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The National Bank of Rwanda (BNR) has warned the public against dealing with financial service providers that are not licensed to operate in Rwanda.
In a warning, which was issued on September 20, the central bank singled out Horebu Micro Insurance Plc as one of the unauthorised firms offering insurance services.
The firm, which is affiliated with Horebu Medical Clinic, has been faulted for illegally offering health insurance services, general insurance and other insurance-related services.
The central bank reminded the public to only deal with licensed microinsurance companies, insurance brokers, pension schemes, banks, microfinance institutions, payment service providers, forex bureaus and non-deposit taking financial institutions.
“No person shall use, in any language, the word ‘micro insurance’ in its corporate name, trade name, signature, or advertisement or any other derivative that can be perceived as a micro insurer without being authorised as a dedicated micro insurer…” the central bank said in a statement, citing article 4 of the insurance rules and regulations.
According to central bank data, 15 microinsurance companies are authorised to operate in Rwanda. Out of them, 13 are private insurers providing both life and non-life insurance businesses while the other two are public medical insurers.
The sector is dominated by public insurers with a with market size of 63 per cent and 43 per cent of gross written premiums.
Of the 13 private insurers, seven are domestic while the six foreign subsidiaries are mostly subsidiaries of pan-African insurers.
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