Finance in Rwanda

Financeand Baking in Rwanda is under the Ministry of Finance and Economic Planning headed by Mr.John Rwangombwa as the minister.It is this same ministry that also handles the issues of insurance in Rwanda.

Listed below are some of the banks (and financial institutions) in Rwanda.

Mr. John Rwangombwa,Minister of finance and economic planning.

National Bank of Rwanda.
The National Bank of Rwanda (French: Banque Nationale du Rwanda) is the central bank of Rwanda whose name is abbreviated to “BNR“. The bank was founded in 1964 and and is located in Kigali; it operates Rwanda’s principal securities exchange.
The Bank promotes financial inclusion policy and is a leading member of the Alliance for Financial Inclusion and it was among the first 17 institutions which subscribes to enhancing financial inclusion that was in Mexico for the same cause.
It’s under the Chairmanship of Fabien Majoro and the Chief executive officer is Jack Nkusi Kayonga.
As of 2001, the central bank of Rwanda had assets totaling at US$122 million
Briefly, the history of the central bank of Rwanda goes as follows;
Royal Decree of 27th July 1887 establishes the franc as the currency for the Independent State of Congo(which included Rwanda at the time).
Heligoland Agreement of 1890 puts Rwanda and Burundi under German influence and the German East African rupie is the official currency.
As a result of Belgium’s actions, the Belgian Congo becomes a member of the Latin Monetary Union in 1908.
Bank of Belgian Congo is established in 1909.
Bank of Belgian Congo issues its first banknotes in 1912.
After Germany’s defeat in World War I of 1927 Rwanda and Burundi attached to the Congo Franc Zone
Congo franc is listed in London after temporary involvement of the Bank of England during the World War II era.
Banque Nationale du Rwanda (BNR) open in 1964.

Rwanda Development Bank (Banque Rwandaise de Développement (BRD)), is owned by the government of Rwanda. It started operating in 1967.
It operates as a long-term financial services provider intending to finance national development projects. This bank has an asset base of US$122 million (RWF: 72 billion) as of April 2011, with shareholders’ investment equity of approximately US$42.3 million (RWF: 25 billion).
The Rwanda Development Bank, “BRD” is a Public Company Limited by Shares, with a share capital of RWF 7,000,021,000; BRD was incorporated on August 5, 1967.
Rwanda Development Bank operates in all sectors that benefit social, economic and environmental development of Rwanda in line with national strategies and the Bank’s strategic priorities. The sectors are: Agriculture & livestock, Manufacturing industry, Education and Health care , Energy and Water, Hotel and Tourism , ICT, Transport and related facilities, Exports, Real Estate, Micro-finance To bring services closer to the people, the bank maintains branches at the following locations:

Main Branch(Kigali Branch),Kayonza Branch, ,Musanze Branch ,Karongi Branch,Huye Branch.

Access Bank Rwanda.
The bank was first established in Rwanda in 1995, as Bancor SA, by a Ugandan investor.
In 2000, it was sold to Tribert Rujugiro, a Rwandese entrepreneur.
In 2001, investors from  South Africa became  part-owners.
In August 2008, Access Bank Group (Nigeria), acquired a 75% ownership in Bancor SA. In January 2009, the bank re-branded to Access Bank Rwanda.

Fina Bank (Rwanda) is a commercial bank in Rwanda. The bank is one of the ten (10) licensed commercial banks in the Republic of Rwanda.
In 1983 a bank called BACAR, was established. When it was approaching 2004, BACAR was taken over by the National Bank of Rwanda.
In 2004, Fina Bank acquired BACAR.Fina Bank (Rwanda) opened for business in 2008, with the redesign and renovation of the new Head Office.
As of May 2010, Fina Bank (Rwanda) maintains branches at the following locations:
Main Branch – 20 Boulevard de la Révolution, Nyabugogo Branch,Remera Branch,Kibungo Branch,Kibuye Branch, ,Gisenyi Branch, ,Ruhengeri Branch,Nyirangarama Branch – Nyirangarama, Gitarama Branch, Musanze Branch, ,Ruhango Branch.
In 1983, when a bank known as BACAR, was established. When it was approaching 2004, BACAR was taken over by the National Bank of Rwanda, the country’s Central Bank, due to managerial issues. In 2004, Fina Bank, at that time, a Kenyan, commercial bank acquired BACAR. Since then, Fina Bank has opened up banking operations in Uganda as well, forming the Fina Bank Group.
Fina Bank (Rwanda) opened for business in 2008.
As of May 2010, Fina Bank (Rwanda) has branches at: Main Branch – 20 Boulevard de la Révolution, Nyabugogo Branch, Remera Branch, Kibungo Branch, Kibuye Branch,Gisenyi Branch, Ruhengeri Branch, Nyirangarama Branch, Gitarama Branch, Musanze Branch ,Ruhango Branch.

  1. Kenya Commercial Bank (Rwanda)(KCB Rwanda). It is a member of the Kenya Commercial Bank Group headquartered in Nairobi.
    As of November 2010, was growing steadily and had estimated total assets of about US$46 million and shareholders’ equity of approximately US$13 million.
    By September 2011, the bank’s assets had grown to nearly US$90 million (RWF: 53 billion), representing approximately 7% of all banking assets in the country.
    Among the locations where the bank maintains branches are the following:
     Main Branch – Avenue de la Paix,Kimironko Branch – Kimironko,
    Nyabugogo Branch, Remera Branch, Musanze Branch ,Rubavu Branch, Muhanga Branch,Huye Branch ,Rusizi Branch.

Equity Bank (Rwanda)
The was granted a banking license by the National Bank of Rwanda, the national banking regulator, in 2011.
Equity Bank (Rwanda) is a member of the Equity Bank Group. Headquartered in Nairobi, Kenya, EBG is the second largedst financial services provider in East Africa. As of December 2010 The group’s asset base was valued at over US$1.7 billion (KES: 143 billion), with shareholder’s equity valued at about US$323.5 million (KES: 27.2 billion).
As of February 2012, Equity Bank (Rwanda) maintains the following branches,
Main Branch – Kigali Reinsurance Plaza,2nd Kigali Branch ,3rd Kigali Branch,4th Kigali Branch ,5th Kigali Branch ,6th Kigali Branch ,7th Kigali Branch ,Muhanga Branch, Musanze Branch , Rubavu Branch


Housing Bank of Rwanda (HBR) (Banque de l’Habitat du Rwanda SA (BHR)).

The bank was opened in 1975, as a housing finance institution as well as a real estate developer. On 2nd July 2004, the National Bank of Rwanda, granted HBR a Provisional License to operate as Housing Bank. The license was contingent upon the institution raising its share capital to the minimum of US$2.65 million dollars, to fulfill the banking laws of the time in Rwanda.
On 25th February 2005, the shareholders had  a General Meeting and decided to increase their share capital to the required minimum, to change their name to Housing Bank of Rwanda and to change their mission from a mortgage company/real estate developer to a Commercial Bank that specializes in Housing Finance.

Banque Commerciale du Rwanda (BCR).
As of December 2010, the bank’s total assets totaled at about US$142.2 million (RWF: 84.6+ billion), with shareholders’ equity of approximately US$18.2 million (RWF: 10.8+ billion).
The bank was opened in 1963. In the beginning the bank was wholly owned by the Government of Rwanda.
In 2004, the bank was privatized.
Commercial Bank of Rwanda maintains the following branches:
Cyangugu Branch, Butare Branch, Main Branch, Remera Branch – Remera, Nyabugogo Branch – Nyabugogo, Kacyiru Branch, Kigali Airport Branch , Nyamirambo Branch – Nyamirambo, Magerwa Branch – Magerwa,Gisenyi Branch , Ruhengeri Branch,Byumba Branch – Byumba, Rwamagana Branch.

Urwego Opportunity Bank (UOB), is a commercial bank in Rwanda.
Urwego Opportunity Bank of Rwanda, SA (UOB), was created in July 2007, as a result of a merger between Urwego Community Banking SA (Urwego), and Opportunity International Bank of Rwanda SA (OIBR).
Since 2004 Urwego had been operating as an independent and regulated MFI in the country with branches in Kigali and in the provinces.
The bank licensed as a microfinance bank, operates along Christian principles, with services aimed at improving the economic, social and spiritual conditions of the communities that the bank serves. Branches
Main Branch – Avenue de la Paix, Kimirongo Branch – Kimirongo, Nyarugenge Branch – Kicukiro Branch ,Muhanga Branch, Rwamagana Branch, Bugesera Branch – Bugesera, Musanze District.


Unguka Bank Limited (UBL) Unguka Bank,
As of now, UBL is a small but growing financial service provider
The institution was founded in 2005, as Unguka Microfinance Limited. In 2011, during its sixth year of existence, the institution transformed into a commercial bank after acquiring a banking licence.The bank rebranded as Unguka Bank Limited.
Main Branch – Kigali, Musanze Branch, Rubavu Branch , Kibuye Branch , Ngororero Branch ,Gakende Branch .


Banque Populaire du Rwanda SA (BPR).
Its total asset valuation was in excess of US$185 million (RWF: 109.2 billion). Its loan book in December 2010 totalled over US$132 million (RWF: 78.1 billion).
Shareholders’ equity in the bank is estimated at US$10 million (RWF: 5.8 billion).
The origins of the bank can be traced back to 1975, when the first Banque Populaire was formed in the settlement of Nkamba. In 1986, the various autonomous Banques Populaires  were formed under an umbrella called Union des Banques Populaires du Rwanda (UBPR). In January 2008, UBPR was transformed from a cooperative bank into a commercial bank. In June 2008, Rabobank, the Dutch cooperative banking conglomerate, acquired 35% shareholding in BPR.

Branch Network
Main Branch BPF Branch , Kimironko, Muhima Branch , Rwezamenyo Branch – Rwezamenyo, Muhanga Branch, Musanze Branch, Rusizi Branch Gicumbi Branch , Rubavu Branch , Ngoma Branch , Huye Branch , Rwamagana Branch, Karongi Branch , Nyamagabe Branch , Nyagatare Branch , Bugesera Branch ,Nyanza Branch.

Zigama Credit and Savings Bank (ZCSB)
ZCSB was established in 1997 with its primary mission to serve the welfare of Rwanda’s military families. In 2011, the central bank of Rwanda licensed it to become a commercial bank. Since Its formation, the cooperative bank has accepted membership from Rwanda Police Force and Rwanda Correctional Services.
As of December 2009, the total asset base of the institution was in excess of US$70.6 million (RWF:41.9 billion).
Branch network
Main Branch – Kimihurura, Nyarugenge Branch, Kacyiru Branch, Kanombe Branch , Kibungo Branch , Butare Branch , Ruhengeri Branch , Cyangugu Branch , Gisenyi Branch, Byumba Branch , Kibuye Branch , Nyagatare Branch ,Gitarama Branch.

Compagnie Générale de Banque
Cogebanque was established in July 1999 by forty-two (42) private Rwandan investors.
Emphasizing on Small and Medium Enterprises (SMEs), agriculture and the service industries. In 2008, three new international investors paid US$6million for a 40% ownership in the bank.

Bank of Kigali (BK)
In 2010, the bank was ranked number one (01) in assets out of the ten (10) licensed commercial banks in the country that time. In the same year, it was ranked among the top fifteen (15) commercial banks in East Africa, and among the top one hundred (100) banks in Africa. At that time, the bank’s total assets exceeded US$333 million (RWF:197.8 billion). As of July 2011 Bank of Kigali accounted for 27.4% of all bank assets in the country. At the end of June 2011, the bank’s assets were estimated at approximately US$414 million (RWF:246 billion).
Branches.Main Branch – 6112 Avenue de la Paix,Kacyiru Branch , Downtown Kigali  Branch Western Union Branch ,Kicukiro Branch
Remera Branch ,Kimironko Branch ,Nyamirambo Branch ,Nyabugogo Branch , Kabuga Branch ,RDB Branch , Kigali Airport Branch
SFB Branch, Manor Hotel Branch – Manor Hotel, Gatsata Branch ,Gisenyi Branch
Gisenyi Downtown Branch ,Ruhengeri Branch ,Ruhengeri Downtown Branch ,Gakenke Branch ,Gitarama Branch ,Butare Branch ,Cyangugu Branch ,Rwamagana Branch ,
Kibungo Branch ,Kirehe Branch ,
Kayonza Branch ,Kabarore Branch ,Nyagatare Branch .
Rusumo Branch ,Gicumbi Branch ,Gatuna Branch ,
Nyamata Branch.


Agaseke Bank Limited (ABL).
The bank is a small, but growing financial services provider in Rwanda. As of December 2011, its total assets were valued at approximately US$13.5 million (RWF: 8 billion).
The bank was licenced in 2001 and after that, the institution operated as CFE SA Agaseke, a microfinance company.

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