BRD recovers over Rwf3 billion from student loans

On 27 November 2017 at 10:31

The Rwanda Development Bank (BRD) has said that since 2016, they have recovered Rwf3,302,886,517 from beneficiaries of students loans and bursaries that accessed them while earning University education.

In October 2015, BRD took over the responsibility of disbursing and recovering student loans and bursaries.

Recently, BRD started talks with employees and employers, distributed lists of people who have benefitted from student loans and bursaries in host institutions so that they partner in recovering them amicably from the source.

Speaking to IGIHE, a Senior Manager in the BRD’s Education Finance Department, Fred Mugisha said that the move brought some good impact, despite some employers’ failure to provide needed information about their employees who benefitted from the loan.

“Some employers understand their role in the process as they should provide information we need from their employees. When they deduct some amount from their salary they should deposit to our bank account and provide us with bank slips” he explained.

He said that accessing all needed information about beneficiaries was a very complicated exercise, but added that they are putting in place an electronic system that will provide with them all information of distributed loans, detail the amount someone should pay so that employers will know all information about their employees who benefited from the loan.

“Employers will electronically send monthly lists and bank slips of people who have paid. For someone who will have completed to pay will be given a certificate of completion ” he said.

Senior Manager in the BRD’s Education Finance Department, Fred Mugisha