Bank of Kigali has booked Sh926million 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 Sh114,000 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 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,” Bank of Kigali CEO Diane Karusisi.
Diaspora remittances to Rwanda are estimated to have hit Sh29.3 billion (USD246 million) last year. According to World Bank data, out of an estimated Sh5.3 trillion (USD45 billion) sent home in 2021 by African migrants from around the world.
Diaspora customers can choose between opening a current account in the currency of their choice for day-to-day use and a savings account to make regular savings for future investments and usage.
Additionally, the diaspora account holders can get mortgage loans repayable for up to 20 years, interest earnings of up to 8 per cent per annum and access to stock market investments through Bank of Kigali Capital.
Karusisi noted that the 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.