Rwanda money transfer cost 'can be reduced'

Nov 16, 2010

Rwanda's central bank has called on international companies to help bring down the cost of sending money to the country from overseas.

In an interview with Business Times, Ambassador Claver Gatete, Vice-Governor of the institution, noted firms that remit money to the country can help lower the expenditure involved in transferring cash to people living in the nation. Figures from the World Bank recently revealed Rwanda has one of the highest costs in the region and Mr Gatete stated the central bank would be willing to license more firms to operate in the money transfer sector - providing they adhere to regulations.

"The more companies (sending money) there are in these countries, the cheaper it is to send money," he was quoted as saying. Last month, Governor of the bank Francois Kanimba noted in an interview with the Business Times Rwanda has seen significant improvements in its financial sector over the past year, with risk aversion within financial institutions increasing.