BK launches new banking space for NGOs, religious bodies, embassies

Bank of Kigali, on March 28, launched a new Institutional Banking space aimed at enhancing banking services and products for institutions operating in Rwanda, including non-governmental organisations, faith-based organisations, and embassies. Held at Kigali Heights' BK branch, the launch ceremony brought together the bank’s management and members of different NGOs, religious organisations, and embassies. Denis Gahizi, Head of Institutional Banking, BK, said that this initiative seeks to provide special treatment to facilitate transactions of this segment of institutions that contribute heavily in deposits and foreign currencies. “The bank has different departments that cater for the needs of various market segments and it is, therefore, convenient that we also have this department that will provide tailored services and products for international organisations and faith-based organisations.” He noted that this will allow the lender to follow up closely on financial services, enhance advisory, and provide bridge loans –short-term loans provided to this segment when they face funding delays, among others. According to him, the bank will benefit from maintained deposits from this group which avails money to finance the market, especially with foreign currencies that are much-needed for traders. Marleen Levina Masclee, Country Director of Trócaire Rwanda, said that the NGO has several operations in the country and funding streams whereby they provide funding to local implementing partners, hence, a lot of transactions happening on a daily basis. “This initiative will save us a lot of time in transactions given that we now have an institutional branch close by, and the team will be more efficient in other operations we do,” she said. “We are not a profit-making entity. They know that everything we do is for the benefit of the population, and I think it is amazing that BK’s mission is to serve the people. They allow us to agree on certain exchange rates to make sure we don’t lose much money in transactions, which will be allocated for social benefits.” Focus Ugirabe, Finance Manager of Presbyterian Church in Rwanda, said that the church has many activities in education and health, and supporting people with disabilities, among others. These activities require us to conduct a lot of transactions, he said, “and with their accounts in BK, it will be easy to access financial services on easy terms and leverage digital products for our international transfers.

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BK launches new banking space for NGOs, religious bodies, embassies