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Rwanda Army Bank Projects Rwf10 Billion In 2019

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Rwanda Army Bank Projects Rwf10 Billion In 2019

The Zigama General Assembly projects making net profits worth Rwf10 billion in 2019 compared to a post of Rwf9.3billion Net Profit in 2017.

The army bank, which has over 100,000 members and clients managed to make Rwf8 billion in 2017 and Rwf6.8 billion in 2016.

During a general assembly held on Friday in Kigali, the bank also laid down it’s  five-year strategic plan 2019-2023 in which it intends to reach an investment capital of $1 billion (Rwf850) from the current Rwf280 billion capital.

Newly appointed Zigama CSS CEO, Major General Emmanuel Bayingana, who replaced the current Rwanda Minister of Defense Maj. Gen Albert Murasira, said that the goals are achievable.

“The bank has a growing future and I will build on what my predecessors had done and implement the recommendations of the assembly,” Bayingana said during a media briefing soon after the assembly which comprised of representatives of the army, correction services and police officers.

Zigama CSS Chairman of the Board of Directors, Dr. James Ndahiro also stated that “Besides making loans accessible to its clients, future plans will heavily focus on investing in ICT solutions which will enable clients to access all bank services at their disposal in offices and at home”.

So far the bank launched new Zigama CSS application and plans investing in infrastructure to have a visa card component on its ATM cards, and insert the online banking component in its services among others.

The assembly also agreed on extending the duration of repaying mortgage loans to at least 20 years while allowing flexibility on other loans with a shorter life cycle.

After years of its members asking for a reduction on the current interest rates from 15 to 13%, the assembly agreed on carrying out a market analysis and consideration of the request- which will be announced in 2019.

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