PRODUCTS AND SERVICES
*To learn more about products and services visit our products and services charter
*To learn more about fees and interest rates visit tariffs section or contact us
Services
mHose
mHose is a mobile platform that enables customers to access banking services and execute financial transactions (cash in and cash out) through agents anytime. mHose recently merged with Momo. To access your mHose account just tap on your mobile phone *501#
Benefits: With mHose customers can…
1. self-register to Urwego’s mobile banking account
2. receive and pay their loan to the bank in a reliable way,
3. access safely and conveniently to their money without the need of going to an Urwego branch,
4. make savings and deposits anytime, which increases security and control over their finances, business and life
5. pay bills (airtime and electricity) conveniently anytime anywhere and anytime
6. view financial information of their accounts (free service once per day)
Fees: Please refer to our tariffs.
mHose Terms & Conditions: Please refer to our terms and conditions for users of Urwego Agency Banking Platform.
Transfers
1. Transfer to internal accounts
This operation can be done through mHose mobile banking or branches
No fee applicable to any amount
Transfer is completed on same day.
2. Transfer from/to another Bank nationally or internationally using RIPPS
Transfer is completed on same day
Fee is fixed on any amount. Please refer to tariffs.
3. Transfer from/to another Bank nationally or internationally using SWIFT code
Inward and outward transfers available
Transfer is completed within 2 days.
Transfer fee depends on amount. Please refer to tariffs.
Remittances
* Western Union
* RIA
* MoneyGram
* Tigo Cash
GROUP PRODUCTS
Accounts:
TEGANYA Account
Requirements: National identity card or passport or national driving license
Loans:
1. Traditional Community Banking (TCB)
Loan amounts for this product range between 30,000 RWF and 990,000 RWF per member
Eligibility: 1) between 18 and 70 years old at time of loan application, 2) social liability, 3) micro-business owner or financially active, 4) compulsory savings of 10% of total loan amount, 5) social guarantee
Loan Purpose: Working capital for group members
Group size: 20-45
Loan term: 4-6 months
Payment frequency: weekly and bi-weekly
2. Advanced Community Banking (ACB)
Loan Purpose: Working capital for group members
Group size: 20-45
Loan term: 6, 8 or 12 months
Payment frequency: bi-weekly (for loans of 6 or 8 months), monthly (for loans of 12 months)
Eligibility: 1) between 18 and 70 years old at time of loan application, 2) social liability, 3) micro-business owner or financially active, 4) compulsory savings of 10% of total loan amount for existing clients and 15% for new group members
3. Village Savings Groups
Group size: 20-30 members
Loan Purpose: Working capital
Loan term: 6 or 8 months without grace period
Payment frequency: monthly
Eligibility: 1) between 18 and 70 years old at time of loan application, 2) be part of CARE International Saving Groups, 3) micro-business owner or financially active, 4) compulsory savings of 10% of total loan amount, 5) a joint bank group account at Urwego Bank with three signatories (group leaders) with authority to withdraw on behalf of group, 6) No collateral only joint social guarantee
INDIVIDUAL PRODUCTS
Current Accounts:
1. IKAZE Individual Account
Requirements (for nationals): 1) Valid registration certificate or commercial registry extract (RGB, RDB, RCA), 2) board resolution only applicable for companies, 3) legal entity by law or memorandum of association (applicable for cooperatives, clubs, societies and alike), 4) formal letter requesting opening of account
Requirements (for foreigners): 1) Valid registration certificate or commercial registry extract (RGB, RDB, RCA), 2) permit to operate in Rwanda, 3) formal letter requesting opening of account
2. TEGANYA Individual Account
Requirements (for nationals): National identity card or passport or national driving license
Requirements (for foreigners): Passport or Laissez-passer or refugee cards or expatriate card or any official document checked and accepted by the Rwandan government
3. IKAZE Company Account
Requirements (for nationals): 1) Valid registration certificate or commercial registry extract (RGB, RDB, RCA), 2) board resolution only applicable for companies, 3) legal entity by law or memorandum of association (applicable for cooperatives, clubs, societies and alike), 4) formal letter requesting opening of account.
Requirements (for foreigners): 1) Valid registration certificate or commercial registry extract (RGB, RDB, RCA); 2) permit to operate in Rwanda; 3) formal letter requesting opening of account
4. SACCO Account
Savings Accounts:
1. GWIZA Savings Accounts
Requirements (for nationals): National identity card or passport or national driving license
Requirements (for foreigners): Passport or Laissez-passer or refugee cards or expatriate card or any official document checked and accepted by the Rwandan government
Benefits: Up to 5% per annum calculated on monthly minimum balance, no monthly charges
2. NZIGAMIRA Savings Account
Requirements (for nationals): 1) National identity card or passport or national driving license of guardian or parent; 2) Minimum balance of 5,000 RWF
Benefits: Up to 8% per annum calculated on monthly minimum balance
3. TUZA Savings Account
Requirements (for nationals): 1) Account with Urwego Bank 2) Minimum balance of 20,000 RWF.
Benefits: Between 3.2% to 6% for RWF 20,000 to 50 million RWF (2 months – 12 months). Negotiable rate above 50 million RWF for 6 – 12 months.
Loans:
1. SME Asset Loan (Small)
Loan Purpose: Working capital for asset acquisition
Loan term: 12-48 months
Payment frequency: monthly
Eligibility: 1) between 18 and 65 years old at time of loan application, 2) Existing business with at least 1 year experience and licensed (patent or RDB certificate), 3) micro-business owner or financially active, 4) Equity contribution of 20% the price of asset to be financed, 5) Collateral and guarantor required
Benefits: 1) option to apply for School Fee loans, 2) customers that paid at least 50% of loan term may apply for a loan top up without paying a prepayment penalty; 3) early repayment is rewarded by decreasing interest rate to 7%
2. SME Asset Loan (Large)
Loan Purpose: Working capital for asset acquisition
Loan term: 12-48 months
Payment frequency: monthly
Eligibility: 1) between 18 and 65 years old at time of loan application, 2) Existing business with at least 1 year experience and licensed (patent or RDB certificate), 3) micro-business owner or financially active, 4) Equity contribution of 20% the price of asset to be financed, 5) Collateral and guarantor required
Benefits: 1) option to apply for School Fee loans, 2) customers that paid at least 50% of loan term may apply for a loan top up without paying a prepayment penalty, 3) early repayment is rewarded by decreasing interest rate to 7%
3. SME Working Capital (Small)
Loan amounts for this begin at 1,000,000 RWF. For loan amounts larger than 5,000,000 RWF, please contact Urwego Staff.
Loan Purpose: Working capital for micro-businesses
Loan term: 12-36 months (standard 24 months)
Payment frequency: monthly
Eligibility: 1) applicant must be between 18 and 65 years old at time of loan application, 2) Existing business with at least 1 year experience and licensed (patent or RDB certificate), 3) micro-business owner or financially active, 4) Equity contribution of 20% the price of loan amount, 5) Collateral and guarantor required
Benefits: 1) option to apply for School Fee loans, 2) customers that paid at least 50% of loan term may apply for a loan top up without paying a prepayment penalty, 3) early repayment is rewarded by decreasing interest rate to 7%
4. SME Working Capital Loan (Large)
Loan Purpose: Working capital for business
Loan term: 12-36 months (standard 24 months)
Payment frequency: monthly
Eligibility: 1) between 18 and 65 years old at time of loan application, 2) Existing business with at least 1 year experience and licensed (patent or RDB certificate), 3) micro-business owner or financially active, 4) Equity contribution of 20% the price of loan amount, 5) Collateral and guarantor required
Benefits: 1) option to apply for School Fee loans, 2) customers that paid at least 50% of loan term may apply for a loan top up without paying a prepayment penalty, 3) early repayment is rewarded by decreasing interest rate to 7%
5. SME Shelter Finance Loan
Loan Purpose: Working capital for housing
Loan term: 12-60 months
Payment frequency: monthly
Eligibility: 1) between 18 and 65 years old at time of loan application; 2) Existing business with at least 1 year experience and licensed (patent or RDB certificate); 3) micro-business owner or financially active; 4) Equity contribution of 20% of the construction cost, 5) Collateral and guarantor required
Benefits: 1) option to apply for School Fee loans, 2) customers that paid at least 50% of loan term may apply for a loan top up without paying a prepayment penalty, 3) early repayment is rewarded by decreasing interest rate to 7%
6. School Fees Loan
This a top-up credit available to all Urwego clients with an ongoing loan to support them paying their children’s school fees. No collateral is required
Loan Purpose: pay schools fees for nursery, primary and secondary schools
Loan amount: not bigger than 50% existing loan with Urwego Bank
Loan term: 3 months
Agricultural Loans
Need capital for your inputs this season? We offer working capitals loans to finance seeds and fertilizers for farmers, organized in cooperatives, working with following crops: coffee, rice, irish potato and maize.
Group loans:
1. Coffee Group Loan
This group loan product is designed for coffee farmers, formed into groups, who sell coffee cherries to coffee washing stations (CWS), which are owned and managed by Rwanda Trading Company (RTC). Loan amount shall not exceed 35% of the projected coffee cherries to be sold to a CWS owned by RTC. All loan disbursements are made through farmer Individual account in Urwego Bank.
Group size: 15-30 members
Loan Purpose: Inputs, labor cost, household expenses
Loan term: up to 10 months (considering client´s cashflow)
Eligibility: 1) Coffee farmers of trustworthy character, genuine need for a loan, 2) capacity to grow coffee cherries and repay the loan, 3) adequate experience in growing coffee cherries, 4) coffee farmers must own their own coffee plantation and must have at least 100 coffee trees, 5) 10% of loan amount saved at time of application and 6) attendance at all orientation and training programs put on by RTC or Urwego Bank, 7) 10% of loan amount is due at the time of application, 8) collateral: original land titles from all farmers
Group members guarantee all member’s portion of the group loan
2. Irish Potato Group Loan
This group loan product is designed for Irish Potato farmers, formed into groups, who sell crops to an off-taker. All loan disbursements of this product are made directly to the suppliers as per the agreements
Loan Purpose: Input financing loan to purchase seed potatoes and fertilizer.
Loan Amount: Loan amount shall not exceed the cost of seed potatoes and fertilizer. No individual group member loan shall exceed 15% of total group loan
Group size: 20-30
Loan term: 6 months
Eligibility: 1) Trust groups consisting of 20 to 30 members, 2) capacity to grow Irish potatoes, 3) attendance at all introductory training and orientation programs, 4) linkage to a specific seed potato and fertilizer supplier that is registered with RAB and RCA, 5) Individual group members must have at least 10 ares but not more than 1.5 hectares in Irish potato production, 6) rented land must have a valid contract as proof (applicable when applicant does not own the land), 7) 10% of loan amount is due at the time of application, 8) collateral: original land titles from all farmers
All groups’ members guarantee all member’s portion of the group loan
3. Maize Group Loan
This group loan product is designed for maize farmers, organized in cooperatives. Loan amount shall not exceed the cost of seeds, fertilizer, and labor activities. However, the labor portion of the loan shall not exceed 30% of the total production cost. All seed and fertilizer loan disbursements are made through the suppliers with agreements. Labor disbursements are made to the members through the cooperative..
Loan Purpose: Input financing loan to purchase seeds and fertilizers
Group size: 20-30
Eligibility: 1) Maize farmers of trustworthy character, 2) adequate experience in growing maize, 3) attendance at all introductory training and orientation programs, 4) linkage to a specific extension service provider, 5) cooperative member, 6) existing relationship with fertilizer suppliers and off-taker, 7) registration with Minicom and RCA, 8) group member must not have been a member of a previous group who remains delinquent on any loan payments
Loan term: up to 8 months (considering client´s cashflow)
Cooperative is co-borrower for all members’ loans.
4. Rice Group Loan
This group loan product is designed for rice farmers, organized in cooperatives. Loan amount shall not exceed the cost of seeds, fertilizer, and labor activities. However, the labor portion of the loan shall not exceed 35% of the total production cost. All fertilizer loan disbursements are made through the suppliers with agreements. Labor disbursements are made to the members through the cooperative.
Loan Purpose: Input financing loan to purchase fertilizers
Group size: 20-30
Eligibility: 1) rice farmers of trustworthy character, 2) capacity to grow rice and repay the loan, 3) adequate water supply, 4) adequate experience in growing rice, 5) attendance at all introductory training and orientation programs, 6) linkage to a specific extension service provider, 6) existing relationship with fertilizer suppliers and off-taker, 7) registration with Minicom and RCA, 8) group member must not have been a member of a previous group who remains delinquent
Loan term: up to 8 months (considering client´s cashflow)
Cooperative is co-borrower for all members’ loans.
Individual loans:
1. Irish Potato Individual Loan
This individual loan product is designed for Irish potato growers with more than 1.5 hectares under production. Loan amount shall not exceed the cost of seed potatoes and fertilizer per hectare. All loan disbursements of this product are made directly to the suppliers.
Loan Purpose: Input financing loan to purchase seed potatoes and fertilizer.
Loan term: 6 months (considering client’s cash flow)
Maximum loan amount: 15 million RWF per farmer
Eligibility: 1) Individual Irish potato growers with at 1.5 hectares land under production, 2) farmer’s land must be at least 1.5 hectares and production of Irish potato cannot cover more than 13 hectares, 3) rented land must have a valid contract as proof (applicable when applicant does not own the land), 4) Only SPF and CODF seeds multipliers and fertilizer suppliers working with APTC are eligible, 5) collateral registered with RDB