Commercial Bank of Africa (CBA) Rwanda is rebranding to NCBA Bank Rwanda, following the completion of the merger process between former CBA and NIC Group in October.

NCBA Rwanda said in a statement on Monday that it had received the green light from the National Bank of Rwanda (BNR), which issued the Bank a new operating license under the name NCBA Bank Rwanda PLC.

Lina Higiro, Chief Executive Officer of NCBA Bank Rwanda PLC said the new brand identity will help the bank leverage the strength and value of NCBA Group to reach more customers.

"Our new brand identity sets us apart in a bold and distinctive way that resonates very well with our customers,” she said.

"With the financial strength, expertise, regional connectivity and expanded range of products and services, NCBA Bank Rwanda PLC is set to become a market leader in corporate, retail, asset finance and digital banking within the region,” she added.

NCBA Bank Group PLC currently operates a network of more than 100 branches in Kenya, Uganda, Tanzania, Rwanda and Ivory Coast, serving over 40 million customers.

In Rwanda, CBA Rwanda now NCBA Rwanda, has been operating in the country for the last three years and it runs the most popular mobile savings and loan platform called Mokash through a partnership with MTN Rwanda.

Higiro said over Rwf 18 billion worth of loans have been disbursed the past three years and over 1.7 million customers have been served through Mokash (implemented through a partnership with MTN Rwanda), with deposits now reaching Rwf1.2 billion.

Between September 2018 and September 2019, the bank’s loan book grew by 122 per cent to Rwf 15.6B while customer deposits grew by 38 per cent to 15.7B.