Rwandans in the Diaspora now have more avenues to send money home and invest in income-generating projects after Equity Bank Rwanda launched Diaspora banking services on Wednesday. 

Equity joins Bank of Kigali and KCB Rwanda, which started similar services a few years ago.

According to a statement from the bank, Rwandans living abroad will be able to open accounts at Equity Bank Rwanda, which they can access through online banking, mobile banking and using Visa debit cards.

"We take cognisance of the fact that there are many Rwandans living in the Diaspora who would benefit greatly from this service, hence a move to offer them tailor-made financial solutions that suit people’s unique needs,” the statement indicated on Wednesday.

The banking service will also enable Rwandan Diaspora to access credit facilities, among other services.

KCB Rwanda’s George Odhiambo, said such services help the Diaspora community to save and invest.

Lawson Maibo, the Bank of Kigali chief operations manager, said Rwanda’s political and economic stability encourages Rwandans abroad to invest home, noting that the bank started offering Diaspora banking services to attract remittances from abroad.

"The services also offer cost-effective and efficient financial services to Diaspora community.”

National Bank of Rwanda statistics indicate that Rwandans living abroad sent over $46 million (about Rwf32.4 billion) between July 2012 and June 2013 to support their families, businesses and communities.