Bank of Kigali has pledged to continue supporting businesses and investors affected by the fire that destroyed GOICO Market in Musanze District. The commitment was made during a client engagement tour led by BK Chief Executive Officer Dr. Diane Karusisi and senior bank executives on November 5. The visit was part of activities marking the bank's 60th anniversary and aimed at strengthening relationships with customers.
The BK team visited several institutions, including Virunga Valley Academy, INES-Ruhengeri, and Excel International Academy, discussing their activities, operations, and partnerships with the bank. At INES-Ruhengeri, Karusisi praised the institution's contribution to Rwanda's development and discussed ongoing and planned projects. The institution's leadership presented projects seeking support, including a building under construction, student workshops, and a Digital Hub.
The BK team also visited A1 Iron & Steel Rwanda, engaging with the company about its operations and investment plans. However, the most pressing discussions came when Karusisi met investors who participated in the construction of GOICO Market and traders who operated there. The market was destroyed by fire, leaving businesses facing losses while some investors and traders still have outstanding loans.
Tugengwenayo Theonase, Chairperson of the Private Sector Federation in the Northern Province, said BK had been involved in financing GOICO from the beginning and had continued supporting the investors when they encountered difficulties. He asked BK to consider easing repayment conditions for the affected investors, including suspending interest payments while they deal with the consequences of the disaster.
Northern Province Governor Maurice Mugabowagahunde thanked BK for engaging with people affected by the GOICO fire. He said the discussions aimed to find practical solutions that would enable traders and investors to resume their activities. The province wants to work with BK on easing loan repayments for traders and owners of the market, while also helping other affected businesses obtain support to recover.
Karusisi said the Musanze visit was designed to go beyond routine banking services by allowing the bank's senior management to meet customers directly and understand the challenges they face. She said the bank would continue supporting businesses affected by the fire, including through discussions on outstanding loans as they work to rebuild their businesses.
The governor also praised BK's approach of visiting customers and listening to their concerns, encouraging other banks to adopt a similar approach. The province wants other investment projects in Musanze to continue rather than being halted because of the difficulties faced by individual businesses, which is important to maintaining economic growth in the district.
Key points
- Bank of Kigali pledges support for businesses affected by GOICO Market fire.
- BK discusses loan relief with affected investors and traders.
- Province seeks solutions to ease loan repayments and support economic growth.
