AUXFAM win project of UMVA banking solution in Nyamagabe, Rwanda
Financial, Software, Investment
Rwanda, December 30, 2008
AUXFAM will start the implementation of UMVA banking solution for Coorperative des Travailleurs in Nyamagabe, Rwanda, and reduce the cost of transfer money.
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 6.000 clients in the region, and with their friends and family another 60.000 accounts can be created.
The UMVA client 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 Rice, or for a large community such as a workers union, or a women's association.
“With help of this project we will be able to support many new customers in the region, all members and their friends 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 Mukagasana Anysie, general manager of the bank
The region is special important since it is a region of hardworking farmers, these are the lowest income in Rwanda. The region has no Industry. The transfers from the migrants are very important for the region.
"After several years of strong growth, remittance flows to developing countries began to slow down significantly in the third quarter of 2008 in response to a deepening global financial crisis". says Dilip Ratha of the Worldbank
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 ask everybody to help us to make that possible and buy a training for a member in Rwanda so far many have reacted in a positive way, we are now able to start training the first members to use the computer and internet”, says Diane Umurungi, consultant working on the project in Rwanda
The system works without cost for the members, the only payment is the cost for maintaining their account at the bank. The Diaspora is requesting more services and a faster signing up process. New processes will be introduced to develop the remittances flow to Rwanda. Special in This region the need is higher then in other regions of the world.
“Based on the expectation that remittances will go down in the next years, the cost of sending remittances becomes more important for the Diaspora”, says Cornelis Heesbeen of AUXFAM
“With this new technology we expect that our bank will belong to one of the best banks in Rwanda”, says Dominique Nsabimana, president of the bank
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 firstname.lastname@example.org
About CT Nyamagabe Bank :
The Co-operatives of the Workers, CT Nyamagabe, 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 Nyamagabe 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@example.com or firstname.lastname@example.org or contact your president of the local Diaspora group.
, Cost Of Transfer