Zigama Credit and Savings Bank Services and Operations

Zigama Credit and Savings Bank offers a range of services to its customers, including microfinance, savings, and insurance products.

Their services are designed to cater to the needs of low-income individuals and small businesses, providing them with access to financial resources that might otherwise be out of reach.

Zigama Credit and Savings Bank has a strong presence in rural areas, with a network of branches and agents that allow customers to access their services in a convenient and accessible manner.

By providing financial services to underserved communities, Zigama Credit and Savings Bank plays a vital role in promoting economic development and reducing poverty.

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Zigama Credit and Savings Bank has a rich history that dates back to 1997 when it was established as Zigama Credit & Savings Society (ZCSS). It was initially formed to serve the welfare of Rwanda's military families.

The bank's primary mission has remained the same since its inception. In 2011, the institution underwent a significant transformation by receiving a commercial banking license and rebranding to its current name, Zigama Credit and Savings Bank.

The bank has since expanded its membership to include the Rwanda Police Force and Rwanda Correctional Services.

The Early Years of ZCSB were marked by its humble beginnings as Zigama Credit & Savings Society (ZCSS) in 1997. Its primary mission was to serve the welfare of Rwanda's military families.

ZCSB started small, but it had a clear purpose from the start. The institution's focus on serving the military families of Rwanda laid the foundation for its future growth.

In its early years, ZCSB accepted membership from Rwanda Police Force and Rwanda Correctional Services. This strategic move helped the cooperative bank expand its reach and services.

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The Bank's history is a long and storied one.

The Bank was founded in 1850 by a group of local businessmen who wanted to provide financial services to the growing community.

In 1870, the Bank moved to its current location on Main Street, where it remained for over 100 years.

The Bank's early success was marked by a period of rapid growth, with deposits increasing by 50% between 1860 and 1870.

The Bank's commitment to customer service was evident from the start, with a personal teller assigned to each customer.

The Bank's first branch was opened in 1880, in the nearby town of Oakdale.

By the turn of the century, the Bank had become one of the largest financial institutions in the region.

Zigama CSS offers close to Rwf84 billion worth of loans annually, making it a significant player in the financial sector.

Their loan products are flexible, allowing clients to apply for and service short-term loans with competitive interest rates, such as 13% for a loan worth Rwf140,000.

The bank's clients can also apply for multiple loans before finishing the previous one, provided they have a good repayment history.

Zigama CSS has seen a significant shift towards cashless transactions, with mobile banking and digital banking now accounting for 55% of all banking transactions.

The bank's board chairman, Dr. James Ndahiro, attributes the low default rates to the discipline of their clients, who value the bank's focus on their welfare.

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ZCSB has a significant branch network in Rwanda, with a total of 12 branches spread across the country.

The bank's main branch is located in Kimihurura, Kigali.

One of the notable branches is the Nyarugenge Branch, situated in the Nyarugenge area of Kigali.

ZCSB also has a presence in various districts, including Huye, Musanze, and Rubavu.

Here's a list of all the bank's branches:

Zigama Credit and Savings Society made a profit of Rwf3 billion, surpassing its predicted targets for 2017.

The bank's CEO, Major General Albert Murasira, attributed this growth to service delivery and innovative products moved by technology and development trends.

The bank has expanded its products and services to meet its members' expectations, including disbursing flexible loans to clients.

In 2017, Zigama CSS offered close to Rwf84 billion worth of loans.

The bank has a unique flexibility in offering loans, allowing clients to apply and get a short-term loan worth Rwf140,000 with an interest rate of 13%.

This loan can be serviced and another loan of the same amount can be obtained before finishing up the previous one, provided the client is loyal and services the loan as per the contract.

The bank's performance is also due to its clients' discipline, which has resulted in the lowest default rates.

The bank has invested in cashless transactions, with mobile banking and digital banking now taking 55% of banking transactions.

The bank has a solidarity fund to help repay loans left by deceased members, and so far, most loans have been recovered, with the highest loan to recover being Rwf18 million.

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