Kenya’s largest privately owned bank, Commercial Bank of Africa (CBA) has officially started its banking operations in Rwanda following the successful acquisition of Crane Bank Rwanda Ltd, now re-launched as CBA Rwanda Limited.
The move into Rwanda, increases CBA’s footprint in the continent, to five countries, which include Tanzania, Uganda, Ivory Coast and Kenya where the 56-year-old bank has its headquarters.
CBA’s journey into Rwanda’s financial market started in February 2017, when the bank partnered with MTN Rwanda to launch “MoKash,” a pioneering mobile banking and credit product similar to M-Shwari in Kenya. The product currently has 700,000 customers, in Rwanda, which has a population of 12 million people.
“Rwanda stands out amongst its peers in East Africa because the economy has grown impressively and sustainably from 2000 to 2017, with a GDP growth rate averaging 7.2% annually. Rwanda today is considered a “digitally-ready” country, as the Rwandan consumer is quite tech savvy, while the regulatory environment is conducive for investment and amongst the most progressive in Africa” said Desterio Oyatsi, CBA Group Chairman, during the CBA Rwanda launch.
CBA projects that its investment and presence in Rwanda will grow as it supports the country’s economic growth, whilst offering its customers innovative and differentiated services.
This investment in Rwanda is a key pillar in the implementation in CBA’s current 5-year strategic vision to be a respected and significant financial services business partner in Africa.
CBA is supported by a Group Balance sheet of USD 2.5 Billion as at December 2017.The bank also boasts of over 33 million customers across the five countries it operates in.
In Rwanda, CBA bank will initially operate three branches, with the head office located at Kigali Heights, and 2 other branches located at Labonne Address and Downtown Kigali.