The Kenya-based Commercial Bank of Africa (CBA) officially started banking operations in Rwanda on Monday (March 19th) following the successful acquisition of Crane Bank Rwanda Ltd, now re-launched as CBA Rwanda Limited.
With this acquisition, CBA Rwanda Ltd becomes the 16th commercial bank to enter the banking industry in Rwanda and increases the coverage of CBA already present in Côte d’Ivoire, Tanzania, Uganda and Kenya. The bank started operating in Rwanda in February 2017, when it partnered with MTN Rwanda to launch “MoKash”, a mobile banking and credit product similar to MoKash in Uganda and M-Shwari in Kenya. The product currently has 700,000 customers in the country.
With innovative and differentiated services, CBA aims to boost financial inclusion in the country by attracting unbanked and financially autonomous individuals and businesses into the real economy.
ABC, majority owned by the family of President Uhuru Kenyatta, would be supported by a Group balance sheet of US $ 2.5 billion in December 2017. The bank also has more than 33 million customers in the five countries where it operates.
