NCBA Bank Rwanda
TypeSubsidiary
IndustryBanking
Founded1 December 2016 (2016-12-01)
HeadquartersKigali Heights, 8th Floor,
No. 772, KG7 Avenue, Boulevard de L’Umuganda, Kigali, Rwanda
Key people
Benjamin M Rugangazi
Chairman
Lina Higiro
Managing Director[1]
ProductsLoans, Savings, Transaction accounts, Investments, Debit Cards, Credit Cards, Mortgages
RevenueDecreaseAftertax:RWF:1.363 billion (US$1.463 million) (Q3:2019)[2]
Total assetsRWF:117 billion (US$107 million) (Q3:2022)[2]
Number of employees
98 (2022)[3]
ParentNCBA Group Plc
Websiterw.ncbagroup.com

NCBA Bank Rwanda, formerly Commercial Bank of Africa (Rwanda), is a commercial bank in Rwanda.[4] NCBA Bank Rwanda is one of the Kenyan-owned bank subsidiaries to launch operations in Rwanda.[5] The bank is a subsidiary of the NCBA Group Plc, a financial services group with headquarters in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda, Tanzania, Uganda and Ivory Coast.[3]

Overview

As of 30 September 2019, the bank's total assets were valued at RWF:30.23 billion (US$32.44 million), with shareholders' equity of RWF:7.015 billion (US$7.53 million).[2]

History

In November 2015, the CBA Group, Kenya's largest privately owned financial services provider publicly announced their intention to enter the Rwandan market.[6] The group applied for a banking licence from the Rwanda authorities.[6]

In December 2016, the National Bank of Rwanda issued CBA Rwanda with a micro-finance banking licence.[7][8] In May 2017, CBA Rwanda, a microfinance institution, made public its intention to acquire Crane Bank Rwanda, a commercial bank, whose parent company in Uganda had been sold and the buyers of the parent did not want to keep the Rwandan subsidiary.[9] On 15 June 2017 CBA Group signed a definitive sale and purchase agreement with DFCU Bank, the owners of Crane Bank Rwanda. The acquisition required regulatory approval in Rwanda, Kenya and Uganda.[10]

Commercial bank status

On Monday, 21 February 2018, The EastAfrican reported that the requisite approvals for the purchase of Crane Bank Rwanda had been received from the Bank of Uganda, the Central Bank of Kenya and the National Bank of Rwanda. The acquired assets and liabilities, including two operational branches in Kigali, are expected to be merged with the existing micro-finance operations of CBA Rwanda.[4] On 19 March 2018, the refurbished branches of Crane Bank Rwanda, opened as CBA Bank Rwanda, a commercial bank.[3][11]

Group merger

In September 2019, Commercial Bank of Africa Group, the parent company of the Commercial Bank of Africa (Rwanda), received regulatory approval from the Central Bank of Kenya and from the Kenya Ministry of Finance, to merge with the NIC Bank Group, effective 1 October 2019. It is expected that this bank will re-brand to NCBA Bank Rwanda, subject to the approval of the National Bank of Rwanda.[12][13] On 13 January 2020, NCBA Bank Rwanda received a new commercial banking license from the National Bank of Rwanda.[14][15]

Branches

  1. Nyarugenge Branch: 10249 Ville De Kigali, Nyarugenge, Kigali
  2. La Bonne Adresse Branch: 5447 La Bonne Adresse Building, 76 Avenue de la Revolution, Kigali
  3. Kigali Heights Branch: Kigali Heights Shopping Complex, Kigali. (Main Branch)[3][16]
  4. Kayonza Branch
  5. Nyabugogo Branch
  6. Musanze Branch

See also

References

  1. ↑ Mwai, Collins (9 July 2018). "CBA Bank Rwanda gets new CEO". New Times (Rwanda). Kigali. Retrieved 11 July 2018.
  2. 1 2 3 NCBA Bank Rwanda (30 November 2019). "Financial Statements For The Period Ended 30 September 2019" (PDF). Kigali: NCBA Bank Rwanda. Retrieved 18 April 2020.
  3. 1 2 3 4 Mutegi, Mugambi (21 March 2018). "CBA takes over Rwanda bank after closing $9.69 million buyout". The EastAfrican. Nairobi. Retrieved 21 March 2018.
  4. 1 2 Kabona, Esiara (20 February 2018). "Commercial Bank Africa buys out Crane Bank Rwanda". The EastAfrican. Nairobi. Retrieved 20 February 2018.
  5. ↑ New Times Staff (30 December 2016). "Another Kenyan bank set to enter local financial market". New Times (Rwanda). Kigali. Retrieved 20 February 2018.
  6. 1 2 Ngigi, George (24 November 2015). "CBA seeks licence to start operating in Rwanda next year". Business Daily Africa. Nairobi. Archived from the original on 4 August 2017. Retrieved 30 August 2017.
  7. ↑ Kabona, Esiara (7 January 2017). "Commercial Bank of Africa enters Rwandan market". The EastAfrican. Nairobi. Retrieved 30 August 2017.
  8. ↑ BNR (7 June 2017). "List of Licensed Banks as of June 2017: Microfinance Banks" (PDF). Kigali: Banque Nationale du Rwanda (BNR). Archived from the original (PDF) on 4 August 2017. Retrieved 30 August 2017.
  9. ↑ Mwai, Collins (10 May 2017). "Rwanda: CBA Set to Acquire Crane Bank Rwanda". New Times (Rwanda) via AllAfrica.com. Kigali. Archived from the original on 30 August 2017. Retrieved 30 August 2017.
  10. ↑ CBA (15 June 2017). "CBA to Acquire Crane Bank Rwanda Limited". Nairobi: Commercial Bank of Africa (CBA). Retrieved 30 August 2017.
  11. ↑ Tumwebaze, Peterson (21 March 2018). "Gatete roots for cross-border investments as CBA launches operations in Rwanda". New Times (Rwanda). Kigali. Retrieved 14 July 2018.
  12. ↑ George Obulutsa (27 September 2019). "Kenya Central Allows Merger of Lenders NIC and CBA Group". Reuters.com. Archived from the original on 28 September 2019. Retrieved 5 October 2019.
  13. ↑ Claire Wanja (3 October 2019). "NCBA Group Unveils New Logo As It Commences Operations". Nairobi: Kenya Broadcasting Corporation. Retrieved 5 October 2019.
  14. ↑ National Bank of Rwanda (31 March 2020). "List of Licensed Banks As of March 2020". Kigali: National Bank of Rwanda. Retrieved 18 April 2020.
  15. ↑ Ventures Africa. "NCBA Rwanda Strengthening Position In East Africa After Securing Operating License". Venturesafrica.com. Archived from the original (Cached from the original on 16 April 2020) on 17 January 2020. Retrieved 18 April 2020.
  16. ↑ Korir, Isaac (20 March 2018). "CBA Commences Banking in Rwanda after Acquiring Crane Bank Rwanda". Nairobi: Sokodirectory.com. Retrieved 21 March 2018.

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