Banque Populaire du Rwanda (BPR) has launched a new insurance product aimed at small and medium-sized enterprises (SMEs), local press reports on Wednesday (December 2nd). This new solution, called “Insurance Premium Financing (IPF)”, will help companies to pay their annual insurance premiums.
Thus, the bank, through a line of credit, offers companies financing of between 100,000 RWF (100,223 USD) and 200 million RWF (200,450 USD). The latter will be able to make a monthly repayment for a period of up to 10 months with interest rates deemed affordable. Then, the beneficiaries can, if they wish, use the credit to pay the premiums for damage insurance (fire, automobile, machinery breakdown, etc.).
Recently acquired by the Kenyan banking group KCB Ggroup Plc, which bought the 62% stake in Atlas Mara Limited, BPR is committed to an ambitious growth project in Rwanda. This plan aims to finance businesses, especially Rwandan SMEs, but also to diversify the financial sector where 32% of the population does not have access to basic financial services and products.