Fina bank has launched a new cross-border money transfer product, Fina Direct, for residents in Rwanda and Kenya.
This will allow residents in both countries to send money to each other or to themselves to pick up in either country later, avoiding the need to carry large sums of money while in transit.
Stephen Caley, Fina Bank managing director, said the new product will decrease risk when sending money internationally.
“Those interested in sending money will have to count on Fina Direct as a fast, secure, and above all, affordable way for citizens and either country’s residents to send and receive money,” he explained on Monday at Fina Bank headquarters in Kigali.
Fina Bank Group Chief Executive Officer Frank Griffiths said the bank is aware of the significance of money flow between Rwanda and Kenya.
“The initiative solidifies our East African presence and also strengthens the financial well being of people,” he added.
The transfer takes 30 minutes to complete, however, Kenneth Agaba, Fina Bank Executive Director of Business Banking, said the bank’s target is to reduce it to within five minutes.
He said the cost to transfer is $35 (Frw19,092.50) for any amount below $50,000 (Frw27,275,000) and $45 (Frw24,547.50) for any money transfer above $50,000.
“However, transfer of big sums of money would require additional documents from the National Bank of Rwanda (BNR),” Agaba said.
He also explained that the money transfer facility is open to the public regardless of being an account holder and only works within the Fina Bank group.
The businesspeople who attended the launch explained that it is a good initiative which will promote their businesses.
They said they were optimistic that it will help them get more money for more goods while in Kenya in case they run short of money.
Currently, Fina Bank has five branches in Rwanda and eight in Kenya. The bank hopes to open a branch in Kampala, Uganda by the end of October.
ECOBANK, another commercial bank in Rwanda, also recently partnered with Western Union America and launched Western Union service in Kigali to ease the transfer of money.