Incentivized Rwandan Migrants Send Over $7.5 Million to a Local Bank in 4 Months – Following a marketing push by the country’s major commercial bank, Bank of Kigali, Rwandese abroad transferred more than $7.7 million to diaspora accounts at the bank. The campaign used many incentives to stir the attention of migrating Rwandans, and as a result, 302 diaspora banking accounts were opened.
In order to be eligible to win a round-trip airline ticket from anywhere in the world to Kigali and a vacation package at a luxury resort in Rwanda, the targeted Rwandans reportedly had to deposit at least $955 in either a new diaspora account or in their existing diaspora accounts.
Additionally, mortgage loan customers are given the choice between ready-made homes or construction assistance from the bank as one of the incentives, sparing them the hassle of monitoring the development of their ideal homes. Owners of diaspora accounts can access stock market investments through BK Capital, receive mortgage loans with up to a 20-year repayment period, and earn interest payments of up to 8% per annum.
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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.”
Incentivized Rwandan Migrants Send Over $7.5 Million to a Local Bank in 4 Months – The World Bank estimates that in 2021, diaspora remittances to Rwanda reached $246 million, compared to the $45 billion in remittances that Africans remitted throughout the continent in that same year.
