Awards for Excellence 2021: Best bank in Rwanda
Best Bank: Bank of Kigali
Rwanda’s largest bank, Bank of Kigali, will remain the one to beat even as Kenya Commercial Bank completes its acquisition of Banque Populaire du Rwanda – the country’s second largest bank – from Atlas Mara. Bank of Kigali, led by chief executive Diane Karusisi, retains about a third of the Rwandan banking market.
Despite this, its deposits and loan book grew above the market average in 2020, serving 350,000 retail customers and 26,000 businesses. Its net profit grew slightly to RF38 billion ($37.8 million) in 2020, despite a higher cost of risk.
Bank of Kigali’s digital offering is also in the ascendant. Its IKOFI mobile wallet, initially focused on agriculture, had registered over 1,800 dealers and agents and over 258,000 farmers by the end of 2020.
In addition to special support measures for retail and SME customers during the Covid-19 crisis, the bank launched Zamuka Mugore, a product designed for women in business that provides affordable loans and competitive savings rates.