Rwanda, February, 2009
AUXFAM will start the implementation of UMVA banking solution for CT in Gikondo, Rwanda, and reduce the cost of money transfer.
UMVA Client, the low cost remittances system, and UMVA Bank, the banking solution for small banks, will be installed in this region of Rwanda. The system will be able to support another 4.500 clients in the region, and with their friends and family another 45.000 accounts can be created.
The UMVA system is special developed for small banks, it has special functions for migrants and migrant workers. The UMVA electronic safe is the place for all the electronic documents, for e-money, but also other values such as the administration of the cooperative and their farmers by kilograms of Coffee.
“With help of this project we will be able to support the growth of the many new customers from the Diaspora of Rwanda. All Diaspora members and their friends in Rwanda want to connect to the system, the internet connection at our bank will be used a lot, since our members are able to receive training and connection for free”, says ZIRAGWIRA Jean general manager of the bank
Training is essential for the clients, the experience in Sub-Saharan Africa, and the dialogues with some other countries have steered the development of the UMVA products. Special financial services in developing countries are in high demand, there is an explosive growth of micro-credit loans and -organizations, but also the need to remove the large waiting lines for bank withdraws, or deposit need high priority.
“The UMVA system is working fine for us but our clients need more training, We have asked support from the Dutch Embassy in Kigali”, says Diane Umurungi, consultant working on the project in Rwanda
The Gikondo region is special important since it is a region of Industry, many small companies can use this service for eBanking, and use the special reports for their financial administration and pay salaries. CT Gikondo is easy to reach and is placed at a very important spot in Kigali.
“The millennium goals for the sub Saharan region will probably not be reached, the UMVA system is trying to fill gaps on the financials and training goals, special now in this time of financial crisis and reducing of official aid programmes, the net remittances received in a country will be more important” says Cornelis Heesbeen of AUXFAM
AUXFAM delivers functionality for micro payments on the internet against the lowest possible transaction cost.
AUXFAM transaction system for Micro Payments on a Social Basis, Planning, Budgeting and Internet Access functions specialized for Countries. In combination with the Physical AUXFAM card it support access to properties and payments systems. AUXFAM embraces the Millennium goals as defined by the United Nations. One of these goals is to reduce transaction charges and introducing new technology to support transferring remittances.
We assist MFIs (Micro Finance Institutes) and their customers to implement new technology in order to reduce the cost of transactions. The MFI uses its profits to provide internet access, create jobs, develop infrastructure for internet and communication, deliver
education, finance small businesses, support members with micro credits etc.
For more information go to www.auxfam.com or send an email to [email protected]
About CT Gikondo Bank :
The Co-operatives of the Workers, CT Gikondo, being within the limits of the territory of the Republic of Rwanda. It was created on December 9th, 1993 by Ministerial decree n° 045/3/30.
The objectives of CT Gikondo are:
- To contribute effectively to the research of solution with the socio-economic problems of the workers in Rwanda;
- To lead the workers to become aware of the value of the interdependent saving in their development;
- To develop a synergy with other national and international co-operative organizations committed in the promotion of the sustainable development of the working masses.
For more information send an email to [email protected] or [email protected] or contact your president of the local Diaspora group.