Call for applications for women-led businesses to access business development support and low-interest loans
Call for applications for women-led businesses to access business development support and low-interest loans
The Aspen Network of Development Entrepreneurs (ANDE) and Inkomoko Entrepreneurship Development seek to support 75 women-led businesses in Rwanda with access to business development services and low-interest loans. Through this program, selected businesses will benefit from six months of business bootcamp workshops, business consulting services, and networking opportunities in addition to low-interest loans. The program targets women-led businesses in the retail, wholesale, agriculture, tourism and hospitality, pharmaceutical, and manufacturing sectors. To be eligible, interested businesses should:
- Be a women-led business – founded, run and owned by a woman or have a woman as majority shareholder/key decision maker
- Have an annual revenue of not less than Rwf 65 million
- Have at least more than 5 employees with the potential to create more jobs. (There will be flexibility depending on the business venture
- Have a need we can help fulfill with our services.
- Be registered with Rwanda Development Board
- Have at least one year of operation.
To register, contact:
Phone number: 0788455377
Email: info@inkomoko.com
Tips for Managing your Cash Flow
Tips for Managing your Cash Flow
Good cash flow management is a critical skill for every small business owner, and it is important for cash flow to remain positive for your business to thrive. Positive cash flow occurs when the money entering your business from sales and accounts receivable is higher than the amount of the cash leaving your businesses through expenses like rent, employee salaries, and other costs. It is essential not only for your bottom line but can also help ensure your business can manage unforeseen circumstances. Negative cash flow happens when the cash you are spending from your business is higher than the cash coming into the business, which can indicate trouble for the company. Without adequate cash flow, your business may underperform, leading to the need to downsize or perhaps even close up shop.
COVID-19 related lockdowns have meant that many businesses in Rwanda have experienced negative cash flows over the past year. Over 57% of entrepreneurs are not operating as of April 2020, according to Business Professionals Network and while 42. 5% of entrepreneurs are still operating, only 35.8% are actively selling, which surely means they are experiencing negative cash flow.
Luckily, there are several steps your business can take to fix the harmful cash flow problems. These include:
Get invoicing right.
Invoicing is one of the essential pieces of the puzzle regarding cash flow management. Speed up your cash inflows by delivering your invoices quickly so that you receive faster payment from your clients. Consider investing in automated invoicing such as point of sale machines so that you can improve your turnaround times and minimize delays in sending invoices.
Keep your financial records up to date.
Update your financial records as often as possible. This can help you gain a clear insight into your business’s financial health, which will give you a more precise foundation from which you can forecast your future cash flow, make important decisions, and plan for high and low seasons.
Build a cash reserve you can rely on in tough times.
Building a cash reserve is very important, and it can be done once you hit the break-even point. Businesses face highs and lows – having enough cash to fund your working capital needs can be critical for its continued survival during a low season business.
Liquidate cash that may be tied up in outdated assets or overstocked inventory.
Businesses sometimes have unused equipment, outdated assets, or too much inventory, all of which can be put to better use as income. Equipment and inventory can lose value as new equipment is produced or as customer preferences change. Regardless of whether you sell below initial value, liquidating assets that will not be utilized can contribute to a healthy cash flow.
Consider implementing these strategies to improve cash flow management in your business.
Uburyo bwo gucunga amafaranga yawe y’igicuruzo
Gucunga neza amafaranga y’igicuruzo ni ikintu cy’ingenzi kigomba gukoranwa ubuhanga na buri kigo cy’ubucuruzi gito cyose kandi ni ingenzi kuri buri kigo cy’ubucuruzi gito guhorana igicuruzo cyiza kugira ngo kibashe gutera imbere. Igicuruzo kiba cyiza iyo amafaranga akomoka mu byacurujwe n’ibindi byose byinjiza amafaranga bitanga amafaranga aruta asohoka mu bikorwa by’ubucuruzi nk’amafaranga agenda ku ikode, imishahara y’abakozi, n’andi mafaranga yose asohoka. Ni ingenzi cyane kugira ngo ubucuruzi bubashe kunguka no kugira ngo bigufashe guhangana n’ibihe bitateganyijwe. Igicuruzo kiba kibi igihe amafaranga asohoka mu bucuruzi bwawe asumba abwinjiramo; ibyo bikaba ari ikimenyetso kigaragaza ko ikigo kiri mu ngorane. Iyo amafaranga y’igicuruzo adakwiye, ubucuruzi bwawe bushobora kugenda nabi; ibyo bikaba byatuma ugabanya ikigero ubucuruzi bwari bugezeho ndetse ukaba wanabuhagarika.
Ingamba zo kuguma mu rugo zo gukumira ikwirakwira rya COVID-19 zatumye byinshi mu bigo by’ubucuruzi mu Rwanda bigira igicuruzo kibi umwaka ushize. Hejuru ya ba rwiyemezamirimo 57% ntibakoraga kugeza kuwa [ andika itariki] nk’uko bivugwa na [ andika aho wavanye aya makuru] naho ba rwiyemezamirimo 42.5% barakoraga. Ba rwiyemezamirimo 35.8% baracyagurisha ariko bakaba bafite igicuruzo kibi.
Ku bw’amahirwe, haracyari ingamba nyinshi ikigo cy’ubucuruzi cyawe gishobora gufata kugira ngo kibashe guhangana n’ibibazo bikomeye bijyanye n’ingano y’amafaranga y’igicuruzo. Zimwe muri izo ngamba ni izi zikurikira:
Kora inyemezabuguzi uko bikwiye.
Gukora inyemezabuguzi ni kimwe mu bice by’ingenzi bigize ihurizo rijyanye n’micungire y’amafaranga y’igicuruzo. Ihutishe ibikorwa bijyanye n’amafaranga yinjira utanga inyemezabuguzi vuba ku buryo wabasha kwishyurwa n’abakiriya bawe mu buryo bwihuse kurushaho. Tekereza gukoresha uburyo bwo gukora inyemezabuguzi bwikoresha nk’imashini zabugenewe ku buryo wabasha kunoza umubare w’inshuro uzenguruka ukanagabanya igihe wohererezamo inyemezabuguzi.
Huza ibitabo by’ibaruramari byawe n’igihe.
Huza ibitabo by’ibaruramari byawe n’igihe uko bishoboka kose. Ibi bishobora kugufasha kugira igitekerezo cyumvikana ku bijyanye n’uko ubucuruzi bwawe buhagaze mu rwego rw’ubukungu; ibyo bikaba byaguha umusinge uhamye washingiraho uteganya uko amafaranga y’igicuruzo uzagira azaba angana mu bihe biri imbere, bikanagufasha gufata ibyemezo by’ingenzi, no kugena ibizajya bikorwa mu bihe byiza no bihe bibi.
Zigama amafaranga ushobora kwifashisha mu bihe bikomeye.
Kuzigama amafaranga ni ingenzi kandi ibi bishobora gukorwa iyo umuntu atangiye kunguka. Ibikorwa by’ubucuruzi bigira igihe bigenda neza n’igihe bigenda nabi- kugira amafaranga ahagije yo kongera mu yo umuntu akoresha bishobora kuba ikintu cy’ingenzi kugira ngo ubucuruzi bukomeze gukora mu bihe bibi.
Shaka amafaranga ugurisha imitungo yarengeje igihe cyangwa ibicuruzwa by’umurengera biri mu bubiko.
Rimwe na rimwe ibigo by’ubucuruzi bigira ibikoresho bidakoresha, imitungo yarengeje igihe, cyangwa ibicuruzwa by’umurengera mu bubiko bwabyo; ibyo byose bishobora gukoreshwa neza bikinjiza amafaranga. Ibikoresho n’ibicuruzwa biri mu bubiko bishobora gutakaza agaciro igihe hakozwe ibikoresho bishya cyangwa bitewe n’ihinduka ry’ibyo abaguzi bifuza. Hirengagijwe ko ushobora kubigurisha munsi y’igiciro fatizo cyabyo, kugurusha ibikoresho bitazakoreshwa bishobora gutuma ingano y’amafaranga y’igicuruzo yiyongera.
Tekereza uburyo washyira mu bikorwa izi ngamba mu rwego rwo kunoza imicungire y’amafaranga ikigo cy’ubucuruzi cyawe gicuruza.
If I received a tax waiver because of COVID-19 hardships, what does the new announcement from RRA mean for me?
If I received a tax waiver because of COVID-19 hardships, what does the new announcement from RRA mean for me?
The Rwanda Revenue Authority (RRA) released an announcement on August 21st, 2020, for those taxers who requested waivers of penalties, fines, and interest for late payment of Pay as You Earn (PAYE), VAT, and withholding tax (WHT) in March, April, and May 2020, as well as those who requested for Corporate Income Tax (CIT) for 2019.
In that announcement, RRA has stated that the due date for principal tax payments for those who requested waivers is no later than 30 September 2020.
So, if you are a taxpayer who has requested one of the waivers above, be sure to pay the principal taxes owed by 30 September 2020.
This is an important announcement, as those not having paid on time will be subject to all penalties, fines, and interest for the unpaid taxes. This will be an important part of planning your business finances this month.
You can visit the RRA website, rra.gov.rw, and the list of taxpayers, to check to make sure you are on RRA’s list.
Niba narasonewe umusoro kubera ibibazo byatewe na COVID-19, itangazo rishya ry’Ikigo cy’Imisoro n’Amahoro (RRA) risobanuye iki kuri njye?
Ikigo cy’Imisoro n’Amahoro (RRA) cyatanze itangazo kuwa 21 Kanama 2020, rigenewe abasora basabye gukurirwaho ibihano, amande, n’inyungu ku bukererwe bwo kwishyura umusoro ku bihembo, umusoro ku nyongeragaciro, n’umusoro ufatirwa muri Werurwe, Mata, na Gicurasi 2020, ndetse n’ababisabye ku musoro ku nyungu z’amasosiyete wa 2019.
Muri iryo tangazo, RRA yatangaje ko itariki ntarengwa yo kwishyura imisoro ku basabye gusonerwa ari kuwa 30 Nzeri 2020.
Bityo rero, niba uri umwe mu basora basabye gusonerwa kimwe mu byavuzwe haruguru, ugomba kwishyura imisoro urimo bitarenze kuwa 30 Nzeri 2020.
Iri tangazo ni ingenzi kuko abatazishyurira ku gihe bazahabwa ibihano, bacibwe amande n’inyungu ku misoro batishyuye. Iki ni ikintu cy’ingenzi uheraho uteganya ibijyanye n’amafaranga uzakoresha mu bucuruzi bwawe muri uku kwezi.
Ushobora gusura urubuga rwa interineti rwa RRA; rra.gov.rw, n’urutonde rw’abasora, kugira ngo urebe ko uri ku rutonde rwa RRA.
Inkomoko Launches the “Inkomoko Relief Fund” to Provide Grants SMEs in Rwanda
July 3, Inkomoko, Nathalie Niyonzima
Inkomoko Launches the “Inkomoko Relief Fund” to Provide Grants SMEs in Rwanda
The SME Response Clinic team had the opportunity to speak with Nathalie Niyonzima, the Managing Director of Inkomoko in Rwanda about a new grant designed to help SMEs in their recovery during the period of COVID-19. get back to business.
Inkomoko is launching the “Inkomoko Relief Fund” – a grant program for SMEs in Rwanda. The opening date will be Friday, July 17, and can be found at www.inkomoko.com. This is a, one-time grant that will be offered to those businesses that apply and qualify to help them deal with losses during the COVID-19 lockdown.
The grant has already been launched for Inkomoko clients and will be opened up to non-Inkomoko clients on July 17. So far, over 1,400 entrepreneurs in Rwanda have benefited from this grant.
Once launched, SMEs and MSMEs across the country will be eligible to apply for the grant. The grant will be offered on a competitive basis, and to apply, applicants will need to provide:
- Be registered with RDB or RCA
- Have 2020 Patent tax
- Show a decrease in revenue due to Covid-19
- Show the potential to grow back to pre-COVID revenue by year-end
- Show the potential to create jobs or maintain employees
- bank statements from December 2019 to May 2020
- cashflow statement from December 2019 to December 2020
- P&L statement
- Balance Sheet
Those businesses that create jobs, are in hard-hit sectors like tourism and hospitality or do local manufacturing of items – like furniture, clothing, and others – that are normally imported will be a focus for the grant. Businesses with high growth potential in priority sectors such as agribusinesses, light manufacturing as well as other business that offer locally made products that are normally imported are encouraged to apply.
Inkomoko will do due diligence on applicants, ensuring that they are in good standing the Credit Reference Bureau, as well as carry out site visits if deemed necessary.
If you are an interested SME, stay tuned by watching Inkomoko’s website and social media for more instructions. In the coming days.
“It is a drop in the ocean, and we know that there is so much that is needed, but this grant is meant to help those SMEs to re-emerge from recent economic challenges, pivot products or services, go digital, or regain customers, staff, and revenue.”
The Inkomoko Relief Fund is being offered with the support of the MasterCard Foundation.
To learn more about Inkomoko and to stay updated on the launch for the fund, see:
- Website: inkomoko.com
- Facebook: https://www.facebook.com/inkomoko/
- Twitter: https://twitter.com/inkomoko
- Instagram: https://www.instagram.com/inkomoko/
Kuwa 03 Nyakanga, Inkomoko, Nathalie Niyonzima
Inkomoko yatangije «Ikigega cy’ingoboka cy’Inkomoko» kizatanga imfashanyo ku Bigo by’ubucuruzi Bito n’Ibiciriritse mu Rwanda
Itsinda ry’abantu bo muri SME Response Clinic bagize amahirwe yo kuganira na Nathalie Niyonzima, Umuyobozi Mukuru w’Inkomoko mu Rwanda ku bijyanye n’Ikigega gishya kigamije kugoboka Ibigo by’ubucuruzi Bito n’Ibiciriritse mu kuzahura ibikorwa by’ubucuruzi byabo mu gihe cy’icyorezo cya COVID-19.
Inkomoko yatangije «Ikigega cy’ingoboka cy’Inkomoko» – gahunda yo gutanga imfashanyo ku Bigo by’ubucuruzi Bito n’Ibiciriritse mu Rwanda. Umunsi wo gutangiza icyo Kigega ku mugaragaro ni kuwa gatanu tariki 17 Nyakanga, kandi iyo gahunda iboneka ku rubuga rwa interineti: www.inkomoko.com. Ni imfashanyo izatangwa inshuro imwe ku bikorwa by’ubucuruzi byayisabye kandi byujuje ibisabwa mu rwego rwo kubifasha gukemura ibibazo batewe n’ibihombo bigize mu gihe cya “guma mu rugo” bitewe na COVID-19.
Iyi gahunda yamaze gutangizwa ku bakiriya b’Inkomoko kandi izatangizwa no ku bandi batari abakiriya b’Inkomoko kuwa 17 Nyakanga. Kugeza ubu, ba rwiyemezamirimo 1400 bamaze guhabwa iyi mfashanyo mu Rwanda.
Iki kigega nikimara gutangira, Ibigo by’ubucuruzi Bito n’Ibiciriritse mu Rwanda hose, bizaba byemerewe gusaba iyo mfashanyo. Imfashanyo izatangwa binyuze mu nzira y’ihiganwa kandi abasaba imfashanyo bagomba gutanga ibi bikurikira:
- Kuba banditse muri RDB cyangwa muri RCA
- Kuba baratanze umusoro w’ipatanti wa 2020
- Kugaragaza ko ibyo binjiza byagabanutse bitewe n’icyorezo cya Covid-19
- Kugaragaza ubushobozi bwo kongera kugeza ku byo binjizaga mbere y’icyorezo cya COVID-19 mbere y’uko umwaka urangira
- Kugaragaza ubushobozi bwo guhanga imirimo mishya cyangwa kugumana abakozi
- Inyandiko igaragaza imikoreshereze ya konti kuva mu Kuboza 2019 kugeza muri Gicurasi 2020
- Raporo y’imikoreshereze y’amafaranga kuva mu Kuboza 2019 kugeza mu Kuboza 2020
- Raporo y’itubyamutungo n’iyongeramutungo
- Ifoto y’umutungo
Ibyo bikorwa by’ubucuruzi bitanga akazi, biboneka mu nzego zahungabanye cyane nk’ubukerarugendo no gucumbikira abantu cyangwa inganda zikorera ibintu bitandukanye mu Rwanda – nk’abakora ibikoresho bitandukanye byo mu mbaho n’ibyuma, imyenda, n’ibindi – ubusanzwe byatumizwaga mu mahanga, ni byo bizahabwa umwihariko mu guhabwa imfashanyo. Ibikorwa by’ubucuruzi bitanga umusaruro mwinshi bibarizwa mu nzego zahawe umwihariko nk’ishoramari mu buhinzi, inganda nto, hamwe n’abandi bakorera ibintu mu Rwanda ubusanzwe byatumizwaga hanze, barashishikarizwa gusaba iyo mfashanyo.
Inkomoko izigana ubushishozi dosiye z’abasaba imfashanyo hasuzumwa niba abasaba bujuje ibiteganywa n’Ikigo cy’ihererekanyamakuru ku myenda, kandi nibiba ngombwa izajya ibasura aho bakorera.
Ku bafite Ibigo by’ubucuruzi Bito n’Ibiciriritse bifuza gukorana n’Ikigega, bakomeza gusura urubuga rwa interineti hamwe n’imbuga nkoranyambaga by’Inkomoko kugira ngo babone ibisobanuro birambuye mu minsi iri imbere.
«Ni nk’igitonyanga mu nyanja, kandi turabizi ko hakenewe byinshi birenzeho, ariko iki Kigega kigamije gufasha Ibigo by’ubucuruzi Bito n’Ibiciriritse kuva muri ibi bibazo by’ubukungu, kubona ibicuruzwa cyangwa serivisi, kwitabira ikoranabuhanga, cyangwa kongera kubona abakiriya, abakozi, n’inyungu.»
Ikigega cy’ingoboka cy’Inkomoko kiri gutangizwa ku nkunga ya MasterCard Foundation.
Uramutse wifuza kumenya birambuye amakuru yerekeye Inkomoko no gukomeza kumenya amakuru agezweho ku bijyanye n’itangizwa ry’iki kigega, wasura imbuga za interineti zikurikira:
- Urubuga rwa interineti: inkomoko.com
- Facebook: https://www.facebook.com/inkomoko/
- Twitter: https://twitter.com/inkomoko
- Instagram: https://www.instagram.com/inkomoko/
What can I do if I have corporate income taxes and/or personal income taxes due, but I cannot fully pay?
What can I do if I have corporate income taxes and/or personal income taxes due, but I cannot fully pay?
As of 24 June 2020, the Rwanda Revenue Authority (RRA) has authorized taxpayers like you to make partial payments on your corporate income taxes and/or personal income taxes.
RRA recognizes the financial hardship that many people – especially SMES – are facing at this time, and has issued this authorization to help those struggling with cashflow.
This means that at this moment you may make a partial payment. If you owe, for example, 100,000 RWF in taxes, but you can only pay 50,000 at this time, it will be accepted. 50% of your taxes owed will have been paid at this time.
Remember to keep all receipts and documentation so that in the future, when full taxes will be due, you have your paperwork in order!
For more information, as well as contact information if you need more clarification, see the Authorization on RRA’s website here:
Authorization to Receive Partial Tax Payments: 24 June 2020.
Government of Rwanda Launches Economic Recovery Fund – Including Support to SMEs
Government of Rwanda Launches Economic Recovery Fund – Including Support to SMEs
For full information on the Economic Recovery Fund, please see the website of the Ministry of Finance and Economic Planning (MINECOFIN): Economic Recovery Fund Operational Guidelines.
| The newly launched Economic Recovery Fund includes key areas of support to SMEs:
For a full description of the Fund, please read the article below.
|
On June 2nd, 2020, the National Bank of Rwanda launched the Economic Recovery Fund, with the goal of providing support to those businesses hit hardest by the COVID-19 pandemic. BNR has recognized the need to help businesses resume their operations and safeguard employment, and SMEs are core to the response.
There are four categories of businesses that are targeted through the Fund, including SMEs. These are:
- Large Corporate Businesses: Those companies or cooperatives with annual turnover of greater than FRW 500 million;
- Small and Microenterprises (SMEs): Those companies or cooperatives with an annual turnover between FRW 20 Million and FRW 500 Million.
- Micro Businesses: Companies or cooperatives with an annual turnover of less than FRW 20 million;
- Participating Financial Institutions or PFIs: Banks and Limited Microfinance Institutions;
Those participating financial institutions who are eligible for financing through the Fund will have access for a period of two years, beginning with the signature of the BNR directive. The Fund has a specific focus on refinancing for those businesses who will be deemed eligible, especially in three areas: hotel, tourism and hospitality refinancing, working capital and lines of credit for corporations and SMEs, and micro businesses.
Hotels, Tourism and Hospitality:
Funds allotted for the tourism industry overall total 50 Billion RWF. Under the fund, a “hotel” refers to an establishment providing accommodation, meals, and other services for travelers and tourists. If the establishment does not provide accommodation will not be treated under the refinancing window category.
Refinancing for hotels negatively affected by COVID-19 and eligible for the facility will be available through banks, and interest rates for these loans will not exceed 5.0% per annum. To access these loans, hotels must have a current loan that was still outstanding prior to May 31st, 2020. Importantly, the loan must have been performing as of the end of February, 2020.
Those businesses receiving refinancing will have a three-year grace period, a period in which they are not required to make repayments – as well as a period of up to 15 years to repay in full , which will commence after the three-year grace period. For example, if you receive a loan in June 2020 from a financial institution, your repayment will start from July 2023.
Working capital and lines of credit:
Funds allotted for the tourism industry overall total 30 Billion RWF for large companies and 15 Billion RWF for SMEs.
Large corporate businesses and SMEs will have access to financing to cover needs for working capital. There will also be lines of credit available to cover expenses for repairs, restorations, equipment, and investment in technological solutions, such as moving to online distribution channels. Eligible businesses and SMEs will also access these facilities through banks one time only, and will have access to up to FRW 75 million (SMEs) and FRW 300 Million (large corporations), subject to the bank’s assessment and the borrower’s capacity to repay.
To be eligible, these businesses must demonstrate a 50% loss due on their operations to COVID-19 (January – May 2020 vs. January – May 2019) based on VAT returns submitted to RRA. You must also present your RRA tax clearances as of the end of February 2020, and demonstrate that any existing loans were performing at the end of February 2020. It will be of the utmost importance that those businesses seeking relief have their financial and tax paperwork in order to make their applications.
In terms of loans, priority will be given to borrowers fitting certain criteria outlined by BNR:
- Borrowers who demonstrate that the Fund can aid in a recovery of business turnover to at least 75% of pre-COVID-19 levels;
- Borrowers that demonstrate that the Fund will either help to preserve existing jobs or create new employment. To demonstrate this, businesses will need to show PAYE and Social Security Returns to prove number of employees pre-COVID, and demonstrate the number of jobs that will be preserved or created post-COVID through access to the Fund;
- Borrowers that demonstrate an increased fiscal contribution through accessing the Fund. This could be through jobs preserved or increased turnovers that result in an increase in tax payments. This can be demonstrated through VAT, PAYE, and income tax receipts.
If your business began operating after May of 2019, you may still be considered if you can demonstrate both your contribution to economic development and the negative impact on your business from COVID. Again – you must have the paperwork to show the negative trend on your turnover.
In terms of working capital or lines of credit:
Banks will have the ability to grant these facilities to SMEs at an interest rate of 8.0% over a period of five years, with a grace period of one year. Any borrower accessing these facilities can do so only once, from one institution.
Micro business financing:
Funds allotted for the tourism industry overall total 3 Billion RWF (1 Billlion RWF for microbusiness clients of MFIs and 2 Billion RWF for SACCO clients).
Eligible micro businesses will have access to financing to help recover from COVID-19. Lending for these funds will be provided through Limited Liability Microfinance Institutions (MFIs). Borrowers will be able to access up to FRW 5 million through these MFIs one time only, based on an assessment by the MFI and the borrower’s ability to repay.
Eligible microbusinesses must meet the following criteria:
- Borrowers must have a legally registered business as a company, cooperative or sole proprietor
- Borrowers must demonstrate the negative impact of COVID-19 by proving at least 50% losses (January – May 2020 vs. January – May 2019), using VAT returns submitted to RRA as a reference
- Borrowers should be able to show their RRA tax clearance certificates as of the end of February 2020 to demonstrate good tax standing prior to the pandemic
- Micro businesses seeking these loans must show that any existing loans were in good standing as of the end of February 2020
- Some micro businesses are not eligible for VAT registration. These may show their MFI other paperwork to demonstrate the negative impact of COVID-19. To find out what is needed, talk with your MFI for more information
Any micro business receiving a loan through the Fund will receive an interest rate of 8.0% per annum and a loan term of three years with a grace period of three months. Any borrower accessing these facilities can do so only once, from one institution.
How do I access the Economic Recovery Fund?
To access the fund, talk with your financial institution. Any SMEs or other businesses wishing to access the Fund will submit their loan application directly to their bank or MFI, who will review your paperwork, request any additional documents needed, and assess your eligibility for the Fund. You can find the list of Banks with contact numbers of dedicated staff in the SME clinic website.
You may also write directly to MINECOFIN with questions at erf@minecofin.gov.rw.
Remember: Being able to present your paperwork, your good standing with any previous or outstanding loans, and your losses due to COVID will be key in accessing the Economic Recovery Fund through your bank. All decisions will be made by banks on a case by case basis, so that these funds can be used in the most prudent and responsible way possible and businesses that need them will have access.
Reference:
Announcement 3000/2020 – 04931/0010BNR [902.4]. National Bank of Rwanda.
Economic Recovery Fund Operational Guidelines. MINECOFIN. May 2020.
Guverinoma y’u Rwanda yatangije Ikigega cyo Kuzahura Ubukungu hamwe no Gushyigikira Ibigo by’ubucuruzi Bito n’Ibiciriritse.
Ushaka amakuru yose yerekeye Ikigega cyo Kuzahura Ubukungu, wasura urubuga rwa interineti rwa Minisiteri y’Imari n’Igenamigambi (MINECOFIN): Amabwiriza agenga imikorere y’Ikigega cyo Kuzahura Ubukungu .
Ikigega cyo Kuzahura Ubukungu giherutse gutangizwa gishyigikira by’umwihariko ibyiciro by’ Ibigo by’ubucuruzi Bito n’Ibiciriritse bikurikira:
Ushaka amakuru yose kuri iyi nguzanyo, wasoma inyandiko ikurikira: |
Kuwa 02/06/ 2020, Banki Nkuru y’u Rwanda yatangije Ikigega cyo Kuzahura Ubukungu hagamijwe gufasha ibikorwa by’ubucuruzi byahuye n’ibibazo bitewe n’icyorezo cya COVID-19. BNR yabonye ko ari ngombwa gufasha abafite ibikorwa by’ubucuruzi kongera gusubukura ibikorwa byabo no kubungabunga imirimo, kandi ibyo bikorwa bishingiye ku Bigo by’ubucuruzi Bito n’Ibiciriritse.
Hari ubwoko bune bw’ibikorwa by’ubucuruzi icyo Kigega kizibandaho, harimo n’Ibigo by’ubucuruzi Bito n’Ibiciriritse. Ari byo:
- Ibigo by’ubucuruzi binini: Ibigo by’ubucuruzi cyangwa amakoperative afite igicuruzo rusange kirenga miliyoni 500 FRW ku mwaka;
- Ibigo by’ubucuruzi Bito n’Ibiciriritse: Ibigo by’ubucuruzi cyangwa amakoperative afite igicuruzo rusange kiri hagati ya miliyoni 20 na miliyoni 500 FRW ku mwaka.
- Ibikorwa by’ubucuruzi bito: Ibigo by’ubucuruzi cyangwa amakoperative afite igicuruzo rusange kiri munsi ya miliyoni 20 FRW ku mwaka;
- Ibigo by’imari bigira uruhare mu bikorwa by’ubucuruzi: Amabanki n’Ibigo by’imari biciriritse;
Ibyo Bigo by’imari bigira uruhare mu bikorwa by’ubucuruzi byemerewe guhabwa inguzanyo binyuze mu Kigega, byemerewe guhabwa iyo nguzanyo mu gihe cy’imyaka ibiri uhereye igihe amabwiriza ya BNR yashyiriwe umukono. Ikigega kigamije by’umwihariko guha inguzanyo ibikorwa by’ubucuruzi byujuje ibisabwa, by’umwihariko mu byiciro bitatu bikurikira: guha inguzanyo amahoteli, ubukerarugendo no kwakira abantu, imari shingiro n’umwenda ntarengwa ku bigo binini n’ Ibigo by’ubucuruzi Bito n’Ibiciriritse hamwe n’ibikorwa by’ubucuruzi biciriritse.
Amahoteli, Ubukerarugendo no Kwakira ababagana:
Amafaranga yose yagenewe urwego rw’ubukerarugendo agera kuri miliyari 50 FRW. Hashingiwe ku Kigega, bisobanurwa ko “hoteli” ari ikigo gicumbikira, kigaburira, kandi kinatanga izindi serivisi ku babagenderera na bamukerarugendo. Mu gihe ikigo kidafite amacumbi, ntikizashyirwa mu cyiciro cy’ibizahabwa amafaranga.
Amafaranga azahabwa amahoteli yagizweho ingaruka n’icyorezo cya COVID-19 kandi yujuje ibisabwa, azanyuzwa mu mabanki, kandi inyungu ku nguzanyo ntigomba kurenga 5% ku mwaka. Kugira ngo ayo mahoteli ahabwe izo nguzanyo, agomba kuba yari afite inguzanyo yari itarishyurwa mbere yo kuwa 31/05/2020. Ikindi kandi, inguzanyo igomba kuba yarishyurwaga neza kugera mu mpera za Gashyantare 2020.
Ibikorwa by’ubucuruzi bizahabwa inguzanyo, bizahabwa imyaka itatu bitishyura inguzanyo mbere y’uko bitangira kwishyura; muri ikigihe ntibasabwa kwishyura –kandi bahabwa igihe kingana n’imyaka 15 yo kwishyura inguzanyo yose, izatangirwa kwishyurwa nyuma y’imyaka itatu batishyura inguzanyo. Urugero, nuhabwa inguzanyo n’ikigo cy’imari muri Kamena 2020, uzatangira kuyishyura muri Nyakanga 2023.
Imari shingiro n’umwenda ntarengwa:
Mu mafaranga yose yagenewe urwego rw’ubukerarugendo, miliyari 30 FRW zagenewe ibigo binini, mu gihe miliyari 15 FRW zagenewe Ibigo by’ubucuruzi Bito n’Ibiciriritse.
Ibikorwa by’ubucuruzi by’ibigo binini n’ iby’Ibigo by’ubucuruzi Bito n’Ibiciriritse bizahabwa inguzanyo zo kuziba icyuho mu mari shingiro yabyo. Hazashyirwaho n’amafaranga y’inguzanyo ntarengwa azakoreshwa mu gusana, kuvugurura, ibikoresho, no gushora imari mu ikoreshwa ry’ikoranabuhanga, nko kuba hakifashishwa ikoranabuhanga mu kugemura ibicuruzwa no gutanga serivisi. Ibikorwa by’ubucuruzi n’Ibigo by’ubucuruzi Bito n’ibiciriritse byujuje ibisabwa bizahabwa izi nguzanyo inshuro imwe gusa binyuze mu mabanki, kandi bizaba byemerewe amafaranga ashobora kugera kuri miliyo 75 FRW (Ibigo by’ubucuruzi Bito n’Ibiciriritse) na miliyoni 300 FRW (Ibigo binini), hashingiwe ku isesengura rya banki no ku bushobozi bwo kwishyura bw’usaba inguzanyo.
- Kugira ngo ibi bikorwa by’ubucuruzi byemererwe guhabwa izo nguzanyo, hagomba kugaragazwa ko ibyo bikorwa byagize igihombo kigera kuri 50% giturutse ku cyorezo cya COVID-19 (Mutarama – Gicurasi 2020 ugereranyije na Mutarama – Gicurasi 2019) hashingiwe ku Musoro ku Nyongeragaciro (TVA) watanzwe mu Kigo cy’Igihugu cy’Imisoro n’Amahoro (RRA). Ugomba kandi kwerekana icyemezo cy’uko nta birarane by’imisoro wari ufitiye RRA mu mpera za Gashyantare 2020, ukerekana kandi ko wishyuraga neza inguzanyo iyo ari yo yose wari ufite kugeza mu mpera za Gashyantare 2020. Ibikorwa by’ubucuruzi bikeneye ingoboka, ba nyirabyo bagomba kuba bafite inyandiko zerekeye imari n’iz’imisoro ziri ku murongo mbere yo gutanga ubusabe bwabo.
Ku bijyanye n’inguzanyo, mbere na mbere zizahabwa abasa inguzanyo bujuje ibisabwa na BNR:
- Abasa inguzanyo bagaragaza ko izabafasha kuzahura igicuruzo rusange kugera nibura kuri 75% y’urwego bariho mbere y’icyorezo cya COVID-19;
- Abasa inguzanyo bagaragaza ko izabafasha kubungabunga imirimo cyangwa guhanga imishya. Mu kugaragaza ibi, ba nyiribikorwa by’ubucuruzi bagomba kugaragaza umusoro ku Bihembo n’imisanzu y’ubwiteganyirize batangira abakozi mu rwego rwo kugaragaza umubare w’abakozi bari bafite mbere y’icyorezo cya COVID-19, kugira ngo hagaragazwe umubare w’imirimo izabungwabungwa cyangwa imishya izahangwa nyuma ya COVID-19 babikesheje iyo nguzanyo;
- Abasa inguzanyo bagaragaza ko bazongera ingano y’imisoro batanga babikesheje iyo nguzanyo. Ibi bishobora guturuka ku mirimo izabungwabungwa cyangwa igicuruzo rusange kiziyongera bigatuma n’amafaranga yishyurwa imisoro yiyongera. Ibi bigaragarira ku Musoro ku Nyongeragaciro, Umusoro ku Bihembo, n’umusoro ku nyungu wakiriwe.
Niba ibikorwa by’ubucuruzi byawe byaratangiye nyuma ya Gicurasi 2019, ushobora nawe kwemererwa inguzanyo mu gihe werekanye uruhare rwawe mu guteza imbere ubukungu kandi ko COVID-19 yagize ingaruka ku bikorwa by’ubucuruzi byawe. Ugomba kandi kuba ufite inyandiko zigaragaza izo ngaruka ku gicuruzo rusange cyawe.
Ku bijyanye n’imari shingiro cyangwa umwenda ntarengwa:
Banki zizaba zifite ubushobozi bwo gutanga izi nguzanyo ku Bigo by’ubucuruzi Bito n’Ibiciriritse ku nyungu ya 8% mu gihe cy’imyaka itanu, harimo n’umwaka umwe wo kutishyura inguzanyo. Usaba inguzanyo wese uzahabwa iyi nguzanyo, azaba ayemerewe inshuro imwe gusa mu kigo kimwe.
Inguzanyo ku bikorwa by’ubucuruzi bito:
Mu mafaranga yose yagenewe urwego rw’ubukerarugendo, miliyari 3 FRW (miliyari 1 RWF yagenewe abafite ibikorwa by’ubucuruzi bito bagana Ibigo by’imari iciriritse na miliyari 2 FRW yagenewe abakiriya ba SACCO).
Abafite ibikorwa by’ubucuruzi bito bujuje ibisabwa bazahabwa inguzanyo zo kubafasha kuzahura ibikorwa byadindijwe na COVID-19. Izi nguzanyo zizatangwa binyujijwe mu Bigo by’Imari Iciriritse bifite uburyozwe buhinnye. Abasaba inguzanyo bazaba bemerewe guhabwa amafanga agera kuri miliyoni 5 FRW inshuro imwe gusa binyujijwe muri ibi Bigo by’Imari Iciriritse, hashingiwe ku isesengura ryakozwe n’Ikigo cy’Imari Iciriritse ndetse no ku bushobozi bwo kwishyura.
Ibigo bito bizahabwa inguzanyo bigomba kuba byujuje ibi bikurikira:
- Abasaba inguzanyo bagomba kuba bafite ibikorwa by’ubucuruzi byanditswe ku buryo bwemewe n’amategeko nk’ikigo cy’ubucuruzi, koperative cyangwa nk’uwikorera;
- Abasaba inguzanyo bagomba kugaragaza ingaruka za COVID-19 berekana ko bagize nibura igihombo cya 50% (Mutarama – Gicurasi 2020 ugereranyije na Mutarama – Gicurasi 2019), bifashishije Umusoro ku Nyongeragaciro batanze mu Kigo cy’Igihugu cy’Imisoro n’Amahoro (RRA) nk’urugero.
- Abasaba inguzanyo bagomba kugaragaza icyemezo cya RRA cyo kutabamo ibirarane by’umusoro kugeza mu mpera ya Gashyantare 2020 mu rwego rwo kugaragaza ko bishyuraga imisoro neza mbere y’icyorezo;
- Abafite ibikorwa by’ubucuruzi bito basaba izi nguzanyo bagomba kugaragazo ko bishyuraga neza inguzanyo iyo ari yo yose bari bafite kugeza mu mpera ya Gashyantare 2020;
- Hari ibikorwa by’ubucuruzi bito biba bitanditse mu Musoro ku Nyongeragaciro. Ba nyirabyo bashobora kwereka Ikigo cy’Imari Iciriritse bakorana izindi nyandiko mu rwego rwo kugaragaza ingaruka COVID-19 yabagizeho. Ushaka kumenya ibisabwa, wakwegera Ikigo cy’Imari Iciriritse mukorana bakaguha amakuru yose.
Ibikorwa by’ubucuruzi bito byose bizahabwa inguzanyo binyuze mu Kigega, bizayihabwa ku nyungu ya 8% ku mwaka, binahabwe n’igihe cy’amezi atatu yo kutishyura. Uhabwa iyi nguzanyo wese, ayihabwa inshuro imwe gusa kandi mu kigo kimwe gusa.
Ni gute nakorana n’Ikigega cyo Kuzahura Ubukungu?
Ushaka guhabwa iyi nguzanyo, wakwegera Ikigo cy’Imari mukorana. Ikigo cy’ubucuruzi giciriritse icyo ari cyo cyose cyangwa abandi bafite ibikorwa by’ubucuruzi bifuza gukorana n’Ikigega, bazatanga inyandiko isaba inguzanyo muri banki cyangwa Ibigo by’Imari Iciriritse bakorana nabyo, hanyuma bige dosiye yawe, bagusabe izindi nyandiko za ngombwa, banarebe niba wujuje ibisabwa kugira ngo uhabwe inguzanyo. Ushobora kubona urutonde rw’amabanki na nomero z’abakozi bazo wahamagaraho ku rubuga rwa interineti rwa SME Response Clinic.
Ushobora no kwandikira Minisiteri y’Imari n’Igenamigambi ukayigezaho ibibazo byawe ubinyujije kuri erf@minecofin.gov.rw.
Icyitonderwa: Kuba warujuje neza dosiye yawe, kuba warishyuye neza inguzanyo wigeze gufata cyangwa wishyura neza izo ufite, no kugaragaza igihombo watewe na COVID-19, bizagufasha gukorana n’Ikigega cyo Kuzahura Ubukungu binyujijwe muri banki mukorana. Ibyemezo byose bizafatwa n’amabanki ashingiye kuri dosiye ya buri muntu kugira ngo ayo mafaranga azakoreshwe neza kandi ahabwe ibikorwa by’ubucuruzi biyakwiriye koko.
Ibyifashishijwe mu gutegura iyi nyandiko:
Itangazo 3000/2020 – 04931/0010BNR [902.4]. Banki Nkuru y’u Rwanda.
Amabwiriza agenga imikorere y’Ikigega cyo Kuzahura Ubukungu . MINECOFIN. May 2020.
(UPDATE) Mobile money charges have now been reinstated
UPDATE ON MOBILE MONEY CHARGES: 22 June 2020
Keep yourself informed on financial services to best manage your cash flow! Mobile money charges have now been reinstated.
From 19 March 2020 for a period of three months, fees had been waived on:
- Transfers between bank accounts and mobile wallets
- Mobile money transfers
- Payments at points of sale (POS devices)
To ensure that mobile service providers can continue offering these services, fees will be charged on these services again as of 22 June 2020.
However, digital services are STILL your safest option. Whenever possible, use mobile money and digital services to keep yourself, your customers, and your family healthy and safe!
Reference:
BNR Public Notice: Reinstatement of Mobile Money Transaction Charges. 18th June 2020.
IBICIRO BIGEZWEHO KU BIJYANYE NA SERIVISI ZA MOBILE MONEY: Kuwa 22 Kamena 2020
Ni ngombwa kugira amakuru ku bijyanye na serivisi z’imari kugira ngo ubashe gucunga imikoreshereze y’amafaranga yinjira n’asohoka! Amafaranga asabwa kuri serivisi za Mobile Money yasubijweho.
Guhera kuwa 19 Werurwe 2020 kugeza mu gihe cy’amezi atatu, hari harakuweho amafaranga yo :
- Guhererekanaya amafaranga hagati ya konti z’amabanki n’amakofi ngendanwa.
- Guhererekanya amafaranga
- Amafaranga y’ubwishyu hakoreshwa utumashini twifashishwa mu kwishyura (POS devices)
Kugira ngo abatanga serivisi za Mobile Money bakomeze kuzitanga,amafaranga asabwa mu itangwa ryazo azasubiraho guhera kuwa 22 Kamena 2020.
Ariko, gukoresha ikoranabuhanga ni bwo buryo bwizewe ushobora gukoresha. Mu gihe cyose bishoboka, koresha Mobile Money na serivisi z’ikoranabuhanga kugira ngo wirinde, urinde abakiriya bawe, n’umuryango wawe kwandura!
Ibyifashishijwe mu gutegura iyi nyandiko:
Itangazo rya Banki Nkuru y’u Rwanda: Isubiraho ry’amafaranga asabwa kuri serivisi za Mobile Money. Kuwa 18 Kamena 2020.
Cogebanque provides support to SME customers through the pandemic
Cogebanque provides support to SME customers through the pandemic
The SME Response Clinic spoke with Joel Kayonga, Commercial Director at Cogebanque about specific challenges for SMEs and the actions that the bank is taking to support them during this ongoing pandemic.
Even if the lockdown has been eased, it is a bit early for clients to make big decisions related to their businesses. Business owners are taking an approach of “let’s wait and see.” Given this, SMEs need timely information about how the situation is evolving.
What are the biggest challenges SMEs are facing right now?
First, a slowdown in business. The lockdown brought business to a standstill. Challenges are related mainly to working capital to be used to pay salaries and stock up in preparation for business picking up again. The only sectors that have not been truly affected are agribusiness and commodities. The hospitality sector has been the hardest hit because of restrictions on movement.
While the lockdown has been eased, there are still challenges because borders remain closed. Rwanda is a net importer, and Cogebanque’s clients need to travel to be able to deploy funds and stock up on goods. Until the borders are open, clients will be unable to do this, so they have the approach of “let’s wait and see.”
Can you tell us about the support the bank is providing to SME customers?
Most of our SME customers have expressed the need to have their facilities refinanced, so we are working to help them smooth their loan repayments and have given them deferments. As a bank, Cogebanque is focusing relief on specific sectors that have been hit hardest. If the client was up to date with payments and if the challenges they are facing are clearly COVID-related, the bank automatically gives them a deferment of 3 months. But for some sectors, specifically hotels and others in the tourism sector, deferments are for 6 months. The bank is also willing to extend these as the situation evolves, because it will take longer for them to see business really pick up again. Cogebanque has also provided small overdrafts for salaries or other urgent capital needs that businesses have.
How has the bank ensured continuity of service to SMEs?
At the beginning of the lockdown, we saw the need to close some branches given reduced traffic. In Kigali, we kept 3 branches open and reduced opening hours, but there were really no disruptions in service given that the bank has alternative channels in place. We saw a huge jump in terms of traffic on digital platforms, mobile banking, the mobile wallet and USSD.
Quite a few SMEs were not yet registered to our internet banking and mobile banking offerings since most SMEs tend to transact in cash. What we have seen is a growing appetite for clients to use our digital platforms given that doing only cash transactions is not feasible, especially if you can’t move around.
To facilitate onboarding, Cogebanque has had clients use channels like WhatsApp and other platforms to fill out and send documentation, eliminating the need for them to come to an office. We also availed the forms for application for debit cards and credit cards online and sent them to clients via email. We have also sent out and posted useful tutorials for our clients.
Ubufasha Cogebanque iha ibigo (SMEs) bikorana na yo muri ibi bihe by’Icyorezo
Ihuriro rishinzwe kwiga uburyo ibigo bito n’ibiciriritse (SME) bihangana n’ingorane byatewe n’icyorezo cya COVID-19 ryaganiriye na Joel Kayonga, Umuyobozi ushinzwe Ubucuruzi muri Cogebanque ku byerekeye ingaruka zihariye zibangamiye ibyo bigo n’ingamba iyi banki irimo gufata kugira ngo ibufashe muri iki gihe bikomeje guhangana n’ingaruka byatewe n’iki cyorezo.
Nubwo ingamba zafashwe mu rwego rwo kwirinda icyorezo zigenda zoroshywa, haracyari kare kugira ngo abakiriya bagire ibyemezo bikomeye bafata byerekeye ibikorwa by’ubucuruzi bakora. Ba nyiri ibigo by’ubucuruzi ubu bahisemo kuba bategereje ngo barebe ko hari impinduka zigaragara ziba. Kubera umwuka uteye utyo, SMEs zikeneye kubona amakuru ku gihe yerekeye uburyo ibintu birimo kugenda bihinduka.
Ni izihe ngorane zikomeye zibangamiye SMEs muri iki gihe?
Ingorane ya mbere ni ukuzahara kw’ibikorwa by’ubucuruzi. Gahunda yo gufunga bimwe mu bikorwa bitari iby’ingenzi yatumye ibikorwa by’ubucuruzi bihagarara. Ingorane zihari ni izifitanye isano no kubona igishoro cyo gukoresha mu kwishyura imishahara y’abakozi no kwegeranya amikoro mu rwego rwo kwitegura gusubukura ibikorwa by’ubucuruzi. Inzego z’imirimo zitagizweho ingaruka cyane ni ubuhinzi bugamije ubucuruzi n’ubw’ibihingwa ngengabukungu byoherezwa mu mahanga. Urwogo rw’amahoteri n’amacumbi ni rwo rwagizweho ingaruka cyane kubera ingamba zo kugabanya urujya n’uruza rw’abantu.
Mu gihe ingamba zo kwirinda icyorezo zirimo koroshywa, haracyari imbogamizi kuko imipaka yakomeje gufungwa. U Rwanda rutumiza mu mahanga ibyinshi mu bicuruzwa ku masoko yarwo kandi ba rwiyemezamirimo bakenera gukora ingendo kugira ngo babashe gushora amafaranga bahaha ibicuruzwa. Abakiriya ntibazabasha kubona ibicuruzwa bakeneye imipaka itarafungurwa, ni yo mpamvu, ”bahisemo kuba bategereje kugira ngo ibintu bisubire mu buryo.”
Watubwira ubufasha banki igenera ibigo bito n’ibiciriritse (SME) bikorana na yo?
Ibyinshi mu bigo bito n’ibiciriritse (SME) bikorana na banki yacu byatugaragarije ko bikeneye ko inguzanyo zabyo zivugururwa, ni yo mpamvu turimo gukora ibishoboka ngo dufashe ibyo bigo tubyorohereza kwishyura inguzanyo kandi tubyongerera igihe cyo kwishyura izo nguzanyo. Nka banki, Cogebanque yibanda ku nzego z’imirimo zazahajwe cyane n’ibi bihe turimo by’icyorezo ifasha bimwe mu bigo bikorana na yo kuzahura ubucuruzi byabyo. Iyo ikigo cyishyuraga neza kandi ingorane gihura na zo zikaba zifitanye isano n’Icyorezo cya COVID-19, icyo gihe banki yahitaga igisonera kwishyura inguzanyo mu gihe cy’amezi atatu (3). Ariko ku bigo byo mu nzego zimwe na zimwe by’umwihariko amahoteri n’urwego rw’ubukerarugendo, byasubikiwe kwishyura mu gihe cy’amezi atandatu (6). Banki kandi irifuza kongera igihe iyi gahunda izamara bitewe n’uko ibintu bizaba byifashe, kubera ko bizatwara igihe kirekire kugira ngo ibi bigo bisubukure neza ibikorwa byabyo. Cogebanque kandi yahaye inguzanyo zihuse abakorera umushahara cyangwa ibindi bigo byari bikeneye kongera igishoro.
Ni gute banki yabashije gukomeza serivisi iha Ibigo bito n‘ibiciriritse (SMEs) bikorana na yo?
Ubwo hatangizwaga ingamba zo guhagarika ingendo n’ibikorwa by’ubucuruzi bitari iby’ingenzi, twasanze ari ngombwa gufunga amwe mu mashami kubera igabanuka ry’urujya n’uruza rw’abantu n’ibintu. Muri Kigali, amashami atatu (3) ni yo yakomeje gufungura ariko twanagabanyije amasaha y’akazi. Mu by’ukuri nta kirogoya yabaye muri serivisi dutanga kuko banki yari yashyizeho ubundi buryo bwo guha serivisi abayigana. Twasanze abantu benshi baritabiriye gukoresha uburyo bw’ikoranabuhanga, kubona serivisi za banki ukoresheje terefoni ngendanwa, gahunda ya Mobile Wallet (Gahunda y’ikofi) na USSD.
Ibigo (SMEs) bike cyane ni byo byari bitariyandikisha gukorana na banki hifashishijwe murandasi no kugezwaho serivisi za banki hifashishijwe terefoni ngendanwa kubera ko ibyinshi (SMEs) bikunda guhererekanya amafaranga mu buryo bwa cash. Ikintu twiboneye ni uko umubare w’abakiriya bitabiriye gukoresha uburyo bw’ikoranabuhanga banki yacu yabashyiriyeho wazamutse cyane kubera ko guhererekanya amafaranga mu ntoki (cash) gusa bitashobokaga, cyane cyane kubera ko nta wari wemerewe gukora ingendo.
Mu rwego rwo korohereza abakiriya ba banki kubona serivisi batavuye aho bari, Cogebanque yabafashije gukoresha umuyoboro wa WhatsApp n’izindi mbuga nkoranyambaga mu kuzuza imyirondoro no kuyohereza, bityo bibarinda gukora ingendo bajya aho banki ikorera. Twagejeje ku bakiriya amafishi basabiraho amakarita ya banki (yo kwishyura no kubikuza) hifashishijwe ikoranabuhanga maze tuyaboherereza dukoresheje email. Twoherereje abakiriya amwe mu makuru abagenewe ibindi bisobanuro tubishyira ku rubuga rwacu aho bashobora kubisanga.
Supporting Your Business Series: Advice from the Banking Sector in Rwanda
Supporting Your Business Series:
Advice from the Banking Sector in Rwanda
Improve your business management skills with AMI’s free Bootcamp and Trainings:
Bootcamp: Thursday, June 5th, 2020 – https://www.africanmanagers.org/rwandacovidwebinars/
Open Webinars: https://www.africanmanagers.org/covidwebinars/
Many SMEs have questions about banking services right now, given that businesses have faced low cashflow, difficulty in repaying loans, and uncertainty. In response, the SME Response Clinic brought together a panel of bankers for a Facebook Live Event.
On May 28, this live webinar entitled “A Discussion with the Banking Sector” kicked off the Supporting Your Business Series. The interactive session engaged banking experts Maurice K. Toroitich, Managing Director of BPR Atlas Mara, Robin C. Bairstow, CEO of I&M Bank and Chairman of Rwanda Bankers Association, and Christine Baingana, CEO of Urwego Bank. It was moderated by Tony Francis Ntore, Executive Secretary of the Rwanda Bankers Association, and Jean Bosco Iyacu, Director of Programs at Access to Finance Rwanda.
Bankers offered advice to SMEs on managing businesses and relationships with their financial institutions. Here are the top recommendations to help your business survive the pandemic:
One of the main mistakes banks see small businesses make is using one account for both business and personal funds. When you start a business, it is important to open a separate business account so that you can track your earnings and expenses in an organized way. A good rule is to pay yourself a salary, but to pay it from your business account into your personal account so that you have a clear idea of your cashflow.
Keeping separate accounts will help you to better understand your own business’s profitability and will help if you decide at some point to access credit from a formal institution.
The COVID-19 pandemic has brought many changes to the business climate in Rwanda. Those businesses that learn to be flexible, to assess the effect that the crisis has had on their businesses, and who learn to plan three to six months in the future will be best placed to survive.
One important piece of advice from bankers is for businesses to plan for a much different market than they experienced in the past. For example, if a business made a certain revenue pre-COVID, they should not assume that this will go back to normal after the crisis has passed. Planning for a different customer base, and for reaching new customers will be key. Some businesses may move online, or adapt a model with more delivery services, for example.
Another thing to keep in mind is that now is not the time to venture into a completely new business line. Trying to start a new business in a new market is one of the riskiest propositions during a difficult time. While there will be changes and modifications in existing businesses, trying to take on a new venture without the knowledge of the business, good or service, and without the capacity to run that new venture, may lead to failure. It is important to first ensure that you have the knowledge and capacity for a new venture before seeking capital from a bank. If you cannot demonstrate this, you are likely to be disqualified.
Learn more about keeping accurate records with AMI’s free Bootcamp and Trainings:
Bootcamp: Thursday, June 5th, 2020 – https://www.africanmanagers.org/rwandacovidwebinars/
Open Webinars: https://www.africanmanagers.org/covidwebinars/
To keep you, your staff, and your clients safe, new digital solutions can be used in place of cash. Currently, there are zero fees when you transfer from a mobile wallet to a bank account, transfer between mobile wallets (person to person transfers), pay a merchant with mobile money, or pay your bills with mobile money. There are also no fees when you make a payment at a merchant with a card via a point-of-sale (POS) device.
These digital solutions help not only in avoiding touching cash, but they also help to keep solid records of your business cashflow. It is important to keep separate wallets or digital accounts for personal and business transactions so that if you need to access a loan or other solution from a bank, you can clearly show these records as proof of your creditworthiness.
For current clients, banks have developed a number of services to help repay loans. These include grace periods on interest and principle, other deferments, and waiver of late penalties and fees. Banks understand that many SME businesses are experiencing a decline during the lockdown.
Talking to your bank – to your relationship officer or loan officer – is key. If you are having trouble do not wait, do so right away. The bank will work with you to decide the time period needed for grace periods or deferments, often depending on the sector you are in and how hard it has been hit.
On June 4, 2020, the National Bank (BNR) has launched the Economic Recovery Fund, a fund which will allow banks to offer discounted loans and other services to businesses struggling due to the crisis. However, it is important as a business to plan carefully about your capacity to borrow and to earn enough to repay your loan. Even though loans will be available at lower interest rates for qualifying borrowers, they are not a grant. These loans will come with the same terms and conditions as a normal loan – to repay in full, on time and with all applicable fees and charges.
If you do qualify, and have a clear plan for how you will use and repay the funds, you may learn more by talking with your relationship officer or loan officer. They will help to make sure that you have all of the paperwork needed, that you have been a responsible client in the past, and that the loan will be a help rather than a burden for your business.
Learn more about assessing your capacity to borrow with AMI’s free Bootcamp and Trainings:
Bootcamp: Thursday, June 5th, 2020 – https://www.africanmanagers.org/rwandabusinessbootcam
Open Webinars: https://www.africanmanagers.org/covidwebinars/
Banks find that sometimes clients will use the loan funds that they have received for something other than their business, and when it comes time to repay, they no longer have the money. This is the number one reason that banks lose confidence in a customer. While it seems like a good idea in the short term, it will affect your ability to take out loans in the future, especially now that defaulting on a loan will affect your credit rating with the Credit Reference Bureau.
Rather than diverting funds – even if you have a crisis – as always, you should talk immediately with your relationship officer or loan officer. Your bank is not there to judge you but to help you. Without clear, truthful, and up-to-date information from you, they will not be able to discuss your problem and come up with a solution that will avoid you falling into default.
Many businesspeople ask themselves: “Why should I get insurance and spend money that I will not see again if I do not experience a problem?” However, insurance is one of the most important products that a business can purchase to help manage risk. One rule the bankers offered is that if you cannot afford an insurance premium, then you cannot afford to not be insured.
In the case of an emergency – theft, a fire, an automobile accident – you need to protect the assets and infrastructure of your business. Insurance is available through financial institutions as well as through insurance companies to help you protect yourself against unforeseen events and avoid losing your livelihood.
The relationship between a business and its clients and customers cannot be ignored, even when the business climate is difficult. You have got to stay in contact with both customers and suppliers so that they know what you are doing to continue your relationship once business begins to pick up again.
For example, many small businesses struggle to pay rent or other suppliers because revenues were low or nonexistent during lockdown. While suppliers do not look forward to losing revenue, many are open to negotiation so that rather than losing ALL revenue, they still are able to make some earnings.
In terms of customers, you may not be able to supply goods and services in the same way that you could pre-COVID. You may need to negotiate with those who have paid in advance or reassure customers that you have a plan to reopen and will be working again as soon as possible. The key is to keep the lines of communication open so that your customers do not seek another business who is willing to speak with them and value their business.
Learn how to negotiate with suppliers with AMI’s free Bootcamp and Trainings:
Bootcamp: Thursday, June 5th, 2020 – https://www.africanmanagers.org/rwandacovidwebinars/
Open Webinars: https://www.africanmanagers.org/covidwebinars/
(UPDATE) What is the current policy on taxes during the COVID-19 pandemic?
UPDATE June 1st, 2020
Taxation
What is the current policy on taxes during the COVID-19 pandemic?
Answer: Do not fear! The Government of Rwanda is taking action to help small and medium businesses right now. The Rwanda Revenue Authority is offering most services online – to keep you safe, and to keep you from having to move during a time when it is important to stay at home.
UPDATE: The Rwanda Revenue Authority (RRA) announced on May 29th, 2020, that for all taxpayers with an obligation to submit certified financial statements for 2019, the deadline for submission has been extended from May 31st, 2020 to June 30th, 2020. After this, payment deadlines will return to normal.
Here is more important information:
- As of May 11th, 2020, computation of your quarterly payments for Corporate Income Taxes (CIT) and Person Income Tax (PIT) will be based on transactions of the current year.
- Transport motor vehicles are required to pay their quarterly fixed PIT this year, pro-rated to the period of operation.
- Pay As You Earn (PAYE) will be waived for a period of three months from April to June 2020 for employees in the tourism and hotel sector and are earning up to 150,000 RWF net salary.
- PAYE will also be waived for a period of six months from April to September for teachers in private schools earning up to 150,000 RWF net salary.
- All masks made in Rwanda to help prevent COVID-19 are exempt from value-added tax (VAT).
Be Safe! Make sure you find out about the tax requirements for your small or medium business, to help you keep your business afloat during these difficult times. And stay healthy!
References:
Rwanda Revenue Authority Public Announcement – May 29th, 2020
Ministry of Finance and Economic Planning Public Announcement – May 9th, 2020
Rwanda Announces Tax Exemptions to Support Economic Recovery Amid COVID-19 – CGTN News, May 10th, 2020
Tariki ya 1 Kamena 2020: Amakuru mashya arebana n’imisoro
Ni ayahe mabwiriza agenga imisoro muri ibi bihe by’icyorezo cya COVID-19?
Igisubizo: Humura! Leta y’u Rwanda yafashe ingamba zo gushyigikira abakora ibikorwa by’ubucuruzi buto n’ubuciriritse muri ibi bihe. Serivisi hafi ya zose z’Igiko cy’imisoro n’amahoro (RRA) zitangirwa kuri interineti, mu rwego rwo kubungabunga ubuzima bw’abantu no kubarinda gukora ingendo muri iki gihe basabwa kuguma mu rugo.
AMAKURU MASHYA: Ku itariki ya 29 Gicurasi 2020, Rwanda Revenue Authority
yatangarije abasoreshwa bose ko itariki ntarengwa yo gutanga ibitabo by’ibaruramari
byamejwe byo mu mwaka wa 2019, yavuye ku ya 31 Gicurasi 2020, ikimurirwa ku ya 30
Kamena 2020. Nyuma y’iyo tariki, igihe ntarengwa cyo kwishyura kizasubira uko byahoze.
Zirikana ibi:
- Kuva ku itariki ya 11 Gicurasi 2020, kubara avansi y’umusoro ku nyungu z’ibigo (CIT) n’umusoro ku nyungu z’abantu ku giti cyabo (PIT) bizashingirwa ku byacurujwe muri uyu mwaka.
- Abafite ibinyabiziga bikora imirimo ibyara inyungu bazishyura avansi y’umusoro ku nyungu, hashingiwe ku gihe batangiriye gukora.
- Igihe cyo gusonera umusoro ku bihembo (PAYE) abakozi bo mu bigo by’ubukerarugendo n’amahoteri bahembwa amafaranga 150.000 (umushahara utahanwa) cyongeweho amezi atatu, ni ukuvuga kuva muri Mata kugeza muri Kamena 2020.
- Nanone igihe cyo gusonera umusoro ku bihembo (PAYE) abarimu bo mu bigo by’abikorera bahembwa amafaranga 150.000 (umushahara utahanwa) kizongerwaho amezi atandatu, ni ukuvuga kuva muri Mata kugeza muri Nzeri 2020.
- Udupfukamunwa twose dukorerwa mu Rwanda hagamijwe kwirinda COVID-19 dusonewe umusoro ku nyongeragaciro (VAT).
Itangazo rya Rwanda Revenue Authority– 29 Gicurasi 2020
Mwizere mudashidikanya ko Leta y’u Rwanda ikora ibishoboka byose ngo abacuruzi boroherezwe kwishyura imisoro. Niba hari ibindi ushaka kumenya cyangwa gusobanuza ku bucuruzi bwawe, jya kuri https://www.rra.gov.rw/.
Rinda ubuzima bwawe! Niba ukora ubucuruzi buto cyangwa ubuciriritse, menya amabwiriza y’imisoro agenga ubucuruzi bwawe kugira ngo budahungabana muri ibi bihe bidasanzwe. Nanone kandi, komeza kwita ku buzima bwawe!
Aho byavuye:
Itangazo rya Minisiteri y’Imari n’Igenamigambi – 9 Gicurasi 2020
Ingamba u Rwanda rwafashe zirebana n’imisoro no gushyigikira ubukungu mu bihe by’icyorezo cya COVID-19 – CGTN News, 10 Gicurasi 2020