Bank of Kigali is looking to facilitate more Rwandans living abroad to send money and invest back home through the revamped Diaspora Banking Offering, which was specifically redesigned to cater to their banking needs.
Since November last year, the bank has been showcasing the banking system. The primary objective of the campaign was to showcase the Bank of Kigali’s dedication to serving the Rwandan diaspora community. By promoting the BK Mobile App, the campaign aims to facilitate easy and digital account opening for the diaspora, thereby enhancing their banking experience.
Beyond sending money, the new banking service, Bank of Kigali Diaspora Offering, positions Rwanda as a destination for investment, something Rwandans in the diaspora can take advantage of and invest back home.
“We want Rwandans in the diaspora to know that they can invest and make money. If you have savings out there, you can transfer your money to Rwanda. There are investment instruments that will help them make money and build wealth in Rwanda, which we believe is important,” Diana Karusisi, BK’s CEO said in November when the service was launched.
Among other offers, diaspora clients are able to fix dollars on the account and get remuneration for it, they can also be able to invest in the stock market and buy treasury bonds with assistance from BK Capital, a subsidiary of BK Group.
Most importantly, the Bank of Kigali will allow Rwandans living abroad with existing current accounts with BK to migrate them to diaspora accounts. If one can show proof that they are diaspora clients from the nearest embassy, the account can be converted into a diaspora account and they get all the incentives that come with having one.
The new offering includes account holders being able to have fixed-term deposits in foreign currency, dollars in particular, which is what diaspora customers have been requesting.
They will also be able to access mortgage loans in USD and RWF at discounted rates, the bank has waived different types of fees such as account maintenance fees, incoming transfer fees (usually charged on transfers received from their accounts abroad), and withdrawal fees on FX accounts up to 5000 USD or equivalent.
In addition, the Bank of Kigali has put in place a team that is in charge of communicating and managing diaspora account holders as VIP clients and if they are sending money in foreign currency they can negotiate the exchange rates for conversions.
Rwandans living abroad can visit the BK website, www.bk.rw, download, fill, and sign the account opening form, get it notarized by the Rwandan Embassy, and send it along with their National ID Copy and passport photo to diasporabanking@bk.rw.