The Bank of Kigali (BK) Plc has launched the first-ever cheapest money transfer service in Rwanda that takes less than two minutes.
The BK AliPay money transfer service, unveiled on October 13, 2022, in partnership with World First Asia, will enable Rwandans and Chinese customers to send money instantly to China at a fraction of the cost of other available transfer solutions on the market.
The product will be accessible to all BK clients and one will only pay $25 to transfer between $1 for-9,999 and $40 for sending more than $10,000.
On the local market prices, one would normally be charged between $60 and $100 for the above amounts transferred respectively.
Economic & Commercial Counselor of the Chinese Embassy in Rwanda, Hudson Wang said that this service will enhance the partnership between Rwanda and China where already many Chinese investors have come to Rwanda and have found a better place to invest and live.
Wang said the Chinese investor in Rwanda have been asking for this remittance service to enable doing business in Rwanda and he contacted BK to find out if this is possible and thus the birth of the AliPay service.
“This service will make Rwanda a better country by accelerating its digital economy since China already has a profound digital economy (worth $6 trillion) but also both countries will reap many fruits in this relationship,” Wang said.
Wang asked the Chinese investors to work closely with RDB because the investment climate ranked well globally number 38 last year.
Clare Akamanzi, the Chief Executive Officer (CEO) of Rwanda Development Board (RDB) said the partnership is beneficial at three levels- building a strong relationship between the two countries into a fruitful relation that has celebrated more than 50 years, enhancing the Electronic World Trade Platform (eWTP) deal signed with e-commerce giant, Alibaba Group in October 2018 and lastly that AliPay will improve better services between Rwanda and China.
BK Chief Executive Officer, Dr. Diane Karusisi said that the partnership will increase its clientele base and services especially in transferring funds and doing business between the two countries, which will be enticing for users as the costs and charges are the lowest in the country.
It’s at a better cost but more importantly, it’s a better experience because it is instant. This is just the beginning but we also want to enable business-to-business (B2B) payment and eventually on our digital channels,” Karusisi said.
Karusisi said that this is a journey that will improve lives and services between the two countries.
Alipay Requirements and Benefits
· To have an account with the Bank of Kigali
· Recipient must open an Alipay account or tie a Chinese bank card to an Alipay account to collect money
· Input the recipient’s Alipay ID and Name to remit money to China-mainland.
· Send Money from your account to China at a low cost
· Beneficiary (in China) receives in local currency.