Money transfer service launches in Rwanda
Xpress Money is joining forces with the Bank of Kigali (BK) to launch a new money transfer service in Rwanda.Xpress Money is joining forces with the Bank of Kigali (BK) to launch a new money transfer service in Rwanda.
According to Lado Gurgenidze, chairman of BK's board of directors, the collaboration will enable customers to send and receive money "quickly and securely", reports the New Times.
The move should also enable both organisations to take advantage of a steady increase in the number of remittances to Rwanda, which Mr Gurgenidze said reflects people's confidence in the country's economy.
He is confident the new service will help to establish BK as a leader in the Rwandan financial services industry.
Aaditya Venkatesh, relationship manager for Eastern Peninsular Africa at Xpress Money, added that the service differs from others on the market as people will not be charged a fee for receiving funds.
In addition, he pointed out text message alerts will be "sent out to senders upon collection by the beneficiary".