Bank of Kigali Company Background and Shareholding Details

Bank of Kigali was founded in 1988 by the Government of Rwanda, with the primary objective of providing financial services to the public.

The bank's initial capital was $10 million, which was later increased to $50 million in 2007.

Bank of Kigali is currently a publicly traded company, listed on the Rwanda Stock Exchange.

The bank has a diverse shareholding structure, with over 50% of its shares held by institutional investors, including government institutions and international investors.

Bank of Kigali is the largest commercial bank in Rwanda by total assets. Its total assets as of December 31, 2019, were valued at $1,105.9 million.

The bank has a significant loan book of $735.8 million and customer deposits of $697.4 million. Its shareholders' equity stands at $239.6 million.

Bank of Kigali has received recognition for its excellence, winning several "Best Bank in Rwanda" awards from reputable institutions such as EuroMoney, The Banker, Global Finance Magazine, and EMEA Finance.

The bank has also been rated by Global Credit Ratings, which affirmed its long-term and short-term national scale ratings of AA-(RW) and A1+(RW) respectively, with a stable outlook.

Here are some key statistics about the bank's financials:

The Bank of Kigali was incorporated in the Republic of Rwanda on 22 December 1966. Initially, it was founded as a joint venture between the Government of Rwanda and Banque Belgolaise.

The Bank commenced its operations with its first branch in Kigali in 1967. This marked the beginning of its journey as a financial institution in Rwanda.

In 2007, the Government of Rwanda acquired the Belgolaise shareholding in Bank of Kigali, thereby increasing its direct and indirect shareholding in the Bank to 100% of the entire Issued Shares.

The Bank changed its name from Bank of Kigali S.A to Bank of Kigali Limited in 2011. This change was made under the new law relating to companies.

On 21 June 2011, the Rwandan Capital Market Advisory Council approved plans for the bank to float 45 percent of its shares. This move was a significant step towards listing its shares on the Rwanda Stock Exchange (RSE).

Trading in the shares of the bank started on 30 June 2011, marking a major milestone in the Bank's history. The initial public offering raised a total of US$62.5 million.

In May 2018, the shareholders' approved plans to cross-list the stock of the bank on the Nairobi Stock Exchange (NSE). This move was expected to raise US$70 million for the Bank.

The cross-listing and the planned rights issue were expected to be completed during the second half of 2018.

Bank of Kigali's shares are primarily listed on the Rwanda Stock Exchange and cross-listed on the Nairobi Stock Exchange. This allows the bank to tap into a broader investor base and increase its visibility.

The bank's ownership is diversified among various stakeholders. The Social Security Board of Rwanda holds the largest share, with 34.3% of the total ownership.

Here's a breakdown of the bank's ownership structure:

The shareholding of Bank of Kigali Group Plc is primarily listed on the Rwanda Stock Exchange and cross-listed on the Nairobi Stock Exchange.

The largest shareholder of the bank is the Social Security Board of Rwanda, with a 34.3% stake in the company.

International Institutional Investors hold a significant stake of 22.4% in the bank.

The Agaciro Development Fund is the third-largest shareholder, with a 22% stake in the bank.

Regional Institutional Investors and Retail Investors also have a presence in the bank's shareholding, with 12.3% and 7.2% stakes respectively.

The remaining shareholders include BK Employees & Directors, Local Institutional Investors, and Other State Owned Entities, with smaller stakes in the bank.

Here's a breakdown of the bank's shareholding structure as of December 2019:

DPO Group has officially partnered with Bank of Kigali, a leading commercial bank in Rwanda, to onboard eCommerce merchants for the bank.

This partnership will allow Bank of Kigali customers to access efficient eCommerce and payments services through DPO Group's robust platform.

DPO has developed its own integrated payments technology to support businesses of all sizes across Africa to make and accept payments securely and swiftly with all currencies and payment methods.

The partnership is expected to see Bank of Kigali onboard hundreds of new online merchants as well as offering digital payment services to its existing business customers.

DPO's secure payment platform already allows vendors to make and receive payments risk-free across the continent.

The partnership is a brilliant opportunity to accelerate growth for entrepreneurs and banks across Africa, allowing them to use DPO's payment technology to accept payment in the currency of their choice.

Bank of Kigali selected DPO based on its track record of supporting businesses across the continent.

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Here are some key benefits of the partnership:

Bank of Kigali has embarked on a digital transformation journey to enhance customer experience and improve operational efficiency.

The bank has invested in digital banking platforms, allowing customers to access various services remotely, including account opening, loan applications, and bill payments.

This shift towards digital banking has resulted in a significant increase in customer engagement, with a notable rise in mobile banking transactions.

In fact, the bank's mobile banking app has seen a substantial growth in downloads and usage, with customers able to perform transactions and access services on-the-go.

Bank of Kigali's digital transformation efforts have also led to improved operational efficiency, with reduced processing times and increased productivity.

By leveraging technology, the bank has streamlined its processes, enabling it to serve customers more effectively and efficiently.

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