Introducing Isheja: A Hybrid Banking and Insurance Solution for Women Entrepreneurs
Equity Bank Rwanda and MUA Insurance Rwanda Ltd have jointly launched a groundbreaking product called “Isheja,” designed specifically to empower women across the country. This hybrid banking and insurance solution caters to a wide range of women, including existing customers with insurable assets, new entrepreneurs, and both salaried and non-salaried individuals who require banking and insurance services. The initiative aims to address the unique financial needs of women by offering affordable loans, expert business guidance, and comprehensive insurance coverage that protects both personal and business interests.
The product was officially introduced during the signing of a Memorandum of Understanding on March 30 at Equity Head Office. Both companies emphasized that Isheja is available to all women entrepreneurs, whether they are individuals or businesses. Frank Ngarambe, Head of Bancassurance at Equity Bank Rwanda, highlighted the eligibility criteria for the program. He stated that women entrepreneurs who are Equity Bank members must be part of women’s groups or individual members of MUA, provided they open an account with Equity Bank Rwanda. Additionally, women with a good credit history for financing are also eligible.
Flexible Financing with Competitive Rates
One of the key features of Isheja is its flexible financing options, which allow beneficiaries to access a minimum of Rwf1 million and up to Rwf70 million at preferential loan interest rates. These rates start as low as 1.3 per cent per month, making it an attractive option for women looking to grow their businesses. The product includes several benefits such as three months of deferred loan repayment during maternity leave and up to 75 per cent collateral coverage in case of insufficient security.
Ngarambe explained that Isheja is not just about providing loans but also offers business advice and entrepreneurship training. This holistic approach ensures that women receive the support they need to succeed financially.
Comprehensive Insurance Coverage by MUA
MUA Insurance Rwanda Ltd has integrated a range of insurance solutions into the Isheja product. These include Fire Insurance, which covers residential, commercial, and administrative buildings, as well as office equipment. Personal Accident Insurance provides coverage for accidental death and total permanent disability, while motor insurance covers private and commercial vehicles.
In addition to these, MUA offers Bundled Discounts when multiple insurance products are purchased. Complementary services such as roadside assistance and emergency towing are also included. Clients can benefit from Car Replacement Service in case of an accident, Car Wash Rewards for those with no claims, and Referral Incentives that offer additional discounts for new clients.
Strategic Vision for Empowering Women
The launch of Isheja reflects a strategic vision to empower women economically through innovative financial solutions. According to Ngarambe, this hybrid product combines banking and insurance to provide women with access to capital, expert business guidance, and protection for both personal and business continuity. He added that by supporting women to thrive financially, families, communities, and Rwanda’s economy are strengthened.
Isheja is available to all Equity Bank women customers, both borrowers and non-borrowers, who own insurable assets and meet standard banking eligibility requirements.
MUA’s Commitment to Supporting Women
Konde Bugingo, Managing Director of MUA Insurance Rwanda Ltd, emphasized the company’s belief in the importance of women as the foundation and backbone of the nation. He stated that MUA is proud to offer services that complement what has already been provided, ensuring that women are supported with solutions that give them true peace of mind.
Bugingo highlighted that the focus is on growing women’s businesses, finding customers, and delivering value. He noted that over the past 10 to 15 years, women have consistently proven to be more responsible drivers, with a significantly lower claim ratio compared to men. He questioned why women should be priced the same as men when the risk is clearly different.
Through discounted insurance premiums, fast claims processing, and benefits such as business continuity support, replacement vehicles, and roadside assistance, women entrepreneurs and professionals are safeguarded against unforeseen risks. This allows them to focus on growing their businesses with confidence and security.
How to Access Isheja
Women interested in Isheja can visit their nearest Equity Bank branch or call 4555 for more information. This initiative marks a significant step forward in supporting women entrepreneurs and promoting economic growth in Rwanda.
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