In a press statement on Friday, April 5, 2024, CBK Governor Kamau Thugge said the lender had taken a strategic decision to close the office to focus on digital service.
The termination took effect on April 2.
“The Central Bank of Kenya (CBK) announces the cancellation of the authority granted to the Bank of Kigali (BoK) to operate a Representative Office in Kenya under Section 43 of the Banking Act, effective April 2, 2024.
“The voluntary termination of BoK’s presence in Kenya follows a strategic decision taken by the Bank of Kigali Group Plc (BoK’s parent company) to focus more on digital service delivery channels. CBK authorised the establishment of Bank of Kigali’s Representative Office in Kenya on February 12, 2013,” CBK stated.
Bank of Kigali, headquartered in Kigali, was established in 1966. It’s licensed and supervised by the National Bank of Rwanda under the Law governing the organisation of banking.
In 2023, BK Group recorded a 25 per cent year-on-year increase in net profit, reaching Rwf74.8 billion in 2023. The group saw its profit before tax cross the $100 billion mark, growing at 23.8 per cent.
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