6 May 2017

Rwanda: A Dynamic and Competitive Banking Sector Plays a Big Role in Rwanda's Development

President Paul Kagame has said that the importance of a dynamic and competitive banking sector for Rwanda's development cannot be emphasised enough. He made the remarks last evening at a Gala dinner to celebrate Bank of Kigali's 50-year anniversary.

In his address, President Kagame highlighted that the story of Bank of Kigali, which is one of the oldest and largest banks in the country, is the story of Rwanda's financial sector as a whole.

"Surviving for 50 year is not the real achievement. It is what the Bank of Kigali has become in that time that we are here to celebrate," President Kagame said.

The Head of State further pointed out that investment requires confidence in stable and reliable financial institutions, able to supply adequate capital at affordable rates. He pledged Government's support in creating a level playing field through sound regulation and an attractive business climate.

President Kagame reminded Bank of Kigali staff management, staff and shareholders that banking is not just numbers.

"Banking is really about the hopes and dreams of real people. It is about building home for our families, saving for our children's education. It is also about having the personal financial security to be able to face life challenges without undue anxiety," President Kagame emphasised.

The President called on the Private Sector to continue working together with Government towards making credit products more plentiful and affordable.

Bank of Kigali was incorporated in Rwanda on 22 December 1966 but commenced its operations with its first branch in Kigali the next year.

Bank of Kigali was initially founded as a joint venture between the Government of Rwanda and Belgolaise - a subsidiary of Fortis Bank operating in Sub-Saharan Africa - with each owning 50% of the ordinary share capital.

In 2007, the Government of Rwanda acquired the Belgolaise shareholding in Bank of Kigali, thereby increasing its direct and indirect shareholding in the Bank to 100% of the entire Issued Shares.

Bank of Kigali has the country's largest branch network, and it is one of Rwanda's most iconic and recognisable brands. It was the first Rwandan bank to receive an international credit rating. It was the first bank to list its shares on the Rwanda Stock Exchange and is also emerging as a leader in financial technology innovation.

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