26 February 2013

Rwanda: BK Launches Money Gram Transfer Services

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.

Copyright © 2013 Rwanda Focus. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.