Rwanda : NGO’s benefit from bank tax exemptions
Over 106millions Rwandan francs has been saved by International and Local Non government Organizations in Rwanda, since the introduction of the Fina Free ‘N’ Go Account is designed for NGO’s, Trusts, Charities, Mission Schools and Hospitals.
The account, pioneered by Fina Bank Rwanda is the is tax free for all NGO’s operating in Rwanda and it is part of the Fina bank’s social and corporate responsibility.
The bank’s Managing Director, Rao G. Bilavada, highlighted the achievements of the NGO account during a cocktail party held at Lemigo hotel in Kigali, on September 7. He said that the account is aimed at smoothening operations and encouraging NGO’s to use the saved funds to reach out more communities.
“We are proudly involved in this account and it is part of our social responsibility to give back to the community, though in a different manner. Instead of charging NGO’s and give the money to the community, we think that by not charging these transfer fees on this account, the NGO’s can be in better position to utilize this money since they are closer to the people” said
The Bank’ Executive Director, Kenneth Agaba, stated that account, commonly referred to as the ‘NGO account’ has impacted on the operations of the bank and has resulted into an increase of savings accounts especially from NGO’s and the public.
Agaba noted that the numbers of savings accounts have grown from 200 to over 1000 accounts and this has put the bank into business.
As part of appreciation to its clients, Fina Bank also rolled a mini-lottery during the cocktail event, in which lucky winners were able to walk away with travel tickets and free dinner coupons among many others.
The account has the following features: Minimum initial deposit of Rwf 50,000 or equivalent for major foreign currencies, No minimum balance, No monthly service charge, Free monthly statement provided, A free monthly cheque book, Free internal transfers & inward remittances, Speedy transfer available.