Bank of Kigali (BK), Rwanda’s leading lender, will rollout new Automated Teller Machines (ATMs) that accept deposits, in what industry experts say is driven by stiff competition that is resulting into innovation in the banking sector.
BK’s management said the move is aimed at improving access to the Bank’s products and services.
BK will become the first bank to introduce this banking technology in Rwanda. Currently ATMs available in the country are only for withdrawal of money.
The Bank also said the service will allow transactions related to cash power payments, mobile phone top up and DSTV payments.
“In 2010 we installed 20 more ATMs from six in 2009. This year we plan to install more than 20 machines bringing the total to 46 which will all be enabled with this technology,” BK’s Managing Director, James Gatera, said.
The bank plans to launch more branches this year. Last year BK opened 10 branches, bringing its total branch network to 19 countrywide, Gatera said.
With Rwf6.1b net profits in 2010, BK is Rwanda’s most profitable commercial banks
“In 2010, we made considerable progress in modernising the bank and expanding its retail footprint, grew our balance sheet and loan book and gained market share without sacrificing profitability,” Gatera
explained after announcing the bank’s performance on Tuesday.
The bank’s profit represents close to 50 percent of the total profits made by all banks in the country.
“We look forward in 2011 to completing the modernisation of the bank, consolidating its market position and raising new equity to fund the bank’s expansion in Rwanda and the region,” BK’s Board Chairman, Lado Gurgenidze, said.