Rwanda has been quickly growing economically and many banks have sprung up as a result to provide current accounts in Rwanda.
Most of them may not be local banks, but their services are well suited for the Rwandese and visitor alike. Here are some of the best performers in the country:
I&M Bank Rwanda
I&M Bank is based in Nairobi, Kenya, but has spread across East Africa and into Rwanda. It entered Rwanda in 1963 and grown steadily to become a medium-sized bank serving individuals and even large corporations. It is this very aspect of being a relatively small bank that makes it even more enticing through their personalized services.
The bank offers mobile and online banking services which enhance members’ access to their funds. Plus, there are also the usual perks of receiving an ATM card either in VISA or MasterCard and a chequebook with your account.
Bank of Kigali
Started in 1966, it has also grown and raised its revenue and assets, making it a notable bank within Rwanda. With an initial deposit of RWF 10,000, you can have yourself a current account with Bank of Kigali and enjoy what they have to offer. BK offers overdraw facilities through their credit cards, which you get upon request, plus a cheque book. Mobile banking, too, is available, and this makes it easier to manage your finances and monitor your account.
A much more pocket-friendly option may be offered by GTBank, which allows you to open an account without an initial deposit. The account can also remain active without a minimum operating balance, but you need to provide at least RWF 1,000 for account maintenance. There are numerous branches, too, so you can be confident to have access to your money quickly and efficiently.
Access Bank Rwanda
Access Bank offers current accounts in Rwanda to locals and foreigners by allowing accounts in local and foreign currencies. The minimum opening balance is RWF 5,000 or 20 USD/EURO/GBP for foreign currencies and operating balance is RWF 1,000. Quick access is guaranteed through ATM cards as well as mobile and internet banking, plus the availability of standing orders and free cash withdrawals at the ATM.
Equity Bank Rwanda
If it seems that there is a proliferation in Rwanda by Africa’s banks, then the successful Equity Bank based in Kenya is not to be left out. It appeals to locals and foreigners and targets low to high income earners by allowing zero opening and operating balance, plus free maintenance or ledger fees. Nevertheless, you still get all the benefits of other banks with an ATM card and chequebook upon request.