Understanding basic financial concepts allows people to know how to navigate in the financial system. People with appropriate financial literacy training generally make better financial and money management decisions. AB Bank Rwanda is committed to the development of the Rwandan financial sector by rendering accessible services to the people and their communities, with excellent quality standards. It is in this context that AB Bank Rwanda assigned its staff to impart knowledge and skills to its clients to increase client’s financial literacy by building their capacity in saving culture, business management, borrowing responsibly and debt management, with the aim of improving their financial management skills, both in their businesses and in their personal finances.
One such training was offered to over 20 clients (most of whom own businesses, and some of whom have Ikimina accounts with the bank) on 19th and 20th July 2018 in Kigali and was facilitated by AB Bank staff who have undergone a training of trainers course in financial literacy, in conjunction with Jean Marie Vianney Nzagahimana who is a financial literacy expert consulting for Association of Microfinance Institutions Rwanda (AMIR). This is part of a series of various initiatives that the bank is undertaking in improving financial inclusion within the community where it operates.
The training covered topics such as Introduction to Financial Education and Enterprise Development, Personal and business financial management, Entrepreneurship/Entrepreneurship Development, Records keeping, Business planning, Taxation, saving, loan management among others.
A client who attended the training had this to say; ‘I am very happy to attend this financial literacy training. I have learnt many things that will help me to control my business operations and expenses. I have learnt how to separate personal expenses such as wedding contributions from my business expenses. I now understand how to keep my business financial records properly. I thank AB Bank for inviting me to this training’.
Commenting on this initiative of training clients on financial literacy, the Chief Executive Officer, Arah Sadava said, “We deeply appreciate the clients who managed to attend the training exercise and we are encouraged to continue providing products and services aligned to our customer needs’’. She added that such initiatives would continue to support our clients to increase their financial literacy, and financial inclusion by building client’s capacity in their day-to-day business management.