and making sure they are financially prepared for it. This is about financial inclusion and sustainability.”