Fina Bank Rwanda, a financial institution registers about 200 cross-border money transfers every month,within the region according to officials.

The transfers are made through a service branded ‘Fina Direct’. The service allows residents in both countrie to send money to each other or to themselves to pick up in either country later, avoiding the need to carry large sums of money while in transit.

According to the bank’s Executive Director of Business Banking, Kenneth Agaba, the 200 transfers on average are significant after the product was launched less than four months ago.

Agaba explained that if translated into trade, the transfers show a better state of trading between Kenya and Uganda, where the service is currently offered.

Agaba said that Uganda will also come on board to offer the same service having started its operations two weeks ago. He explained that this will facilitate trade across the three countries including Uganda, Rwanda and Kenya, an effort the region strives to achieve.

Agaba however did not specify when the product would commence.

Fina Bank officials say that the bank focuses its operations on the development of Small and Medium Enterprises (SMEs) development.

"Therefore, the service was introduced to promote SMEs in the region through transfer of money for business.”

The Bank’s Managing Director, Stephen Caley, said that the initiative solidifies the bank’s East African presence and also strengthens the financial well being of people.

The cost to transfer is $35 (Frw19,092.50) for any amount below $50,000 (Frw27,275,000) and $45 (Frw24,547.50) for any money transfer above $50,000.

According to officials, transfers of big sums of money would require additional documents from the National Bank of Rwanda (BNR).

The service is open to the public regardless of being an account holder and only works within the Fina Bank group.

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