Expanding country-wide, Fina Bank is set to open branches in Gisenyi, Gitarama, Rubavu and in Muhanga respectively.
Currently the Bank operates with 5 branches but targets seven more by the end of the second quarter of 2009.
According to Steve Caley, the Managing Director of Fina Bank, “By late April, we will be in the right position to open the two branches in the country. It could have been early April but as construction is finished, we consider ample time in adding appropriate technology.”
The feasibility study has been done on the bank’s extension sites, and the Central Bank has approved the development.
Opening the two branches, according to the official will not only enable residents to enjoy the banks services, but will prove the bank’s efforts and achievements.
Fina Bank’s performance last year is undisputed though books are still being audited. This has been attributed to an increased number of customers in the bank. The bank has also upgraded its banking systems.
The development comes a few weeks after the central bank said that the soundness of commercial banks was reinforced in 2008 and that all banks have strengthened their activities.
This is said to be a direct result of the entry of regional and international banks in the Rwandan financial system.
Rwanda’s banking activities, measured by the total balance sheet increased by 33 percent, from Fwf384.1 billion in December 2007 to Rwf511 billion in 2008, the central bank said in its monetary policy statement recently.