Jean Bosco is married to a farmer, and they have one child, aged two years. He has requested a loan for use in the support of labor costs; he says that he is very experienced in this domain because he has spent four years in rice production. The profits from the business will be used to renovate the house.
Agriculture accounts for 37% of Rwanda's gross domestic product, generates 65% of its export revenue, and employs about 90% of Rwandans (as of 2009). Despite the importance of agriculture to Rwandans and their economy, financial institutions view lending to fund agricultural activities as high-risk because profitability is affected by weather, natural disasters, and price fluctuations. Thus, farmers in Rwanda remain underserved by financial institutions. Urwego Opportunity Bank is expanding into this market and is happy to provide Kiva lenders with the opportunity to support Rwandan farmers.
About Urwego Opportunity Bank of Rwanda (UOB)
Urwego Opportunity Bank (UOB) is a Rwandan bank specializing in microfinance. It offers credit products to individuals and groups interested in starting or expanding their businesses. It also offers training in business development, financial literacy and health management. Given that approximately 90% of the Rwandan population is directly or indirectly related to the agricultural sector, Kiva lenders’ funds will be used to support UOB’s agricultural loan products, which are vital to the clients living in remote areas.