Money transfer services in Rwanda could be enhanced thanks to Ecobank Rwanda’s new money transfer service product.

The pan African bank has unveiled Rai Money transfer services to boost efficiency across the country.

According to Marie Louise Murekatete, the head of electronic banking and remittance at Ecobank, the new product is an addition to the two existing transfer systems offered by the bank.

"Rai is a recognised financial transfer leader globally; therefore introducing this service in the Rwandan market is a great milestone towards boosting efficiency, competitiveness and reliable price friendly transfer services,” said Murekatete.

This particular transfer service is well known for offering safe and secure money transfer across the globe with over 28700 locations in more than 147 countries.

Sector players are confident the introduction of efficient services is a great step forwards towards achieving financial inclusion.

Early this year, Ecobank Rwanda and Western Union launched the account based money transfer (ABMT) service to help boost efficiency and competitiveness of money transfer services in the country.

The idea is in line with the bank’s desire to enable customers, especially those using retail Internet banking, access to Western Union services without necessarily going to the bank or any other Western Union outlets,” Wilfrid Bocco, the Ecobank head of domestic banking, said in an earlier interview with The New Times.

"The ABMT account serves Ecobank customers with convenient access to the Western Union service via Internet banking, and at any of the ATMs and kiosks across the country.

"It also makes it easier for customers to receive money on their accounts anytime from any of the 510,000 Western Union agents in 200 countries globally,” Bocco said.

Celestin Niyigaba, a Kigali based businessman said that such money transfer platforms benefit customers with reliable and affordable products.

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