Bank of Kigali (BK) has added Money Gram money transfer services to a growing list of international products the bank offers to its customers.
It already operates Western Union and Xpress Money transfer services. "In addition to these third-party remittances that are also available to non-BK clients, BK also provides global wire transfer services for its clients at competitive rates," officials said yesterday.
BK becomes the third local bank after KCB and FINA Bank to provide Money Gram money transfer services. However, BK, the largest commercial bank in Rwanda by total assets and market share, joins with a wider network of 57 branches to provide the service.
"This will allow our customers to receive and transfer money at affordable rates while also benefitting from the reliability and convenience that Money Gram brings," said James Gatera, the chief executive officer of BK during the launch of the service on February 26.
He said that BK recognizes the important role played by Rwandans working a broad in the country's development in areas such as education, health and private sector investment. The new service will therefore facilitate easy movement of money.
It is estimated that Rwandans in Diaspora remit home in excess of $175 million annually.
"Customers of Money Gram enjoy extensive network and timely services where transactions are completed in ten minutes. This is uncommon in the remittance services industry and we are confident that as we grow our network in Rwanda, Rwandans will find our services very satisfying," said Xavier Pageaud, the company's operations manager for central Africa.