Fina bank Rwanda has officially launched its new product called ‘Free NGO Account’ designed for Non-Government Organisations (NGOs) as well as non-profit organisations.

The service focuses on activities that uplift the standards of living of various vulnerable groups in the society in which they operate.

According to Steve Caley, the Managing Director of Fina bank Rwanda, the new account offers distinctive services to its NGO clients such as insurance premium finance, trade finance for export and imports foreign and personal banking solutions.

Other features and benefits include the unlimited number of transactions (deposits and withdrawals), the availability of 24 leaf cheque book, with zero minimum operating balance.

"These are free banking services for NGO,” Caley explained during the launch at a local  Hotel recently.

It also has a minimum initial deposit of Rwf50,000 or equivalent of major foreign currencies as the only requirement for opening the account.

Kenneth Agaba, the Fina bank Head of Business Banking, said that the account also seeks to promote our partnership with NGOs to further our Corporate Social Responsibility in the environment.

Currently, foreign bank transfers are charged 0.3 percent on transfers (outward) for any amount from a minimum of Rwf20,000 and maximum of Rwf150, 000. While inward transfers cost 0.2 percent for a minimum amount between Rwf5, 000 and a maximum Rwf75, 000.

Hope and Homes for Children, an NGO accommodating orphans is one of the account’s beneficiaries. The service operates across all branches of Fina bank across the region.

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