Welcome to 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.