BK eyes stronger ties with Chinese business community through new banking services

Bank of Kigali (BK) is strengthening its partnership with Rwanda’s Chinese business community, with new banking services planned to make cross-border payments and access to finance easier for Chinese businesses and individuals. BK management, Chinese officials and members of the Chinese business community met in Kigali on Friday, August 21, under the BK Business Club to discuss banking solutions and opportunities to deepen economic ties between Rwanda and China. Opening the event, BK Chief Executive Officer Dr. Diane Karusisi said the bank is committed to developing services that respond to the needs of the Chinese business community. At the heart of that partnership is a simple ambition: to make banking simpler, more seamless and faster, while continuing to listen, learn and develop solutions that respond to the needs of our customers and their businesses, Karusisi said. The bank, she said, is also preparing a new service that will allow customers to open accounts and send money to China instantly. Today, we are talking about a new service that we will be offering for people to be able to open accounts in the next couple of months, but also to send money to China instantly. This is a process that we have started, and we wanted to share this with the community here and also get their feedback on how we should improve the service we give them, she said. Karusisi pointed out that the relationship is particularly important given the large number of Chinese companies operating in sectors such as construction. Construction companies typically need guarantees, advance payment guarantees, performance guarantees, and we are telling them that we have relationships with banks in China. Karusisi said BK is particularly focused on supporting Chinese construction companies, which often require guarantees to secure contracts and project payments. Through its relationships with Chinese banks, BK can provide such guarantees in Rwanda without requiring the companies to provide collateral locally. “We can work with their banks in China and be able to offer a guarantee here in Rwanda that is backed by their bank in China, she explained. This has worked very well for us in the past, and we believe it's a line of business that will continue to grow. Expanding financial services BK provides Chinese businesses with performance and bid guarantees, tender-specific credit lines, cash credit and overdraft facilities to support their operations. For cross-border transactions, the Ali Pay platform enables customers to send money between Rwanda and China instantly. The bank said the service is designed to make such transactions faster and more cost-effective. BK also offers personal accounts, children's savings accounts, mortgage and electric-vehicle financing, as well as other personal loans of up to Rwf50 million. Customers with surplus funds can access term deposits with negotiable returns. The bank currently works with three Chinese banks on guarantees, account operations, remittances and savings services, and plans to add three more by the end of 2026, according to its management. Karusisi said the relationship benefits both sides as Chinese businesses expand their operations and networks in Rwanda. They want more, and we are promising them to do more. And the good thing is they also bring us their staff, they also bring us their ecosystem, which allows us to continue growing our business, she said. China's envoy hails BK as 'trustworthy partner' Gao Wenqi, Ambassador of China to Rwanda, described BK as a trusted financial partner and welcomed the bank's growing engagement with the Chinese business community. I am impressed by the innovation-driven and diversified portfolio of Bank of Kigali, which has been a trustworthy partner to the Chinese Embassy over the years. I am also inspired by the deepened relations between BK and the local Chinese community, as well as the enhanced economic cooperation between China and Rwanda in the broader sense, Gao said. He said technology has played an important role in facilitating trade and financial transactions between the two countries. Technology has changed the way we do business and conduct transactions, he said, referring to BK's Ali Pay platform launched in 2022. Gao also highlighted the broader contribution of Chinese businesses to Rwanda's economy. Bank of Kigali supports the local Chinese community by providing tailored solutions and quality services to Chinese clients and businesses. In return, we see increasing numbers of Chinese companies as partners in Rwandan development across various sectors, fostering development, creating jobs, and improving livelihoods, he said. Chinese community welcomes expanded services Representing the Chinese business community, Li Yanduo welcomed BK's expanded services, saying they would help Chinese residents and businesses access finance more easily and facilitate transactions between Rwanda and China. The engagement comes as economic ties between Rwanda and China continue to expand, increasing demand for financial services that support trade, investment and business operations between the two markets.

News

BK eyes stronger ties with Chinese business community through new banking services