- Market Watch
- December 22, 2022
- 2 minutes read
Bank Of Kigali’s Mobile Transactions Clock Ksh 508 Million
The new BK mobile app has recorded a sharp growth in transaction volumes, value, and onboarded users since its launch…
The new BK mobile app has recorded a sharp growth in transaction volumes, value, and onboarded users since its launch two months ago.
The number of transactions on the BK mobile App shot up from 2,065 in September valued at a total of KSh18.3 million to 42,088 transactions valued at more than KSh508.4 million.
“This is a strong indication that our customers are continuously and fully embracing the new digital banking platform, our target to onboard 80 percent of our customers onto our digital lending platform in the next two years is on the course,” said the Bank of Kigali CEO Dr. Diane Karusisi during the BK digital launch event.
The BK mobile App now boasts 6,252 users, up from 353 users at the time of launch.
Active users on the old App are to be migrated to the new one before the old one is discontinued early next year.
Beginning of next year, the upgraded BK Mobile App will enable new customers to onboard themselves and open a bank account with just a scan of their face ID. Services like loan management, international payments, and credit card repayment will also be available. Currently, the new BK mobile app also allows several transactions including transfers, card payments, and scheduling of advance payments.
With the new updates, the app is expected to reduce the time required to open a bank account to only a few minutes, it currently takes more than an hour to create one.
“We have also seen a significant increase in the volume of bulk customer transactions indicating our corporate customers have also embraced our new digital channels,” said Dr, Karusisi.
In mid-October, BK also signed a partnership with World First Asia to enable customers to instantly send money to China at a fraction of the cost of other cash transfer services in the market.
The partnership saw BK establish integration with China’s Ali Pay, a third-party online payment solution owned by Ant Financial, a subsidiary of World First Asia.
It enables BK account holders to instantly send money from Rwanda to China through Ali Pay.