FINA Bank has introduced a new product dubbed "Free NGO Account” for Non-Governmental Organisations (NGOs) including "Non –for – Profit” organisations. This will enable them access free banking services.

However the bank has also clarified that a minimum initial deposit of Rwf 50,000 or equivalent for major foreign currencies is the only requirement for opening the account.  

According to Kenneth Agaba, the Head of Business at the Bank, the product is targeting organisations engaged in activities related to uplifting the standard of living for Rwanda’s various vulnerable groups.

"The account also seeks to promote our partnership with NGOs to further our Corporate Social Responsibility in the environment in which we operate,” Agaba said in an interview with Business Times on Wednesday. 

He also explained that the product additionally recognises that bank charges levied on money transfers to NGOs from their partners ,locally and internationally constrain NGOs effectiveness in extending their reach to help those in need.

For foreign bank transfers, the bank has been charging 0.3 percent on transfers (Outward) for any amount from a minimum of Rwf 20, 000 and maximum of Rwf 150,000.

While on inward transfers the bank has been charging 0.2 percent for a minimum amount between Rwf 5,000 and   a maximum Rwf 75,000.

Under the new arrangement, NGOs will also not be charged for money transfers, account maintenance, cheque books and bank statements.

"As a bank we do not have the necessary infrastructure as the NGOs to extend our helping hand to those we seek to help. Through the account we shall be able to fulfil our mission to be partners in growth and development,” The account that has been operational since April, will also free offer internal transfers and inward remittances.

The regional Small and Medium Enterprise Bank (SMEs) is currently operating four branches in the country.

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