To scale up the access of financial services to Rwandans living abroad, Bank of Kigali introduced the “Bank Home and Win Big” campaign early this year. With the primary target to encourage Rwandans in the diaspora to save and invest back in Rwanda, members of the diaspora are required to deposit a minimum of Rwf 1,000,000 and three winners at the end of the campaign on June 15 are set to win big prizes. The winners can either scoop RwandAir economy return tickets to Kigali or a Rwanda holiday package for two individuals who shall visit Nyungwe forest and be accommodated in One and Only Nyungwe house. Benefits for the diaspora account users: Apart from the promotion winners, there are many other benefits for the users of these accounts: Users can open their diaspora accounts in different currencies including Rwandan Francs (Rwf), US Dollars (USD), Canadian Dollars (CAD), the British Pound Sterling (GBP), Euros and the Swiss Francs (CHF) as well. Zero charges on account maintenance. Zero charges on incoming international transfers Withdrawals on fixed accounts are also free of charge up to $5,000 or equivalent Higher interest rates for fixed term deposits: A multi-tenor (1 month to 5 years) fixed term deposit account in Rwf is remunerated up to 12 percent per year with an initial principal starting from Rwf 300,000 while savings accounts are remunerated up to 8 percent per year. For accounts in USD starting from USD 50,000 and remunerated up to 1.5 percent per year. Mortgage loans are also provided in Rwanda Francs and US Dollars, and new BK clients can apply for mortgage loans immediately after opening an account with a repayment period of 20 years. Additionally, there are no restrictions to a loan amount as other sources of income like rentals and spouse salary are considered. BK Diaspora account holders also have free access to brokerage services for investment in Rwanda Stock Exchange (RSE), Financing advisory services and funds management through BK Capital They also get free remittance services through Swift transfers, Money Gram and Western Union In addition to that, upon opening an account, each account holder gets a dedicated account relationship manager Other benefits include free access to our digital banking channels (BK App & Internet Banking), access to all our cards (debit, pre-paid and credit cards) as well as negotiable foreign exchange rates. Increasing attention is being given in both public and private forums to the concern of how the growing Diasporas from the developing world could promote development in their homelands. Experts argue that diaspora involvement in development opportunities in the homeland has increased significantly over the past decade. However, as the diaspora community continues to expand their business reach to their home developing countries, it has become critical for banks and financial institutions to strengthen their offering, especially with products designed to meet both their personal and business needs. It is in this regard that Bank of Kigali (BK) came up with the move, providing solutions to the diaspora community who may want to save, invest or send money to their families in Rwanda.
