Bank of Africa Rwanda Limited explained

Bank of Africa Rwanda Limited
Type:Private
Industry:Financial services
Products:Loans, Checking account, Savings, Investments, Debit Cards
Assets:US$14 million (2014)[1]
Num Employees:100+ (2014)
Parent:Bank of Africa Group (90%)

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.[2] 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).[3]

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.[4]

On October 15, 2015, the Bank of Africa Group announced its acquisition of a 90% stake in Agaseke Bank.[5] This led to Agaske Bank changing its name to Bank of Africa Rwanda Limited and conversion to a commercial bank.[6]

Ownership

The stock of the bank is privately owned by institutional and individual investors., the shareholding in the bank is as depicted in the table below:

Bank of Africa Rwanda Stock Ownership
Rank Name of OwnerPercentage Ownership
190.00
2Other Retail Investors10.00
Total100.00

Branches

As of August 2017, the bank maintained the following interlinked branches.[6] [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

External links

Notes and References

  1. Web site: Bank Of Africa Pledges To Support Rwanda's Development Initiatives As It Launches Operations . 3 August 2017 . 13 December 2016 . . The New Times Rwanda . Kigali . 4 August 2017 . https://web.archive.org/web/20170804053455/http://www.promoafrica.co.rw/spip.php?article36 . dead .
  2. Web site: List of Licensed Banks As At June 2017 . 3 August 2017 . 30 June 2017 . NBR . Kigali . National Bank of Rwanda (NBR) . https://web.archive.org/web/20170804055916/https://www.bnr.rw/fileadmin/AllDepartment/FinancialStability/List_of_licensed_banks-June_2017.pdf . 4 August 2017 . dead .
  3. http://allafrica.com/stories/201305100999.html December 2012 Financial Data
  4. Web site: Bank of Africa Rwanda: Who Are We? . 3 August 2017 . 3 August 2017 . Bank of Africa Rwanda (BOAR) . BOAR . Kigali . 4 August 2017 . https://web.archive.org/web/20170804054819/https://www.boarwanda.com/page/who-are-we . dead .
  5. Web site: Press release: Bank of Africa Group - 15 October 2015 . 15 October 2015 . 3 August 2017 . Bamako . Bank of Africa Group (BOAG) . BOAG .
  6. Web site: Bank of Africa acquires 90% stake in Agaseke Bank . 20 October 2015 . 3 August 2017. The New Times (Rwanda). Bizimungu. Julius . Kigali.
  7. Web site: 3 August 2017. List of branches of Bank of Africa Rwanda Limited. Kigali. BOAR. 3 August 2017. Bank of Africa Rwanda Limited (BOAR). 4 August 2017. https://web.archive.org/web/20170804054838/https://www.boarwanda.com/agences-gab. dead.