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Incentivized Rwandan Migrants Send Over $7.5 Million to a Local Bank in 4 Months

Rwandese across the world sent over $7.7 million to diaspora accounts at the Bank of Kigali, which is the country’s largest commercial bank, following a marketing campaign by the bank.

The campaign led to the opening of 302 diaspora banking accounts by utilizing several incentives to get migrant Rwandans interested.

According to reports, the targeted Rwandans were required to deposit at least $955 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 a luxury resort in Rwanda.

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SEE ALSO: Rwanda Inflation Hits 19.6% in July 2022 – The Highest Rate in 13 Years

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Furthermore, as one of the incentives, mortgage loan borrowers are given 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.

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 BK Capital.

According to Diani Karusi, CEO, Bank of Kigali:

“The sizeable deposits made between February 15 and June 15 2022 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.”

– CEO, Bank of Kigali

According to the World bank, diaspora remittances to Rwanda are estimated to have hit $246 million in 2021 compared to $45 billion in remittances Africans sent all over the continent during the year.

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