The Executive Director of Association of Microfinance Institutions said that a total amount ranging between RWF 4 billion ($4M) and RWF 5 billion ($5M) has been channeled through microfinance institutions to help small businesses recover from COVID-19 effects.

The foundation has announced its disbursal of local-currency loans to Togo-based Assilassimé Solidarite in an amount approximately equivalent to $2.5 million and Agora Microfinance Zambia in an amount approximately equivalent to $1.2 million.

The four-year partnership will help expand access to long-term local currency finance in Rwanda for key sectors such as housing, agribusiness, and smaller businesses.

The National Fund for Inclusive Finance is putting in place mechanisms to support its partnering microfinance institutions amidst the COVID-19 crisis. 

In effort to safeguard employees and clients, the Association of Microfinance Institutions in Rwanda (AMIR) instituted various measures to raise awareness about the virus and control its spread in the industry.

The National Bank of Rwanda has instructed mobile network operators to waive charges on all transfers with bank wallets, person-to-person and merchant fees on payments.