In October 2016, BRD and the Ministry of Education signed a Memorandum of Understanding allowing the bank to pay tuition and living allowances to university students, recovering the same beneficiaries graduate and get employment.
Speaking to the media yesterday in Kigali, BRD Chief Executive Officer, Eric Rutabana much as there is a big amount of money which is yet to be recovered, efforts have been invested in the recovery process.
The bank says that a total of Rwf80 billion has been distributed through scholarship programme and benefited over 70,000 students.
However, BRD took over the responsibilities after Rwf12 billion had been recovered.
“From 2016 to todate, we have recovered Rwf5.1 billion. Of the Rwf80 billion which was disbursed, a total of Rwf17 billion was recovered,” he explained.
He said that BRD faces challenges of graduates who do not get employment and delay recovering process.
Beneficiaries pay 8 percent of monthly salary.
BRD’s Head of Recovery Unit, Claudine Matata said that they have got the list of beneficiaries and are still tracking where they work from.
She encouraged beneficiaries who have got employment to start paying before they face legal fines.
“They should also come forward and facilitate us during the recovering process, if they ought to reimburse certain amount of money, they should start doing so. If they don’t, fines will be applied as determined by the law,” she added.
Currently, BRD pay scholarship fees for 28,500 students studying in the country and 365 studying abroad.
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