Bank of Kigali has booked KES926 million (Rwf8.1 billion, ($7.9 million) new customer deposits from Rwandans in diaspora within four months.
The cash deposits were collected from existing and new customers following a successful marketing campaign that saw 302 new diaspora banking accounts opened.
The diaspora banking campaign targeted Rwandans in diaspora, who were required to deposit KES114,000 (Rwf1 million, $1,000) in either a new diaspora account or in their existing diaspora accounts to stand a chance of winning a round-trip air ticket from anywhere in the world to Kigali and a holiday package in Nyungwe One and Only, a luxury resort in Rwanda.
“The sizeable deposits made between February 15 and June 15 are a clear demonstration of the Rwandan diaspora’s unwavering trust in the promise of their motherland. We have continued to see more deposits post the campaign period, and through our innovative products we will ensure that we make these customers’ dreams come true,” said the Bank of Kigali CEO Dr. Diane Karusisi.
Diaspora remittances to Rwanda are estimated to have hit KES 29.3 billion (US$246 million) last year, as per World Bank data, out of an estimated KES5.3 trillion (US$45 billion) sent home in 2021 by African migrants from around the world.
This makes diaspora remittances an important source of cash inflow for many African households and economies.
Diaspora customers can choose between opening a current account in the currency of their choice, for day-to-day use, and savings account to make regular savings for future investments and usage.
The diaspora account holders can get mortgage loans repayable for up to 20 years, interest earnings of up to 8% per annum, and access to stock market investments through BK Capital.
Dr. Karusisi noted that mortgage loan borrowers also have the option of choosing from ready houses or construction support from the bank, saving them the headache of supervising the building of their dream homes.
Customers also open diaspora accounts for use in sending money home to support their families. No charges are levied on incoming cash transfers for BK customers.
