The New Times (Kigali)

15 December 2011

Rwanda: Agaseke Bank Portfolio Up By 49 Percent

Agaseke bank has posted an increase in net portfolio to Rwf6.5b in December this year compared to the same period last year the Business Times has learnt.

The lender which was granted a commercial bank licence by the central bank early this year grew its net portfolio 49 per cent increase from Rwf3.2b in 2010 to Rwf6.5b.

According to the bank's figures, total assets grew by Rwf4.5b from Rwf3.5b in 2010 to Rwf8b.

Formerly Micro Finance Institution (MFI), CFE SA AGASEKE was restructured into AGASEKE Bank Ltd. SORAS owns majority share holder in the lender with 75 per cent.

The bank has introduced mobile banking to improve service delivery and compete well with other established commercial banks.

On the bank's platform, clients can be able check person account balance, pay their bills and transfer funds to different accounts among other.

AGASEKE posted Rwf266m net profits this year, a 90 per cent rise compared to last year. Last year the lender posted Rwf239.4 m in net profits.

It operates a network of 13 branches across the country with six located in Kigali and five upcountry all connected to one network.

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