BUJUMBURA June 19th (ABP) – The Director of Supervision, Financial Stability and Financial Inclusion at the Bank of the Republic of Burundi (BRB), Libère Nduwimana, proceeded on Saturday June 17, 2023, to the official opening of the financial institution called Twikangure Microfinance s.a, which was approved by the said bank on June 2, 2023 as a first category microfinance institution with the legal form of a public limited company, a check the site by ABP has revealed.
On behalf of the Governor of the BRB, Mr. Nduwimana congratulated that newborn in the landscape of microfinance institutions of Burundi, which comes at the right time to help the people save and apply for loans to self-develop and develop the country. He also congratulated that microfinance for its contribution during the collection period of demonetized banknotes of BIF 10,000 and 5,000, which date from 2018.
“The decentralization of Twikangure Microfinance services contributes to the implementation of State programs to achieve the millennium goals for sustainable development, and especially in the implementation of the slogan of the President of the Republic, Evariste Ndayishimiye, who wants every mouth to have something to eat and every pocket to have money,” he said.
He asked other licensed microfinance institutions of Burundi to decentralize their services in order to be close to the people they are supposed to serve.
Mr. Nduwimana took advantage of that opportunity to call on the people to no longer keep money at home, but rather to open accounts in banks or in microfinance institutions, according to their choice. He also called on them to cut short with the face-to-face or hand-to-hand money transfer system, but above all to use bank transfers, check remittances and electronic transfers by telephone.
Finally, he called on microfinance institutions to increase public awareness sessions on the merits and importance of saving money in financial institutions.
For his part, the representative of the Executive Director of the Network of Microfinance Institutions (RIM), Mr. Salvator Nitunga, indicated that this microfinance has become the 46th member of RIM by changing from the 4th category to the first category. This is the second microfinance to change category in this way in the history of microfinance institutions of Burundi, he revealed.
He wanted Twikangure Microfinance to be a leader in good governance, in welcoming customers, in granting agricultural loans, to name but a few. He said that the RIM will spare no effort to ensure the protection of the savings of the people in accordance with the law and through the digitization and consolidation of unity between the customers of microfinance institutions because, he said, all customers are equal before the law.
He therefore proposed to work in Administration-RIM-Shareholders and partners trilogy, to overcome the challenges that are observed in the savings and loan sector, in this case, the granting of loans oriented in the agricultural sector, education of the people on good money management, digitalization of services in the savings and loan sector, good governance and capacity building of staff working in that sector.
As for the Chairman of the Board of Directors (CA) of Twikangure Microfinance (Ex-GROSAUDECO Twikangure GFC), Gervais Ntirampeba, he pointed out that this microfinance, which began its activities in 2020 as a Community Financial Group (GFC) of 4th category, has 33 branches in almost all the provinces of the country including 5 branches based in Bujumbura.
It contributes to community development by granting loans to its customers at a low interest rate, he added.
According to Mr. Ntirampeba, Twikangure Microfinance aims to bring financial services closer to the people, to mobilize the people on keeping money in microfinance institutions for its safety and to strengthen financial education to its customers. This microfinance plans to grant loans in the agro-pastoral sector, he reassured.
It is worth noting that Twikangure Microfinance s.a, has already granted loans of more than BIF 8.168 billion to 2878 people and 108 groups. It has already hired more than 290 young people, and has already granted professional and academic internships to 200 and 300 young people respectively.