Pact partners with Equity Bank, offering new financial and technical services to miners in Rwanda

Pact has signed a new partnership agreement with Equity Bank to provide financial literacy education to local miners as part of its Illuminating Small-Scale Mining in Rwanda (ISMR) project. Equity Bank is currently the only financial institution in Rwanda offering specialized services tailored to the mining sector. These services are designed to help miners engage with financial institutions and advance in their profession, contributing to miners overall economic development.

A key aspect of Equity Bank's partnership with Pact is the provision of technical guidance to train miners on effectively engaging with financial institutions, empowering them to enhance their financial literacy and business practices.

"There is a significant gap in financial services for miners. We approached Equity Bank, one of the most successful financial institutions, to discuss potential collaboration, which led to a cooperation agreement," said Dr. Polycarpe Nshimirimana, Program Manager for ISMR at Pact.

"Equity Bank understood our needs, visited the mines and engaged with the miners to assess how their services could be enhanced to better support the sector. The bank is committed to working with mining organizations by offering loans at low interest rates. We appreciate their willingness to collaborate and contribute to the development of the mining industry," said Nshimirimana.

Project stakeholders recently met in Kigali to foster collaboration, drive sustainable development and highlight the value of bringing together key partners, including government agencies, the private sector, civil society organizations and local communities. The value of adopting smart practices to enhance health and safety, increased mining productivity, environmental protection and improved working conditions of women miners were key topics of discussion. Jean d'Amour Bagilijabo, Director of Inspection at Rwanda Mining Petroleum and Gas Board was in attendance to provide insights and opening and closing remarks.

Alice Kirezi, the Head of Investment and Social Impact at Equity Bank Rwanda, emphasized that the bank's commitment to sustainable development across Africa includes initiatives aimed at protecting the environment. This has driven the bank to collaborate with miners, not only to provide financial services but also to support environmental protection efforts through projects like ISMR, which utilizes solar energy for headtorches to reduce battery waste and environmental pollution.

"During our project assessment, we discovered that miners and their companies lacked knowledge about how financial institutions operate. The issue was not just about accessing savings and loans, but also a lack of understanding of financial systems. We engaged with them, explained our services, and helped them learn how they could benefit," said Kirezi.

Kirezi also noted that their initial efforts were just the beginning, and that Pact continues to play a crucial role in helping the team connect with miners to understand their unique needs.

The ISMR project is currently active in the mines of Nyarugenge and Muhanga districts in Rwanda, with plans to expand to other areas through continued collaboration between Equity Bank and regional mining companies.