Bank of Africa Rwanda

Bank of Africa Rwanda Limited
TypePrivate
IndustryFinancial services
Founded2003 (2003)
HeadquartersKigali, Rwanda
ProductsLoans, checking accounts, savings, investments, debit cards
Total assetsUS$14 million (2014)[1][2]
Number of employees
100+ (2014)[1]
ParentBank of Africa Group (90%)
Websitewww.boarwanda.com

Bank of Africa Rwanda Limited, also BOA Rwanda, formerly known as Agaseke Bank, is a commercial bank in Rwanda. It is one of the licensed banks in the Republic of Rwanda.[3] 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).[4]

History

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. It 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.[5]

On October 15, 2015, the Bank of Africa Group announced its acquisition of a 90% stake in Agaseke Bank.[6] This led to Agaske Bank changing its name to Bank of Africa Rwanda Limited and converting to a commercial bank.[1]

Ownership

The stock of the bank is privately owned by institutional and individual investors. As of December 2015, the shareholding in the bank was as depicted in the table below:[6]

Bank of Africa Rwanda stock ownership
RankName of ownerPercentage ownership
1Bank of Africa Group90.00
2Other retail investors10.00
Total100.00

Branches

As of August 2017, the bank maintained the following interlinked branches.[1][7]

  • 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
  • Kabuga branch

See also

References

  1. 1 2 3 4 Bizimungu, Julius (20 October 2015). "Bank of Africa acquires 90% stake in Agaseke Bank". The New Times (Rwanda). Kigali. Retrieved 3 August 2017.
  2. ↑ The New Times Rwanda (13 December 2016). "Bank Of Africa Pledges To Support Rwanda's Development Initiatives As It Launches Operations". Kigali: Promo Africa Rwanda Quoting The New Times (Rwanda). Archived from the original on 4 August 2017. Retrieved 3 August 2017.
  3. ↑ NBR (30 June 2017). "List of Licensed Banks As At June 2017" (PDF). Kigali: National Bank of Rwanda (NBR). Archived from the original (PDF) on 4 August 2017. Retrieved 3 August 2017.
  4. ↑ December 2012 Financial Data
  5. ↑ BOAR (3 August 2017). "Bank of Africa Rwanda: Who Are We?". Kigali: Bank of Africa Rwanda (BOAR). Archived from the original on 4 August 2017. Retrieved 3 August 2017.
  6. 1 2 BOAG (15 October 2015). "Press release: Bank of Africa Group - 15 October 2015" (PDF). Bamako: Bank of Africa Group (BOAG). Retrieved 3 August 2017.
  7. ↑ BOAR (3 August 2017). "List of branches of Bank of Africa Rwanda Limited". Kigali: Bank of Africa Rwanda Limited (BOAR). Archived from the original on 4 August 2017. Retrieved 3 August 2017.
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