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Tue dole of National Bank of Rwanda from 1995 to 2010

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par Paterne RUKUNDO
National university of Rwanda - A0 2011

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2.12. Banking institutions

Accept money deposits from and make loans to individual consumers and businesses. Some of the most important banking institutions include: commercial banks, savings and loan associations, credit unions, and mutual savings banks. Historically, these have all been separated institutions. However, new hybrid forms of banking institutions that perform two or more of theses functions have emerged over the last two decades. The following banking institutions all have one thing in common: they are businesses whose objective is to earn money by managing, safeguarding, and lending money to others. Their sales revenues come from the fees and interest that they charge for providing these financial services. (O.C.Ferrel, 2006)

Ø Commercial banks: the largest and oldest of all financial institutions, relying mainly on checking and savings accounts as sources of loans to businesses and individuals.

Ø Savings and loans associations: are financial institutions that primarily offer savings accounts and make long term loans for residential mortgages; also called thrifts.

Ø Credit union: is a financial institution owned and controlled by its depositors who usually have a common employer, profession, trade group or religion.

Ø Mutual saving banks: are financial institutions that are similar to saving and loan associations but, like credit unions; are owned by their depositors.

Ø Insurance for banking institutions: they insure individual bank accounts.

Ø National credit union association (NCUA): is agency that regulates and charters credit unions and insures their deposits through its national credit union insurance fund.

2.13. Non banking institutions

Offer some financial services, such as short term loans or investments products, but do not accept the deposits. These include insurance companies, pension funds, mutual funds, brokerages firms, non financial firms and finance companies.

v Insurance companies: businesses that protect their clients against financial losses from certain specified risks (death, accident and theft, etc)

v Pension funds: managed investment pools set aside by individuals, corporations, unions, and some nonprofit organizations to provide retirement income for members.

v Mutual fund: an investment company that pools individual investor dollars and invests them in a large numbers of well-diversified securities.

v Brokerage firms: firms that buy and sell stocks, bonds, and other securities for their customers and provide other financial services.

2.14. Diversified firms

ü Finance companies: business that offers short term loans at substantially higher rates of interest than banks.

ü Electronic banking: since the advent of the computer ages, a wide range of technological innovations has made it possible to move money all across the world electronically. Such as paper less transaction have allowed financial institutions to reduce costs in what has been virtual competitive battle field.

· Electronic Fund Transfer (EFT): any movement of funds by means of an electronic terminal, telephone, computer or magnetic tape such transactions order a particular financial institution to subtract money from one account and add it to another. The most commonly used form of EFT are automated teller machines, automated clearing-houses, and home banking systems.

· Automatic Teller Machines (ATM): is the most familiar form of electronic banking, which dispenses cash, accepts deposits and allows balance inquires and cash transfers from one account to another. ATMs provide 24 hours banking services, both at home and far away.

· Automated Clearing Houses (ACHs): a system that permits payments such deposits or withdraws to be made to and from bank account by magnetic computer tape.

· Online banking (home banking systems): with the growth of the internet banking activities may now be carried out on a computer at home or at work, or through wireless devices such as cell phone any where there is a wireless «hot point» consumers and small businesses can now make a bewildering any of financial transactions at home or on the go 24 hours a day. (O.C.Ferrel,2006)

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