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:

Bank of Africa Rwanda Stock Ownership

Rank      Name of Owner                Percentage Ownership

1             Bank of Africa Group           90.00

2             Other Retail Investors        10.00

                Total      100.00

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.