Bank of Africa Rwanda Limited

Bank of Africa Rwanda Limited also BOA Rwanda, formerly known as Agaseke Bank, is a commercial bank in Rwanda. The bank 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]

Bank of Africa Rwanda Limited
TypePrivate
IndustryFinancial services
Founded2003 (2003)
HeadquartersKigali, Rwanda
ProductsLoans, Checking account, 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

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. The bank 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 conversion 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 is 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]

(1) Main Branch, Ground Floor, Chic Complex, Nyarugege, Kigali (2) Kayonza Branch (3) Gizozi Branch, Umukindo House, Kigali (4) Muhanga Branch (5) Rusizi Branch (6) Rubavu Branch (7) Musanze Branch (8) Huye Branch (9) Nyabugogo Branch (10) Remera Branch (10) Gikondo Branch (11) Kamironko Branch (12) Nyarugege Branch, KIC House, Kigali (12) Soras Outlet, Kakuyu Street, Kigali and (13) Kabuga Branch.

See also

References
  1. 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). 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). Retrieved 3 August 2017.
  6. 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). Retrieved 3 August 2017.
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