CBA Commences Banking in Rwanda after Acquiring Crane Bank Rwanda

By Isaac Korir / March 20, 2018



Commercial-Bank-of-Africa (cba)

Commercial Bank of Africa (CBA), one of the privately-owned banks in Kenya, has officially kicked off its banking activities in Rwanda after it successfully acquired Crane Bank Rwanda Ltd, now re-launched as CBA Rwanda Limited.

The expansion aims at boldening the CBA’s presence in the continent, which is now in five countries including Tanzania, Uganda, Ivory Coast and Kenya where the bank has its headquarters.

“Rwanda stands out amongst its peers in East Africa for its impressive economic growth and sustenance from 2000 to 2017, with a GDP growth rate averaging 7.2 percent annually. The country is today considered a “digitally-ready” country, as the Rwandan consumer is quite tech-savvy, and 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.

“We have taken a long-term positive view in our decision to invest in Rwanda. The strategy was to leverage technology to drive financial inclusion by banking the unbanked and financially empowering people and businesses in the real economy. We aim to reach as many people as possible thereby boosting financial inclusion in each country where we do business,” he added.

The journey to the country’s financial market began in February 2017, when the bank partnered with MTN Rwanda to launch “MoKash,” a pioneering mobile banking and credit product like M-Shwari in Kenya. Currently, the product has 700,000 customers, in Rwanda, which has a population of 12 million people.

The projection by CBA is that the investment will grow while supporting the country’s economic growth, while at the same time providing customers with innovative and differentiated services.

CBA’s investment in Rwanda aligns itself with its ongoing 5-year strategic vision aimed at being a reputable and a significant financial service business partner in Africa.

According to Mr. Oyatsi, CBA is positioning itself to be the intermediator and facilitator of regional business growth by supporting business venturing across borders in the coming years.

CBA is supported by a Group Balance sheet of 2.5 billion dollars as at December 2017. It also boasts more than 33 million customers across the five countries it operates in, owing to the banks corporate, personal and ground-breaking mobile-based savings & credit propositions in the respective countries.

In Rwanda, CBA bank will initially operate three branches, the head office will be located at Kigali Heights, and 2 other branches located at Labonne Address and Downtown Kigali respectively.





More Articles From This Author








Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE

ARCHIVES

2018
  • January 2018 (291)
  • February 2018 (220)
  • March 2018 (279)
  • April 2018 (226)
  • May 2018 (240)
  • June 2018 (178)
  • July 2018 (257)
  • August 2018 (250)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (110)
  • 2017
  • January 2017 (183)
  • February 2017 (195)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (206)
  • July 2017 (190)
  • August 2017 (196)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (167)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (246)
  • June 2016 (183)
  • July 2016 (271)
  • August 2016 (250)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (154)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (109)
  • May 2015 (117)
  • June 2015 (121)
  • July 2015 (150)
  • August 2015 (157)
  • September 2015 (189)
  • October 2015 (171)
  • November 2015 (174)
  • December 2015 (208)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950