14 September 2010

Rwanda: Bank to Open More Branches

Kigali — Bank of Kigali (BK) plans to open six more branches across the country by the end of the year to consolidate its leadership position in Rwanda's banking industry.

The Bank's Marketing Manager, Januario Mucyo, said that since January 2010 they have managed to open six branches, bringing the number of branch networks to 24 branches.

He also said that BK, which is state-owned, is expanding to cater for the growing demand of banking products from its growing client base.

"In order to bring our financial services closer to the people, we are soon opening up a branch in Nyamirambo, Kirehe, Kibungo, Kabarole, Gakenke and The Manor Hotel.

This will bring the number to 30 (branches) before the end of this year," Mucyo said.

BK is also installing 26 Automated Teller Machines (ATMs) around their branches across the country including six in Kigali.

Mucyo said 20 of the ATMs will be accepting VISA International Cards.

BK's profit after tax slid by 24.1 percent to Rwf 2.2 billion in the first six months of this year compared to Rwf 2.9 billion during the same period last year, the Bank said recently in its semi-annual financial statements.

Management attributed this to huge investments in infrastructure including branch expansion and increased rollout of Automated Teller Machines (ATM).

The Bank targets Rwf 6 billion in net profits by the end of the year.

Management says that the new branches will offer an extensive line of products and services. â-¯

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