The raised capital is a sign of trust in the growth of the bank by the shareholders and a way to strengthen its ability to provide financial solutions to its customers.
With the raised capital, the bank is currently positioned to meet market demands and sufficiently respond to the needs of customers.
According to the bank’s management, the Rwf7.4 billion raised from shareholders last year is a testament of confidence and ability of the bank to serve the Rwandan market, contribute to the growth of the Rwandan economy and a proof of continuous growth of the bank as one of the many subsidiaries of BOA Group.
BANK OF AFRICA – RWANDA is a private commercial bank that operates in Rwanda serving businesses, entities and individuals. It began operations in Rwanda in October 2015. So far, the bank has 14 branches, including 8 branches in Kigali and 6 branches in the country. (Muhanga, Huye, Musanze, Rubavu, Rusizi and Kayonza).
The latter is part of BANK OF AFRICA Group (BOA Group) which opened in 1982 with its head office in Bamako, Mali before moving to Dakar in Senegal. BOA Group is present in 18 countries: 8 in West Africa, 8 in East Africa and the Indian Ocean region, the Democratic Republic of Congo, France& changai China
The group also has a network of 17 commercial banks, 1 global holding company, 2 regional holding companies, 1 investment company, 2 technical support subsidiaries, 2 processing and IT support companies, and 1 representative office in Addis Ababa.
Since 2010, BOA Group has been majority-owned by Moroccan Bank of Foreign Commerce (BMCE Bank) whose name recently changed to Bank of Africa, ranked 3rd largest bank in Morocco.
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