Bank of Kigali (BK) has entered a partnership with World First Asia to enable customers to send money instantly to China at a fraction of the cost of other available transfer solutions on the market.

As part of this partnership, BK established integration with Ali Pay, China’s leading third-party online payment solution, owned by Ant Financial, a subsidiary of World First Asia.

The service will be available at BK branches.

Speaking during the launch of the partnership, Diane Karusisi, CEO of BK, said the way of payment is easy, secure and cheap, adding that every BK account holder will be able to send money from Rwanda to China through Ali Pay instantly.

She declared that with the partnership, BK hopes to have more customers approaching it to use the product which benefits the bank.

With Ali Pay, she added, those sending money under $10,000 will pay $25 for the service while with other ways, the service fee is above $100.

Karusisi also noted that with the platform, BK is helping in the implementation of an agreement between Alibaba and the Government of Rwanda, electronic World Trade Platform (eWTP).

Claire Akamanzi, CEO of Rwanda Development Board (RDB) said the partnership reflects a program that has been there for three years and helps to ease trade between Rwandans and Chinese.

She noted that with the program, around 150 Rwandans have been trained in using e-commerce.

"That's why today, as RDB, we are so happy for the partnership between Ali Pay and BK for this easy and fast product. That is part of the big program between Rwanda and China which keeps strengthening the relationship between the two countries," she said.

Hudson Wang, Economic and Commercial Councillor of the Chinese Embassy in Rwanda, said that the partnership will bring a lot of benefits to make remittances be sent from Rwanda to China quicker, safer and more convenient, adding that it will encourage more Chinese investors to invest in Rwanda.

He added: "They will not only bring money to Rwanda, but also equipment, technologies, know-how expertise and management skills that will quicken the pace of Rwanda's economic growth."