Bank of Kigali (BK) will focus on opening representative offices in other East African Community partner countries to expand its clientele and maintain its market leadership position in Rwanda.
The shift, which will start early next year, will target Nairobi, Kenya and Kampala, Uganda, in the short term. A study to find suitable locations in other east African countries is already underway.
According to BK Head of Corporate Affairs Department, Shivon Byamukama, the bank is well-known across the region albeit operating only in Rwanda and turning on competition with other regional banks like KCB Rwandaand Ecobank Rwanda is the way forward.
“In the meantime, as early as December or January, we shall open up representative offices in possibly Nairobi and Kampala, which will not be taking deposits but rather following up on the needs of our clients in those countries,” Byamukama said in an interview.
“The bank is carrying out different studies to examine when and how it should start operating regional branches, but certainly, we are planning to make our presence felt everywhere possible.”
She added that most of the bank’s products are geared towards easing access to finance services by its clients.
“We have over 47 branches with 39 of our ATM machines now accepting money deposits. We also have mobile banking vans in each province that target markets. Traders do not have to go to the bank for services but can get them immediately at these vans. As a bank, our motive is to make sure that people access services as nearest to them as possible,” Byamukama said.
BK was in September this year named the 20th top bank in Africa and among the leading African contenders for the world’s top 1,000 banks by the Financial Times of London.