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Bank of Kigali (BK) is Rwanda’s largest commercial bank by assets and its headquarters are in the capital city of the country (Kigali). The bank is one of the commercial banks licensed by the National Bank of Rwanda, the country’s banking regulator.

History

The Bank was situated in the Republic of Rwanda on 22 December 1966. Initially Bank of Kigali was founded as a joint venture between the Government of Rwanda and Belgolaise with each owning 50% of the ordinary share capital. In 1967, the Bank commenced its operations with its first branch in Kigali.

Belgolaise was a subsidiary of Fortis Bank operating in Sub-Saharan Africa but in 2005 began to withdraw from its operations in Africa in line with Fortis’ strategy. In 2007 the Government of Rwanda acquired the Belgolaise shareholding in Bank of Kigali, thereby increasing its direct and indirect shareholding in the Bank to 100% of the entire Issued Shares. In 2011, the Bank changed its name under the new law relating to companies from Bank of Kigali S.A to Bank of Kigali Limited.

By June 21st 2011, the Rwandan Capital Market Advisory Council approved plans for the bank to float 45 percent of its shares and list its shares on the RSE becoming the second domestic company to list on the Rwanda Stock Exchange in a US$62.5 million Initial Public Offering of 45% of its shares. Trading in the shares of the bank started on 30 June 2011.

By December 2012, regional media reports indicated that the bank was in the middle of an expansion into neighboring Uganda. In February 2013, the bank received regulatory approval to open an office in Kenya. While regional expansion was a top priority under former CEO James Gatera, his successor, Dr. Diane Karusisi has hinted that her focus is on further deepening the bank’s roots at home to tap into what still remains a largely formally unbanked population. According to FinScope’s survey on access to finance in Rwanda, out of 4 million adult Rwandans who have access to formal financial services, only 1.5 million adults or 26 percent of the total, use banks with only slightly over 60600 adults of the 1.5 million exclusively relying on banks; others have alternatives outside banking.

Operations

Bank of Kigali is the largest commercial bank in Rwanda by assets/properties. By June 2017, the Bank’s Total Assets stood at US$858.7 million (Rwf719.3 billion). On September 29, 2017, Global Credit Ratings affirmed Bank of Kigali Limited’s long-term and short-term national scale ratings of AA-(RW) and A1+(RW) respectively; with a stable outlook.

On June 2017, the shareholders’ equity stood at approximately US$137.8 million (RWF: 115.5 billion). In 2010, the bank was ranked among the top fifteen commercial banks in East Africa. The bank has won several back to back international and regional ‘best bank in Rwanda’ awards including from Euro-Money, The Banker, Global Finance Magazine and EMEA Finance.

Branch network

In June 2017, the Bank had 79 branches, 90 ATMs and 1,082 POS terminals that accepted most international cards including VISA & MasterCard, making it the second largest bank in Rwanda by size of branch network. The bank’s Agency Network stood at 1,356 during the same period, processing over 695,897 transactions. By 30thof June 2017, the Bank served over 258,000 Retail customers and over 26,000 Corporate clients.

Main Branches of the bank

Kacyiru Branch – Kacyiru, Kigali

Downtown Branch – Downtown Kigali

Western Union Branch – Kigali

Kicukiro Branch – Kicukiro, Kigali

Remera Branch – Remera, Kigali

Kimironko Branch – Kimironko, Kigali

Nyamirambo Branch – Nyamirambo, Kigali

Nyabugogo Branch – Nyabugogo, Kigali

Kabuga Branch – Kabuga, Kigali

RDB Branch – Kigali

Kigali Airport Branch – Kigali International Airport, Kigali

SFB Branch – Kigali

Manor Hotel Branch – Manor Hotel, Kigali

Gatsata Branch – Gatsata, Kigali

Gisenyi Branch – Gisenyi

Gisenyi Downtown Branch – Downtown Gisenyi

Ruhengeri Branch – Ruhengeri

Ruhengeri Downtown Branch – Downtown Ruhengeri

Gakenke Branch – Gakenke

Gitarama Branch – Gitarama

Butare Branch – Butare

Cyangugu Branch – Cyangugu

Rwamagana Branch – Rwamagana

Kibungo Branch – Kibungo

Kirehe Branch – Kirehe, Kibungo

Kayonza Branch – Kayonza

Kabarore Branch – Kabarore

Nyagatare Branch – Nyagatare

Rusumo Branch – Rusumo

Gicumbi Branch – Gicumbi

Gatuna Branch – Gatuna

Nyamata Branch – Nyamata

Ngororero Branch – Ngororero

Governance

The bank is managed and supervised by a board of directors led by Chairman of the board currently (Marc Holtzman). The day-to-day activities of the bank are administered by a six-person executive management team headed by the Chief Executive Officer, Dr. Diane Karusisi. Under executive management is a 16-member senior management team, who are heads of departments within the Bank. Under senior management is mid-level management consisting of managers.

I&M Bank Rwanda Limited

I&M Bank Rwanda Limited is a commercial bank in Rwanda which is licensed by the National Bank of Rwanda, the national banking regulator.

Overview

The bank is a medium-sized bank, serving large corporations, small-to-medium businesses, and individuals. As of December 2015, the bank’s total assets were valued at RWF 175 billion (approx. US$232.8 million). Shareholder’s equity at 31 December 2014 was approximately US$28.9 million (RWF:21.6 billion). *Note: US$1.00 = RWF738.84 on 6 August 2016

History

The bank was opened in 1963 under the name Banque Commerciale du Rwanda (BCR) or Commercial Bank of Rwanda. In the beginning, it was wholly owned by the Government of Rwanda. In 2004, it was privatized. As of April 2010, Actis Capital owned 80 percent and the Rwandan government owned the remaining 20 percent of the financial institution. Actis Capital is a private equity investment firm, headquartered in London, United Kingdom, that specializes in investments in developing countries. The firm’s investment Portifolio was almost US$5 billion as of April 2010.

In July 2012, Actis Capital divested from BCR by selling its shares to a consortium of the I&M Bank Group from Kenya, PROPARCO from France, and the German Investment Corporation. The Rwandan government retained its shares in the bank.

In August 2013, the bank rebranded to I&M Bank (Rwanda) to reflect its current shareholding.

In September 2015, I&M Bank Rwanda appointed its current Managing Director – Robin Bairstow

I&M Bank Group

I&M Bank (Rwanda) is a member to ‘’I&M’’ Bank Group of companies. The group is a leading financial services provider in East Africa, with an asset base estimated at over US$1.875 billion (KSh176.5 billion) as of December 2014. The group has operations in Kenya, Mauritius, Rwanda, and Tanzania.

Ownership

On April 2015, there were plans for the government of Rwanda to list its shareholding on the Rwanda Stock Exchange, by floating an initial public offering. 

Branch network

I&M Bank Rwanda Branches

I&M Bank (Rwanda) maintains the following branches, as of April 2015:

Main Branch – 11 Boulevard de la Revolution, Kigali

Kacyiru-Umubano Branch – Umubano Hotel, Boulevard de l’Umuganda, Gasabo District, Kigali

Remera Branch – Kisimenti, Remera, Kigali

Nyamirambo Branch – Rwezamenyo Sector, Nyamirambo, Kigali

Mateus Branch – Rue du Travail, Mateus Quarter, Kigali

Rusizi Branch – Kamembe Sector, Cyangugu

Nyabugogo Branch – Building Inkundamahoro, Nyabugogo, Kigali

Rubavu Branch – Gisenyi Sector, Gisenyi (Also known as Gisenyi Branch)

Musanze Branch – Muhoza Sector, Musanze

Gicumbi Branch – Byumba Sector, Byumba

Rwamagana Branch – Kigabiro Sector, Rwamagana

Karongi Branch – RSSB Building, Karongi, Western Province

Kenya Airways Branch – UTC Building, Nyarugenge, Kigali (Also known as Nyarugenge Branch)

Magerwa Branch – Gikondo, Magerwa, Kigali

Huye Branch – Ngoma Sector, Huye, Southern Province

Kigali City Market, Nyarugenge, Kigali

Compagnie Générale de Banque

Compagnie Générale de Banque (Cogebanque) is sometimes known as Cogebank, it is a Rwandan multinational commercial bank. The bank is one of the commercial banks in the Republic of Rwanda and it is licensed by National Bank of Rwanda, the national banking regulator.

Overview

In December 2014, the bank’s total assets were valued in excess of US$192.2 million (RWF: 134 billion), with shareholders’ equity valued at US$19.65 million (RWF: 13.7 billion).

History

Cogebanque was established in July 1999 by forty-two private Rwandan investors. At that time, the insurance company Compagnie Générale d’Assurance et de Reassurance (COGEAR), was the largest shareholder with 34% ownership. In the beginning, the bank’s emphasis was Small and Medium Enterprises (SMEs), agriculture and the service industries. In 2008, three new international investors paid US$6 million for a 40% ownership in the bank. The new investors included: (a) Shore-Cap International (SCI) of Chicago, Illinois, United States; (b) the Belgian Investment Company for Developing Countries (BIO) and (c) Africa Invest, an investment company based in Tunisia. These transactions, initiated in 2008, were concluded in early 2010. The original Rwandan investors maintain a 60% shareholding in the restructured bank.

Branch Network

As of March 2015, Cogebanque maintained branches at the following locations:

Cogebanque Headquarters – Centenary House, KN 4 Avenue, Kigali

Rond-Point Branch – BIB Trading Building, KN 1 Round About, Kigali

Rubangura Branch – Rubangura House, KN 2 Street, Kigali

Nyabugogo Branch – Chez Manu Building, KN 1 Road, Kigali

Nyarutarama Branch – MTN Centre, KG 9 Avenue, Kigali

Gisozi Branch – Companion House, KG 33 Avenue, Gisozi, Kigali

Remera Branch – Nyiransengimana Justine Building, KG 11 Avenue, Kigali

Kicukiro Branch – Inind House, Kigali

Rwamagana Branch – Rusirare Jacques Building, Rwamagana, Eastern Rwanda

Kabarondo Branch – Cogebanque Building, Kabarondo, Eastern Rwanda

Huye Branch – Bihira Juvenal Building, Butare, Huye District, Southern Rwanda

Nyamagabe Branch – Kanimba Building, Nyamagabe, Southern Rwanda

Muhanga Branch – Mukantabana Speciose Building, Gitarama, Southern Rwanda

Musanze Branch – Economat Diocese Building, Ruhengeri, Northern Rwanda

Rubavu Branch – Munyandekwe Issa Building, Rubavu, Western Rwanda

Kamembe Branch – Twizeyimana Vincent Building, Kamembe, Western Rwanda

Tyazo Branch – Kagorora Jacques Building, Tyazo, Southern Rwanda

Nyagatare Branch – Karangwa House, Eastern Rwanda

Prestige Banking Branch – Centenary House, Kigali

KCB Bank Rwanda Limited

KCB Bank Rwanda is a commercial bank in Rwanda and a subsidiary of Kenyan KCB Group. It is one of the banks licensed by the National Bank of Rwanda, the country’s banking regulator.

On June 2015, KCB Rwanda was a medium-sized financial service provider with estimated total assets of about US$190.2 million (RWF: 140 billion) and shareholders’ equity of approximately US$16.3 million (RWF: 12 billion).

History

In December 2008, KCB Rwanda commenced banking services in Kigali, following licensing by the National Bank of Rwanda. Since then, the bank has opened fourteen (14) branches in the country. KCB Rwanda is a 100% subsidiary of the KCB Group.

Branch network

In November 2015, KCB Rwanda has a network of fourteen (14) branches across the country. Among the locations where the bank maintains branches are the following:

Main Branch – Avenue de la Paix, Kigali

Kimironko Branch — Kimironko, Kigali

Nyabugogo Branch — Nyabugogo, Kigali

Remera Branch — Remera, Kigali

Musanze Branch – Musanze

Rubavu Branch – Rubavu

Muhanga Branch – Muhanga

Huye Branch – Huye

Rusizi Branch – Rusizi

Kayonza Branch- Kayonza

Nyarutarama Branch – Nyarutarama MTN Service Centers

Eco-bank

Its official name is Eco-bank Transnational Inc (ETI), it is a pan-African banking conglomerate, with banking operations in 36 African countries. It is the leading independent regional banking group in West Africa and Central Africa serving wholesale and retail customers. It also maintains subsidiaries in Eastern and Southern Africa. ETI has representative offices in Angola, China, Dubai, France, South Africa and the United Kingdom.

Overview

ETI is a large financial services provider with offices in 36 countries around the world and presence in 36 sub-Saharan countries. As of December 2012, ETI’s customer base was estimated at 13.7 million with 9.6 million (70.2%), located in Nigeria, the continent’s most populous nation. ETI’s branch network numbered 1,305, with 1,981 networked ATMs.

Group network

By June 2014, Eco-bank Transnational had banking operations in 36 African countries, with representative offices in Angola, Beijing, Dubai, Ethiopia, South Africa and the United Kingdom:

Eco-bank Transnational has operational bank subsidiaries in the following countries, as of July 2013:

Africa

Eco-bank Angola – (Representative office in Luanda)

Eco-bank Benin

Eco-bank Burkina Faso

Eco-bank Burundi

Eco-bank Cameroon

Eco-bank Cape Verde

Eco-bank Central African Republic

Eco-bank Chad

Eco-bank Congo Brazzaville

Eco-bank Côte d’Ivoire

Eco-bank Democratic Republic of the Congo

Eco-bank Ethiopia – (Representative office in Addis Ababa)

Eco-bank Equatorial Guinea

Eco-bank Gabon

Eco-bank Gambia

Eco-bank Ghana

Eco-bank Guinea

Eco-bank Guinea-Bissau

Eco-bank Kenya

Eco-bank Liberia

Eco-bank Malawi

Eco-bank Mali

Eco-bank Mozambique

Eco-bank Niger

Eco-bank Nigeria (includes Oceanic Bank)

Eco-bank Rwanda

Eco-bank São Tomé and Príncipe

Eco-bank Senegal

Eco-bank Sierra Leone

Eco-bank South Africa (Representative office in Johannesburg)

Eco-bank South Sudan

Eco-bank Tanzania

Eco-bank Togo

Eco-bank Uganda

Eco-bank Zambia

Eco-bank Zimbabwe

Outside Africa

Paris, France – Affiliate office

London, United Kingdom – France affiliate representative office

Dubai, United Arab Emirates – Representative office

Beijing, China – Representative office

History

ETI is a public limited liability company which was established as a bank holding company in 1985 under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS). In the early 1980s the banking industry in West Africa was dominated by foreign and state-owned banks. There were hardly any commercial banks in West Africa owned and managed by the African private sector. ETI was founded with the objective of filling this vacuum.

The Federation of West African Chambers of Commerce promoted and initiated a project for the creation of a private regional banking institution in West Africa. In 1984, Eco-promotions S.A. was incorporated. Its founding shareholders raised the seed capital for the feasibility studies and the promotional activities leading to the creation of ETI.

In October 1985, ETI was incorporated with an authorized capital of US$100 million. The initial paid up capital of US$32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was the ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund), the development finance arm of ECOWAS. A Headquarters’ Agreement was signed with the government of Togo in 1985 which granted ETI the status of an international organization with the rights and privileges necessary for it to operate as a regional institution, including the status of a non-resident financial institution.

ETI has two specialized subsidiaries: Eco-bank Development Corporation (EDC) and e-Process International (e-Process). EDC was incorporated with a broad mandate to develop Eco-bank’s investment banking and advisory businesses throughout the countries where Eco-bank operates. EDC operates brokerage houses on all 3 stock exchanges in West Africa and has obtained licenses to operate on the two stock exchanges in Central Africa: the Douala Stock Exchange in Cameroon and the Libreville Exchange in Gabon. The mandate of e-Process is to manage the Group’s information technology function with a view to ultimately centralizing the Group’s middle and back office operations to improve efficiency, service standards and reduce costs.

Subsidiaries

The Specialized subsidiary companies of Eco-bank include the following:

EBI SA Groupe Eco-bank – Paris, France

EBI SA Representative Office – London, United Kingdom

Eco-bank Development Corporation (EDC) – Lomé, Togo

EDC Investment Corporation – Abidjan, Côte d’Ivoire

EDC Investment Corporation – Douala, Cameroon

EDC Securities Limited – Lagos, Nigeria

EDC Stockbrokers Limited – Accra, Ghana

Eco-bank Asset Management – Abidjan, Côte d’Ivoire

E-Process International SA – Accra, Ghana

Eco-bank Asset Management Company P/L – Harare, Zimbabwe

The Eco-bank Ned-bank alliance

With more than 1,500 branches in 35 countries, the Eco-bank-Ned-bank Alliance is the largest banking network in Africa. The alliance was formed in 2008 between the Eco-bank Group and the Ned-bank Group, one of South Africa’s four largest financial services providers with a growing footprint of operations across the Southern African Development Community.

Ownership

The shares of Eco-bank Transnational Inc., the parent company of Eco-bank, are traded on three West African stock exchanges, namely: the Ghana Stock Exchange (GSE), the Nigeria Stock Exchange (NSE) and the BRVM stock exchange in Abidjan (Ivory Coast). As of December 2014, the ten largest shareholders in Eco-bank Transnational were as follows:

Banque Populaire du Rwanda

Banque Populaire du Rwanda Ltd formerly Banque Populaire du Rwanda SA is a commercial bank in Rwanda and is licensed by the National Bank of Rwanda, the national banking regulator.

Overview

Banque Populaire du Rwanda is one of the thirteen licensed commercial banks in the Republic of Rwanda. BPR is commonly known to focus on retail (consumer) banking activities (current and savings accounts, loans, etc and consumer banking tools like mobile banking) as well as agricultural business expertise with corporate customers in the food and agri-business value chain – in-line with their farming/cooperative foundation and involvement Rabo-bank as a shareholder.

On October 2015, BPR was a medium-sized financial services provider in Rwanda. Its total asset valuation was approximately US$325 million. At that time, shareholding in the bank was valued at about US$50 million. The bank focused its lending to businesses in the agricultural sector. It employed 1,477 staff at that time.

History

The origins of the bank can be traced back to 1975 when the first Banque Populaire du Rwanda was formed in the settlement of Nkamba in the city of Kibungo (Eastern Province). Over the next ten years, many other similar banks were established in the country. In 1986, the various autonomous Banques Populaires formed an umbrella called the Union des Banques Populaires du Rwanda (UBPR). UBPR was operated as a cooperative bank.

In January 2008, following 33 years of experience in the Rwandan financial sector, UBPR was transformed from a cooperative bank into a commercial bank: Banque Populaire du Rwanda S.A. In June 2008, (Rabo-bank) the Dutch cooperative banking conglomerate acquired 35 percent of the shares in BPR. In July 2012, Visa Inc. certified the bank to issue visa-branded debit and credit cards.

In January 2016, Atlas Mara completed its acquisition of a controlling stake of BPR after acquiring shares from existing shareholders and merging the bank with the commercial banking business that was spun off BRD.

Ownership

Arise is an investment company that focuses on investments in Africa. It is owned by a consortium of European financial institutions including FMO, Rabobank and Norfund

Branch network

On August 2009, Bank Populaire du Rwanda maintained a network of 25 full-service branches, including at the following locations:

Main Branch – Kigali

BPF Branch – Kigali

Kimironko Branch – Kimironko, Kigali

Muhima Branch – Muhima, Kigali

Rwezamenyo Branch – Rwezamenyo, Kigali

Muhanga Branch – Muhanga, Southern Province

Musanze Branch – Musanze, Northern Province

Rusizi Branch – Rusizi, Western Province

Gicumbi Branch – Gicumbi, Northern Province

Rubavu Branch – Rubavu, western Province

Ngoma Branch – Ngoma, Eastern Province

Huye Branch – Huye, Southern Province

Rwamagana Branch – Rwamagana, Eastern Province

Karongi Branch – Karongi, Western Province

Nyamagabe Branch – Nyamagabe, Southern Province

Nyagatare Branch – Nyagatare, Eastern Province

Bugesera Branch – Bugesera, Eastern Province

Nyanza Branch – Nyanza, Southern Province

Ngororero Branch – Ngororero, Western Province

Governance/ownership

The activities of Banque Populaire du Rwanda are supervised by a nine-member board of directors representing commercial activities, operations, risk and the branch network, headed by the CEO. The current CEO is Maurice Toroitich. The current chairman of the board is Njuguna Ndung’u. The day-to-day affairs of the bank are managed by a ten-member executive team, led by Maurice Toroitich, the CEO.

Commercial Bank of Africa (Rwanda)

Commercial Bank of Africa (Rwanda) (CBAR) is a commercial bank in Rwanda and it is one of the Kenyan-owned bank subsidiaries to launch operations in Rwanda. The bank is a member of the Commercial Bank of Africa Group, a financial services group with headquarters in Nairobi (Kenya) with subsidiaries in Kenya, Rwanda, Tanzania and Uganda.

Background/History

In November 2015, the CBA Group, Kenya’s largest privately owned financial services provider publicly announced their intention to enter the Rwandan market. The group applied for a banking license from the Rwanda authorities.

In December 2016, the National Bank of Rwanda issued CBA Rwanda with a micro-finance banking license. In May 2017, CBA Rwanda, a microfinance institution, made public its intention to acquire Crane Bank Rwanda, a commercial bank, whose parent company in Uganda had been sold and the buyers of the parent did not want to keep the Rwandan subsidiary. On 15 June 2017 CBA Group signed a definitive sale and purchase agreement with DFCU Bank, the owners of Crane Bank Rwanda. The acquisition required regulatory approval in Rwanda, Kenya and Uganda.

Commercial bank status

On Monday 21st February 2018, The East African reported that the requisite approvals for the purchase of Crane Bank Rwanda had been received from the Bank of Uganda, the Central Bank of Kenya and the National Bank of Rwanda. The acquired assets and liabilities, including two operational branches in Kigali, are expected to be merged with the existing micro-finance operations of CBA Rwanda. On 19 March 2018, the refurbished branches of Crane Bank Rwanda, opened as CBA Bank Rwanda, a commercial bank.

Branches

Nyarugenge Branch: 10249 Ville De Kigali, Nyarugenge, Kigali

La Bonne Adresse Branch: 5447 La Bonne Adresse Building, 76 Avenue de la Revolution, Kigali

Kigali Heights Branch: Kigali Heights Shopping Complex, Kigali. (Main Branch)

Equity Bank Rwanda Limited

Equity Bank Rwanda Limited (EBRL) is a commercial bank in Rwanda and it is licensed by the National Bank of Rwanda, the central bank and national banking regulator.

Overview

EBRL is a medium-sized financial services provider in Rwanda with an estimated total asset valuation of about US$133.25 million (RWF: 90.7 billion), as of 30 September 2014. The shareholders’ equity was not publicly known at that time.

History

The bank was granted a banking license by the National Bank of Rwanda, in 2011 and commenced banking services in the fourth quarter of 2011. Rwanda was the fourth East African country where the Equity Bank Group has opened a subsidiary. Operations in Tanzania commenced during the first quarter of 2012. The bank group maintains financial services subsidiaries in Kenya, Rwanda, South Sudan, Uganda and Tanzania. Operations in Burundi are planned to begin in the next five years.

Ownership/Governance

Equity Bank Rwanda Limited is a 100% subsidiary of the Equity Group Holdings Limited. Its headquarters are in Nairobi, Kenya. Equity Group Holdings Limited is the second largest financial services provider in East Africa by assets next to Kenya Commercial Bank Group (KCB Group). As of September 2014, Equity Group Holdings’ asset base was valued at over US$3.83 billion (KES: 339.44 billion), with shareholders’ equity in excess of US$644.6 million (KES: 57.1 billion). At that time, the group’s customer base was estimated at over 9.2 million in the five East African countries that it serves, making it the largest commercial bank on the African continent, by customer numbers.

Equity Group Holdings Limited

The companies that compose the Equity Group Holdings Limited include but are not limited to the following:

Equity Bank Kenya Limited – Nairobi, Kenya

Equity Bank Rwanda Limited – Kigali, Rwanda

Equity Bank South Sudan Limited – Juba, South Sudan

Equity Bank Tanzania Limited – Dar es Salaam, Tanzania

Equity Bank Uganda Limited – Kampala, Uganda

Pro-Credit Bank Congo SARL – Kinshasa, Democratic Republic of the Congo

Equity Consulting Group Limited – Nairobi, Kenya

Equity Insurance Agency Limited – Nairobi, Kenya

Equity Nominees Limited – Nairobi, Kenya

Equity Investment Services Limited – Nairobi, Kenya

Fin-serve Africa Limited – Nairobi, Kenya

Equity Group Foundation – Nairobi, Kenya

Equity Investment Bank – Nairobi, Kenya: Equity Bank Group has 100% shareholding.

The stock of Equity Group Holdings Limited is traded on the Nairobi Stock Exchange, under the symbol: EQTY. On Thursday 18 June 2009, the Group’s stock cross listed on the Uganda Securities Exchange (USE), and started trading that day, under the symbol: EBL.

Branch Network

Equity Bank Rwanda Limited maintains the following branches, as of December 2014.

Kigali Main Branch – Grand Pension Plaza Building, KN 4 Avenue, Kigali

Rubavu Branch – Maison Saint Joseph, Main Street, Rubavu

Nyarugenge Branch – Ground Floor, Kigali City Market, Commercial Avenue, Nyarugenge, Kigali

Remera Branch – Nobiscum House, Amahoro National Stadium Avenue, Remera, Kigali

Rusizi Branch – Kamembe Main Road, Rusizi.

Rwamagana Branch – Rwanda Social Security Bureau House, Opposite Dereva Hotel, Rwamagana

Muhanga Branch – African Hills Building, Kigali-Huye Road, Muhanga

Nyabugogo Branch – Societe Duteraninkunga House, KN 1 Road, Nyabugogo, Kigali

Musanze Branch – Mushakamba House, Musanze-Rubavu Road, Musanze

Guaranty Trust Bank (Rwanda)

Guaranty Trust Bank (Rwanda) commonly referred to as GT Bank is one of the licensed commercial banks in the Republic of Rwanda. It has been part of Nigerian Guaranty Trust Bank since 2013.

Guaranty Trust Bank (Rwanda) Ltd Headquarters are in Kigali City

As of December 2015, Guaranty Trust Bank (Rwanda) had an estimated asset base of US$102.0 million (RWF: 76.24 billion).

History

The set-ups of the bank in Rwanda can be traced back to 1983 when the BACAR bank was established. It became one of the first privately owned commercial banks in the country. Sometime before 2004, BACAR was taken over by the National Bank of Rwanda, the country’s central bank, because of managerial issues. In 2004, Fina Bank at that time (a Kenyan commercial bank) acquired BACAR and by 2008 Fina Bank opened banking operations in Uganda as well forming the Fina Bank Group.

In 2013, Guaranty Trust Bank acquired 70 percent shareholding in the Fina Bank Group for a cash payment of US$100 million. In January 2014, the bank rebranded to reflect the new ownership structure.

As of June 2016, GT Bank maintained branches at the following locations:

Main Branch – 20 Boulevard de la Révolution, Kigali

Gisozi Branch – Gasabo, Kigali

Muhanga Branch – Muhanga, Southern Province

Kayonza Branch – Kayonza, Eastern Province

Ngoma Branch – Ngoma, Eastern Province

Karongi Branch – Karongi, Western Province

Kicukiro Branch – Kicukiro, Kigali

Kigali City Market Branch – Nyarugenge, Kigali

Kimironko Branch – Gasabo Kigali

Nyabugogo Branch – Nyarugenge, Kigali

Remera Branch – Gasabo, Kigali

Rubavu Branch – , Rubavu, Northern Province

Musanze Branch – Musanze, Northern Province

Rusizi Branch – Rusizi, Western Province

Bank of Africa Rwanda Limited

Bank of Africa Rwanda Limited (BOA Rwanda) recently known as Agaseke Bank, is a commercial bank in Rwanda and it is one of the licensed banks in the Republic of Rwanda. The bank is a growing financial services provider in Rwanda. As of December 2012, its total assets were valued at approximately US$14.6 million (RWF: 9.2 billion).

History/background

BOA Rwanda was formed in November 2003 as Centre Financier aux Entrepreneurs Agaseke (CFE SA Agaseke) with the aim of providing financial services to small and medium-sized businesses. On 14 December 2010, the shareholders adopted a resolution to convert CFE SA Agaseke to a microfinance bank and adopted the name Agaseke Bank. The bank was granted a banking license by the National Bank of Rwanda, the national banking regulator in 2011 and commenced commercial banking services in the same year.

By October 15th 2015, the Bank of Africa Group announced its acquisition of a 90% stake in Agaseke Bank. This led to Agaske Bank changing its name to Bank of Africa Rwanda Limited and conversion to a commercial bank.

Ownership

The stock of the bank is privately owned by institutional and individual investors. As of December 2015, the shareholding in the bank is as depicted in the table below:

Branches

As of August 2017, the bank maintained the following interlinked branches.

  • Main Branch, Ground Floor, Chic Complex, Nyarugege, Kigali
  • Kayonza Branch
  • Gizozi Branch, Umukindo House, Kigali
  • Muhanga Branch
  • Rusizi Branch
  •  Rubavu Branch
  • Musanze Branch
  • Huye Branch
  • Nyabugogo Branch

Remera Branch

  • Gikondo Branch
  • Kamironko Branch
  • Nyarugege Branch, KIC House, Kigali
  • Soras Outlet, Kakuyu Street, Kigali and
  • Kabuga Branch.

AB Bank Rwanda

AB Bank Rwanda (ABBR) is a microfinance bank in Rwanda and it is also one of the licensed banks in the Republic of Rwanda.

Overview

ABBR is a Rwandan microfinance bank, wholly owned by International institutions, that was established in 2013. It is affiliated with, and is subsidiary of Access Holding, a commercial microfinance investment and holding company based in Germany with subsidiaries in Azerbaijan, Madagascar, Tanzania, Nigeria, Liberia, Tajikistan, Zambia and Rwanda.

History

The bank was granted a banking license by the National Bank of Rwanda, the national banking regulator, in 2013 and commenced commercial banking services in the same year. By June 2014, AB Bank Rwanda maintained over 4,000 deposit accounts and more than 1,300 loan accounts. The loan book exceeded RWF: 1 billion (US$1.5 million).

Ownership

The stock of the bank is privately owned by institutional investors. As of December 2013, the shareholding in the bank is as depicted in the table below:

AB Bank Rwanda Stock Ownership

Rank      Name of Owner                                             Percentage Ownership

1             Access Holding                                                                     50.5

2             German Development Bank                                                 16.5

3             International Finance Corporation (IFC)                              16.5

4             Netherlands Development Finance Company (FMO)       16.5

                Total      100.00

Branch Network

As of June 2014, the bank maintains two branches in Kigali, Rwanda’s capital and the largest city in that county.

Nyamirambo Branch – Nyamirambo, Kigali

Nyarugenge Branch – Nyarugenge, Kigali – Main Branch

Gisozi Branch – Gasabo, Kigali

Kimironko Branch -Kimironko, Kigali

Unguka Bank

Unguka Bank Limited (UBL) is commonly known as Unguka Bank and it is a microfinance bank in Rwanda. It is one of the banks licensed by the National Bank of Rwanda, the country’s banking regulator.

Overview

By June 2012, UBL was a small but growing financial service provider whose total asset valuation and shareholders’ equity were publicly unknown at this time. At that time, the bank had 556 shareholders and 14 branches.

History

The institution was established in 2005 as Uguka Microfinance Limited by 215 investors with a total capital of about US$538,400 (RWF: 321.1 million). By 2012, the institution transformed to a microfinance bank following the issuance of a microfinance banking license by the National Bank of Rwanda. The bank rebranded as Uguka Bank Limited.

Ownership

The stock of Uguka Bank is privately owned by corporate and individual investors. At this time, the detailed shareholding in the bank is not widely publicly known. 35% shareholding is owned by Rural Impulse Fund II (RIF).

Branch network

As of June 2012, UBL maintains a network of 12 branches including in the following locations:

Nyarugenge Branch – Kigali

Nyabugogo Branch – Kigali branch – Kigali

Musanze Branch – Musanze

Rubavu Branch – Rubavu

Mukamira Branch – Nyabihu

Ngororero Branch – Ngororero

Gakenke Branch – Gakenke

Kora Branch – Nyabihu

Mahoko Branch – Rubavu

Kabaya Branch – Nyabihu

Muhanga Branch – Muhanga

Urwego Opportunity Bank

Urwego Opportunity Bank (Urwego) is a microfinance bank in Rwanda which is one of the commercial banks licensed by the National Bank of Rwanda, the national banking regulator. It was founded in 1997 as a purely Microfinance Institution (MFI) that was mostly popular among women at the time, Urwego Opportunity Bank is definitely Rwanda’s bank for all

History

Urwego Bank was established in July 2007 as a result of a merger between Urwego Community Banking SA (Urwego) and Opportunity International Bank of Rwanda SA (OIBR). Urwego was founded by World Relief Rwanda in 1997 and it was a leading microfinance institution (MFI) in Rwanda. Since 2004 Urwego had been operating as an independent and regulated MFI in the country with branches in Kigali and in the provinces. OIBR was established by Opportunity International, an international microfinance network dedicated to the development of transformational, commercial microfinance banks in developing countries.

Overview

The bank is a licensed microfinance bank which is operated along Christian principles with services aimed at improving the economic, social and spiritual conditions of the communities that the bank serves. The bank focuses on serving Rwandese who are economically active but under banked. Services offered by Urwego include deposit accounts, savings accounts, individual loans, Trust Group Loans, village phone loans, home improvement loans, bicycle loans and school tuition loans. The bank also offers insurance services, business training and HIV/AIDS training.

Ownership

According to the bank’s website, the following corporate entities are shareholders in the bank.

Urwego Opportunity Bank Stock Ownership

Rank      Name of Owner                Percentage Ownership

  1. Hope International      99%
  2. World relief                      1%

                TOTAL   100%

Urwego Bank Branches

Following results of April 2016, Urwego has eighteen fully functioning branches of which seven of them including the bank’s headquarters are located in the city of Kigali, Rwanda’s capital. The other eleven full-service branches are located in the provinces. In addition to this, the bank has twenty-five other credit offices in various Rwandan districts. The full-service branches of the bank are located in the following locations:

Main Branch – KN 5 Remera (Umuyenzi Plaza Kisementi), Airport road, Kigali

Kimironko Branch – Kimironko, Kigali Kimironko KG 2 ST, Kigali

Nyarugenge Branch – Nyarugenge Plot 1230, Avenue de la Paix, Kigali

Kicukiro Branch – Kicukiro KK 494 ST, Kigali

Nyabugogo Branch – Kigali

Kigali City Market- Nyarugenge

Gisozi Branch – KG 697 Samantha house, Kigali

Muhanga Branch – Muhanga Plot 188, Muhanga District

Rwamagana Branch – Rwamagana District

Bugesera Branch – Bugesera District

Musanze District – Musanze District

Nyamata Branch- Bugesera plaza, airport Road, Bugesera District

HUYE Branch- Huye Market, Ground Floor,  Huye District

Musanze Branch- Musanze district

Gicumbi Branch- Gicumbi District

Ngoma branch- Ngoma District

Rubavu branch- Rubavu District

Rusizi branch – Rusizi District

Rwanda Development Bank

Development Bank of Rwanda is commonly known by its French name Banque Rwandaise de Développement (BRD) and it is a development bank in Rwanda. It is one of the banks licensed by the National Bank of Rwanda, the national banking regulator.

Overview

The bank began its operations in 1967 as a long-term financial services provider with the financing geared towards national development projects. The results of April 2011 show that the total asset valuation of the bank was approximately US$122 million (RWF: 72 billion) with shareholders equity of approximately US$42.3 million (RWF: 25 billion)

History

Development Bank of Rwanda “BRD” is a public company with a share capital of RWF: 7,808,931,000 registered at the Office of the Registrar General whose company code is n° 1000003547. BRD was incorporated on 5 August 1967. The period between 1967 and 1987 saw the institution invest heavily in pick-up trucks, finance and the finance of grinding mills.

Between 1988 and 1994, the bank expanded its services to the provision of loans in agro-industries, particularly tea and manufacturing, artisans and micro-enterprises. Furthermore, between 1995 and 2000, the bank underwent re-structuring, re-organization and re-capitalization, to repair the damage incurred during the 1994 Rwanda Genocide.

Since 2001, the bank has increased its focus on financing rural development projects, since 90% of the Rwandan population is rural.

On October 16, 2014, BRD announced that it had completed its internal reorganization. This process included spinning off its commercial banking business into a new subsidiary that would be sold off to Atlas Mara Co-Nvest Limited. This subsidiary was incorporated to run the commercial loan portfolio, BRD’s Insurance brokerage firm and a piece of a commercial plot adjacent to BRD’s Kigali headquarters. As at October 18, 2014, the newly formed Commercial Bank was yet to be given an official name and was awaiting a commercial banking license from the National Bank of Rwanda.

Acquisition

In April 2011, BRD got a 100% controlling interest in Housing Bank of Rwanda. BRD is in the process of absorbing the assets, liabilities and staff of HBR. After re-organization, BRD has commenced retail banking operations. In addition, it has begun underwriting mortgage products originated by other commercial banks in the country, in an attempt to increase home ownership in Rwanda.

At the time of takeover, HBR’s total assets were valued at about US$23.7 million (RWF: 14 billion).

Subsidiaries

The bank has two subsidiaries, owned 100%, namely:

BRD Development Fund – A development fund

Housing Bank of Rwanda – Development Bank of Rwanda took full control in April 2011 

Ownership

The bank’s stock is owned by the following sovereign and corporate entities:

Development Bank of Rwanda Stock Ownership’ Rank Name of Owner

1                                                                                            Government of Rwanda

2                                                                                             Rwanda Public Enterprises

3                                                                                           Private Institutions in Rwanda

4                                                                                            Agence française de développement (AFD)

5                                                                                           German Investment Corporation (DEG)

6                                                                                 Netherlands Development Finance Company (FMO)

7                           Administration Générale de la Coopération au Développement of Belgium (AGCD)

8                                                                                                    Bank of Tokyo

Sectors of Operation

The sectors include the following:

Agriculture & livestock;

Manufacturing industry;

Education and Health care;

Energy and Water;

Hotel and Tourism;

ICT;

Transport and related facilities;

Exports;

Real Estate

Micro-finance

Products & Facilities

The Development Bank of Rwanda put great products in front of their customers. These Products are:

Investment Financing

Loans;

Leasing;

Equity;

Refinancing;

Capacity Building;

Advisory

Branches

To bring services closer to the people, the bank maintains branches at the following locations:

Main Branch – Kigali

Kayonza Branch – Kayonza, Eastern Rwanda

Musanze Branch – Musanze, Northern Rwanda

Nyanza Branch – Huye, Southern Rwanda

Governance

As of August 2015, the following constitute the Board of Directors of the bank:

Francis Mugisha – Chairman of the Board

Athanase Rutabingwa – Director

Agnes Kanyangeyo – Director

Eric Rwigamba – Director

Antonina Kayitesi Rutembesa – Director

De Wandel Erwin – Director

Cyrille Hategekimana – Director

John Bosco Sebabi – Director

The following are members of the Senior Management Team at Development Bank of Rwanda, as of August, 2013.

Alex Kanyankole – Chief Executive Officer

Benjamin Manzi – Director of Investments

Emmanuel Murangayisa – Director of Finance

Juvenal Kalema – Director of Credit Administration

Peter Rwambala – Director of Corporate Affairs

Jean Claude Iliboneye – Director of Operations

Hector Mutijima – Director of Risk and Compliance

Innocent Bulindi – CEO of BRD Development Fund (BDF)

Zigama Credit and Savings Bank

Zigama Credit and Savings Bank (ZCSB) is a microfinance bank in Rwanda and it is one of the financial institutions licensed by the National Bank of Rwanda, the national banking regulator.

History

ZCSB was established in 1997 as Zigama Credit & Savings Society (ZCSS), also referred to as Zigama CSS, with its primary mission to serve the welfare of Rwanda’s military families. In 2011, the institution received a commercial banking license and rebranded to its current name. Since Its formation, the cooperative bank has accepted membership from Rwanda Police Force and Rwanda Correctional Services.

Overview

The bank is a licensed cooperative bank, serving its members in Rwanda. As of December 2012, the total asset valuation of the institution was in excess of US$143 million (RWF: 90 billion).

Ownership

As of December 2011, the detailed shareholding in the stock of Zigama Credit and Savings Bank are not publicly known. The bank is majority owned and administered by members of the Rwanda Defense Forces.

Branch network

As of December 2011, ZCSB maintains branches at the following locations:

Main Branch – Kimihurura, Kigali

Nyarugenge Branch – Nyarugenge, Kigali

Kacyiru Branch – Kacyiru, Kigali

Kanombe Branch – Kanombe, Kigali

Kibungo Branch – Kibungo, Ngoma District

Butare Branch – Butare, Huye District

Ruhengeri Branch – Ruhengeri, Musanze District

Cyangugu Branch – Cyangugu, Rusizi District

Gisenyi Branch – Gisenyi, Rubavu District

Byumba Branch – Byumba, Gicumbi District

Kibuye Branch – Kibuye, Karongi District

Nyagatare Branch – Nyagatare, Nyagatare District

Gitarama Branch – Gitarama, Muhanga District

Co-operative Bank Rwanda

Co-operative Bank Rwanda or Rwanda Co-operative Bank is a proposed commercial bank in Rwanda. It is expected to broaden “financial inclusion” in the country, working through the Umurenge Saccos and increasing financial services in rural areas.

Overview

In July 2014, approximately 2,500 members of the Rwanda Cooperative Agency (RCA) met Paul Kagame, the President of Rwanda during an event called “Meet the President”. At that event, held in Kigali, the country’s capital city, the president instructed the minister of trade and industry to establish a cooperative bank, in the shortest time possible.

Under guidelines by the National Bank of Rwanda, the minimum capital required is Rwf5 billion (US$6 million). There are approximately 8,000 cooperatives (community cooperatives) in Rwanda according to the RCA. The cooperatives are prepared to provide 60% of the needed capital for the start up.

Also there are an estimated 480 saving and credit Cooperatives (Umurenge SACCOs) in the country. These SACCOs are being courted to provide the remaining 40% of the required start-up capital. Also, the SACCOs need to be linked to a common computer system, in order to serve as branches of the proposed bank. When the bank becomes operational in 2018, as expected, its lending rates are planned to be lower that the commercial banks.

Ownership

While the ownership details are being worked out, the owners will include (a) Unmurenge SACCOs (b) other Rwanda cooperatives (c) other Rwanda entities. The Rwanda government requires that all shareholders in the bank be Rwandan.

Branches

It is expected that some of the offices of the 480 SACCO in the country will become branches of the proposed bank after the completion of computerization and linking of their operations.