Bank of Kigali has committed to supporting businesses and investors affected by the fire that destroyed GOICO Market in Musanze District, including through discussions on outstanding loans as they work to rebuild. The pledge came during a customer engagement tour in Musanze on November 5, led by Bank of Kigali Chief Executive Officer Dr. Diane Karusisi and senior bank executives. The visit was part of activities marking the bank's 60th anniversary and aimed at strengthening relationships with customers, understanding their businesses and projects, and identifying ways the bank can support their growth.
The market fire has left investors facing two major challenges: rebuilding their businesses and meeting financial obligations linked to businesses that were destroyed or severely affected. Tugengwenayo Theonase, Chairperson of the Private Sector Federation in the Northern Province, said loans amounting to nearly Rwf1 billion remained unpaid following the fire. He asked Bank of Kigali to consider easing repayment conditions for the affected investors, including suspending interest payments while they deal with the consequences of the disaster. Tugengwenayo acknowledged that Bank of Kigali had been involved in financing GOICO from the beginning and continued supporting investors when they encountered difficulties.
Northern Province Governor Mugabowagahunde Maurice said the discussions were intended to find practical solutions that would enable traders and investors to resume their activities. He said the province wants to work with Bank of Kigali on ways of easing loan repayments for traders and owners of the market, while also helping other affected businesses obtain support to recover. The governor said the next step is to establish a mechanism at the Bank of Kigali branch so that everyone can have their individual situation assessed and receive support. He also praised Bank of Kigali's approach of visiting customers and listening to their concerns, and encouraged other banks to adopt a similar approach.
Beyond the fire response, Bank of Kigali's Musanze visit included engagement with education institutions and other businesses. The bank visited Virunga Valley Academy, a school providing education from nursery through secondary level, and INES-Ruhengeri, a higher learning institution focused on applied sciences, research and innovation. At INES, the bank toured more than 26 laboratories and discussed the institution's planned projects, including a building currently under construction, student workshops, a Digital Hub and a clinic to provide health services while giving students studying health-related programmes practical experience. Fr. Dr. Jean Bosco Baribeshya, head of INES-Ruhengeri, praised the partnership with Bank of Kigali, saying the bank had supported the institution through different forms of financing, including loans used to expand its operations.
Karusisi said the bank's job is to support businesses so that their owners can achieve their dreams, and that supporting businesses and investment is part of Bank of Kigali's wider contribution to Rwanda's economy through job creation, increased production and tax revenues. She said that after more than six decades of operations in Rwanda, the bank would continue reaching out to customers, listening to their needs and working with them to implement their projects. For the businesses affected by the GOICO fire, that engagement now includes finding ways to manage outstanding financial obligations while creating conditions for them to rebuild.