KCB Group has launched BPR Bank Rwanda Plc, a merger of KCB Rwanda and Banque Populaire du Rwanda, demonstrating the Kenyan-based institution’s expansion in the region.
Speaking during the launch on Wednesday, KCB chief executive officer Joshua Oigara said the new entity, BPR Bank Rwanda Plc, now allows its customers to enjoy retail and wholesale offerings, and that the wide branch network is an opportunity for the bank to roll out products and services to MSMEs and the rural community in Rwanda.
“Our customers in Rwanda will also have access to a larger network of agents across the country and will benefit from enhanced digital capability, transactional banking solutions, trade finance expertise and international banking offering from KCB,” Oigara said at Kigali Conventional Centre.
The CEO said the merger effectively becomes the second largest bank in the Rwanda banking industry, which will give the KCB Group a stronger edge in deepening its strategy to scale regional presence.
“With our enhanced scale as KCB Group, we will be able to invest more in building a sustainable business as we have a duty to take care of our environment and the communities we serve,” Oigara said.
Kenya’s Central Bank Governor Dr Patrick Njoroge the launch is “a step in the right direction” as Central Bank’s vision is to build an industry that works for all East Africans.
“A lot more needs to be done to meet financing needs in the region such as infrastructure, manufacturing and greening our economy. This can only be enhanced by integration and consolidation,” Dr Njoroge said.
He added that more needs to be done to meet financing needs in the region such as infrastructure, manufacturing and greening our economy.
“This can only be enhanced by integration and consolidation,” Njoroge added.
His Rwandese counterpart John Rwangombwa committed the National Bank of Rwanda support, saying they will continue supporting the financial sector to ensure “not only it’s scale, but the economic and social impact it will have on the East African people”.
Rwanda Prime Minister Dr Édouard Ngirente noted that KCB Group’s continued investment in Rwanda since December 2008 has been a blessing for the Rwandan people.
“Over 450 people have been trained under the Igire social enterprise programme,” PM Ngirente said.
He further added that with 154 branches in Rwanda and over 1,300 staff members, KCB Group’s investment in Rwanda will enhance the economic empowerment of the Rwandan people.
KCB Group also plans to acquire a lender in the Democratic Republic of Congo, as it intensifies its regional expansion plans. It will join rival Equity Group, which already has a presence in the vast mineral-rich DRC and newest EAC member through its acquisition of Banque Centrale du Congo.
On Thursday, KCB Group Chairman Andrew Kairu, Oigara and their delegation met President Paul Kagame in Kigali after the launch.
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