Urwego Opportunity Bank is set to launch new products including money transfer service, Western Union, banking in foreign currency and urgency banking by the end of this month.

Francis Ndayiziga, the Branch Banking Division Leader said that the new products will help the bank provide modern baking services especially to the rural areas.

"Our customers have been demanding for these products,” Ndayiziga told Business Times on Wednesday.

Western Union will particularly help customers who have been finding it difficult to receive and send money outside Rwanda.

 "Our Western Union product will be unique because our charges will be the lowest compared to other banks.”

This comes at a time when Rwanda’s banking industry is evolving with stiff competitive, which is leading to new products through increased innovation. 

Ndayiziga further noted that the foreign currency product will enable customers to bank in any currency, which is in line with the central bank’s strategy to raise Rwanda’s financial sector to global international standards.

Following the success of mobile banks, Ndayiziga says that Urwego is also in the process of introducing urgency banking.

The product will operate like the telcom’s mobile banking service where customers would be able to access their accounts through agent’s outlets.

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