Below is a list of frequent terms bank customers often hear when communicating with their bank representatives.
Don’t see a term you’d like to know about? Email info@rba.rw to add to the list of terms.
Most bank provide auto loans for new and used vehicles. This allows the consumer to drive a car while paying for it each month.
The 12 banks currently operating in Rwanda have diverse products targeted at specific market segments. Among the products and services offered by banks in the Rwanda market are:
- Loans
- Overdrafts
- Mortgages
- Trade Finance
- SME and Business Banking services
- Corporate services
- Foreign Exchange services
- Financial management advice
A general term for any plastic card which a customer may use to pay for goods and services or to withdraw cash.
A card, other than a charge card or credit card, which is covered by the ATM network.
An automated teller machine (ATM) or free-standing machine, in which a customer can use their card to get cash, information and other services.
Organisations, which hold information about people, that is useful to lenders. Banks may contact these agencies for information to help them make various decisions, for example, whether or not to open an account or provide loans or credit. Banks may also give information to the agencies.
A bank deposit that can be withdrawn by the account holder at any time without prior notice or penalty, such as money held in a current or checking account.
The value of one country’s currency compared to another, showing how much of one currency is needed to buy another.
A booklet issued by a bank containing pre-printed cheques that an account holder can use to make payments directly from their bank account.
Foreign currencies and other international assets held by a country’s central bank to support the national currency, manage exchange rates, and meet international payment obligations.
The total volume of banknotes and coins (fiduciary money) currently in circulation within an economyAccordion Content
A system which banks use to help them make decisions about whether to lend money. Credit scoring measures the likelihood that a customer will repay a loan on time. Each bank has its own scoring metrics therefore members of staff are best placed to explain the specific process for their respective banks.
- no longer opened by customers (this could be because it has been withdrawn from sale by the bank or for some other reason); or
- not actively marketed or promoted to customers; and
- not a fixed-rate account.
Any account where the volume and nature of transactions has fallen to a level, which is categorised by the bank as inappropriate for the account or product type. Each bank has its own definition for dormant accounts; therefore members of staff are best placed to explain based on their bank’s product requirements.
Any card, or function of a card, which contains real value in the form of electronic money, which someone has paid for beforehand. Some cards can be reloaded with more money and can be used for a range of purposes.
An interest rate, which is guaranteed not to change over a set period of time.
This applies to products and services, which have a set lifetime. The customer may be charged if the bank agrees to alter the product or service before the end of its life.