Type Private Website Homepage Founded 2003 | Industry Financial Services Headquarters Kigali Parent organization Bank of Africa | |
Products Loans, Checking, Savings, Investments, Debit Cards Revenue :Aftertax:US$19,100 (RWF:12 million) (2012) Total assets 14.6 million USD (RWF:9.2 billion, 2012) | ||
Bank of Africa Rwanda Limited (BOA Rwanda), formerly known as Agaseke Bank, is a commercial bank in Rwanda. The bank is one of the licensed banks in the Republic of Rwanda.
Contents
Overview
The bank is a small, but growing financial services provider in Rwanda. As of December 2012, its total assets were valued at approximately US$14.6 million (RWF:9.2 billion).
History
BOA Rwanda was formed in November 2003 as Centre Financier aux Entrepreneurs Agaseke (CFE SA Agaseke) with the aim of providing financial services to small and medium-sized businesses.
On 14 December 2010, the shareholders adopted a resolution to convert CFE SA Agaseke to a microfinance bank and adopted the name Agaseke Bank. The bank was granted a banking license by the National Bank of Rwanda, the national banking regulator, in 2011 and commenced commercial banking services in the same year.
On October 15, 2015, Bank of Africa Group announced its acquisition of a 90% stake in Agaseke Bank. This led to the bank's name changing to Bank of Africa Rwanda Limited and conversion to a commercial bank.
Ownership
The stock of the bank is privately owned by institutional and individual investors. As of December 2015, the shareholding in the bank is as depicted in the table below:
Branch Network
The bank maintained a total of thirteen networked branches as of December 2011, with a view to expand in 2012.