Bank of Kigali has recorded increased uptake of its mobile banking services following the launch of new digital customer onboarding and lending features.
Rwanda’s biggest bank on September 30 unveiled its upgraded digital platform including BK Mobile App with new features, Internet Banking 2.0, and BK Digital Lending.
The new digital products have become a hit with customers of the bank which is listed on Rwanda and Kenyan stock markets, helping to enlist new clients including from the diaspora.
The new BK Mobile App enables new customers to onboard themselves and opens a bank account with just a scan of their face and ID. It also allows several transactions including transfers and scheduling of advance payments.
The App has reduced the time it takes to open a bank account to just a few minutes, from previously when it would take up to an hour.
“We want people to open accounts from where they are and start using them. Technology will help us to achieve our goal of reaching many customers and that will earn us more profit,” said Dr, Diane Karusisi, the Bank of Kigali Chief Executive Officer.
The bank has set a target to onboard 80 percent of its customers onto its digital lending platform in the next two years, up from the current 40 percent who are using the service.
The BK mobile App has 57,000 active users, which is expected to increase significantly based on the rise in customer uptake.
“We have great people in Bank of Kigali who come to work every day with a sense of responsibility and purpose. We believe we are not just any bank, we are the home bank and we have a responsibility in the critical journey our country has taken,” said Dr. Karusisi.
BK in mid-October also signed a partnership with World First Asia to enable customers to send money instantly to China at a fraction of the cost of other cash transfer services in the market.
The partnership saw BK establish integration with China’s Ali Pay, a third-party online payment solution owned by Ant Financial, a subsidiary of World First Asia.
It enables BK account holders to send money from Rwanda to China instantly through Ali Pay.
Sending under $10,000 via Ali Pay will cost customers $25, way below other providers who charge above $100.
