Rwanda: BK Makes Sweeping Tariff Changes to Promote Digital Banking

29 June 2018

Money Transfer

Bank of Kigali has announced a series of tariff changes on its digital services and products, which according to the bank are aimed at making it easier for Rwandans to transact digitally and consequently promote a cashless economy.

The bank has, among other things, revised transaction fees on mobile and online banking, card payments as well as ATM operations.

In some areas, the bank has put in place tariffs to discourage the use of cash and in others, removed or reduced tariffs to boost electronic and digital transactions.

There is good news for those with SMS alerts for any transactions. The Bank would charge Rwf 50 for any alert but this service will now be offered free of charge to boost mobile banking.

The bank has also slashed account transfer fees, bringing the cost down to only Rwf 100 from Rwf 300 per transaction when using mobile banking or the mobile Application.

Other changes include removing charges for issuing or renewal of expired debit cards. The cost of renewal for the debit cards was Rwf7,500 and Rwf6,780 for Visa or MasterCard respectively.

Source: The New Times