Bank of Africa Rwanda Limited

Bank of Africa Rwanda Limited
Private
Industry Financial Services
Founded 2003
Headquarters Kigali, Rwanda
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Decrease:Aftertax:US$19,100 (RWF:12 million) (2012)
Total assets US$14.6 million (RWF:9.2 billion) (2012)
Parent Bank of Africa Group
Website Homepage

Bank of Africa Rwanda Limited (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.[1]

Overview

The bank is a small, but 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).[2]

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.[3]

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.

On October 15, 2015, Bank of Africa Group announced its acquisition of a 90% stake in Agaseke Bank.[4] This led to the bank's name changing to Bank of Africa Rwanda Limited and conversion to a commercial bank.[5]

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:[4]

Bank of Africa Rwanda Stock Ownership
Rank Name of OwnerPercentage Ownership
1Bank of Africa Group 90.00
2Other Retail Investors10.00
Total100.00

Branch Network

The bank maintained a total of thirteen networked branches as of December 2011, with a view to expand in 2012.

See also

References

  1. ↑ List of Licensed Banks In Rwanda
  2. ↑ December 2012 Financial Data
  3. ↑ "AGASEKE BANK Background". Agaseke Bank. Retrieved 2015-12-24.
  4. 1 2 "Press release - 15 October 2015" (PDF). Bank of Africa. 15 October 2015. Retrieved 24 December 2015.
  5. ↑ Bizimungu, Julius (2015-10-20). "Bank of Africa acquires 90% stake in Agaseke Bank". The New Times (Rwanda). Kigali. Retrieved 2015-12-24.

External links


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