Different Banking Options in Rwanda
There are several different banks in Rwanda, with varying banking requirements. Here, we will try to give you an overview of some of the more popular banks. Please note, that as of this time, no bank as the ability for you to strictly set up a banking account online. You must be in person and validated with proper identification.
Bank of Kigali
- Opening an account for foreigners at Bank of Kigali:
- You are required to take your passport ID and 2 (two) passport photos
- At least 10,000 (rwf) to deposit into account
- USD if planning to open an USD account
- Applying for a loan:
- Please call a bank manager for details
Equity Bank
- Opening an account for foreigners at Equity Bank:
- You are required to take your passport ID and work permit at a local branch.
- Applying for a loan:
- Once you have opened an Equity Bank account, you will be eligible to apply for available business, personal and mortgage loans after six months of banking with Equity.
- Interest rates range from 14-25% depending on income and associated organization/company.
Guaranty Trust Bank
- Opening an account at GT Bank for foreigners
- It requires passport ID and 2 passport photos and work permit is not necessary.
- Applying for loan:
- It requires you at least 3 months banking with GT bank to be able to apply for any kind of loan.
- Interest rates range from 18-19% negotiable interest.
I&M Bank
- Opening an account for foreigners at I&M Bank
- You are required to have a passport, 2 passport photos and work contract if you’re working. If you are not working on a work visa, it is not necessary.
- Applying for loan
- It requires you at least 1 month and bank statement of 3 months from your previous bank.
- Interest rates range is 19.5% negotiable.
Coge Bank
- Opening an account for foreigners in Coge Bank
- You are required to have a passport and 1 passport photo.
- Applying for loan
- After opening an account you are allowed to start applying for any kind of loan.
- Interest rates range is below:
- Personal Loan: 18% negotiable
- Business Loan: 15-18% negotiable
- Mortgage Loan: 16% minimum.
ECO Bank
- Opening an account for foreigners at ECO Bank
- You are required to have a passport,2 passport photo, fill the form and 15k rwf ( $15) as initial deposit and $20 if it is not in Rwandan currency.
- Applying for loan:
- It requires a client at least 1 month to be able to apply for any kind of loan
- Interest rates range is below:
- Personal Loan:18% negotiable
- Business Loan: to be able to take a business loan you are required at least 2 years of operation, registered in RDB and they will check out your cash flow. 18% negotiable.
- Mortgage Loan:16% negotiate for some fees.
BPR
- Opening an account for foreigners at BPR
- You are required to have a passport and it must be notified by the embassy and fill out a form on their website.
- Applying for loan:
- It requires a client at least 6months to be able to apply for any kind of loan
- Interest rates range is below:
- Personal Loan:14-18%
- Business Loan: 14-18%
- Mortgage Loan:14-18%.
ACCESS Bank
- Opening an account for foreigners at ACCESS Bank,
- You are required to have a passport, permit and fill out a form.
- Applying for loan:
- Once you open account, you are able to start applying for any kind of loan.
- Access requires your previous bank statement.
- Interest rates range
- 16%negotiable interest on any kind of loan.
Urwego Bank
- Opening an account for foreigners at Urwego Bank,
- You are required to have a passport and 3k rwf ($3).
- Applying for loan
- It requires a client at least 3months banking with Urwego bank to be able to apply for any kind of loan.
- Interest rates range:
- From 19-21%interest for any kind of loan.
KCB
- Opening account for foreigners in KCB
- You are required to have a passport and visa.
- Applying for loan:
- Once you open it, you are eligible for personal loan.
- However, they have to review your documents.
- Afterwards, you go to the bank with proper documents to see what kind of you are qualified for.
