Access bank’s entry to Rwanda was said to be a Pan-African strategy to become a major catalyst for growth across the African continent
Bancor S.A, one of the country’s commercial banks has rebranded itself into Access Bank Rwanda. This follows the acquisition of 75 percent shares of Nigeria’s sixth largest bank in August last year.
The remaining 25 percent shares belong to private investors from Rwanda and South Africa. Management of Bancor which is now Access Bank Rwanda, says that the new name is a validation of the integration exercise and seamless alignment of the bank’s systems, processes and procedures with the best practises available in Access Bank Group.
Jean Claude Karayenzi, the Managing Director said yesterday, “The change of names is part of the restructuring in the bank’s services and infrastructure to offer better and be more competitive.”
Some of the expected improvements soon include electronic banking infrastructure such as increasing the number of ATM machines, introducing credit cards as well introducing Flex Cube, the latest banking software used by international banks.
After Access bank’s acquisition of shares, it also sets priority on human capacity building within Bancor, with the aim of enhancing their knowledge of banking matters.
With over 4,000 customers countrywide, the bank also plans to open new branches, win new customers and provide world class banking services to its customers.
Bancor SA that was started by a Ugandan investor and sold to the Rwandan business mogul, Tribert Rujugiro in 2000 is the fourth largest commercial bank in the country with 14 years of operation. It becomes the third commercial bank in recent times to attract interest from major banks across the continent.
Access bank’s entry to Rwanda was said to be a Pan-African strategy to become a major catalyst for growth across the African continent. It has registered a consistent growth over the last six years thereby positioning itself as one of Nigeria’s leading financial.
Before entry in Rwanda, it served over two million customers across a network of over 120 branches located in the major commercial cities in West Africa. Its total assets as of March last year were valued at $8.9 billion with a total shareholders’ fund of $1.6 million.
The group has over 500,000 shareholders and is a highly traded stock on the Nigerian stock market.
According to a statement from management, the bank plans on the East African market and beyond using Rwanda as the springboard.