Commercial Bank of Africa (CBA) has officially started its banking operations in Rwanda following the successful acquisition of Crane Bank Rwanda Limited, now re-launched as CBA Rwanda Limited.
CBA is now operational in five countries, which include Tanzania, Uganda, Ivory Coast and Kenya where the 56 year old bank has its headquarters.
Speaking at the launch, CBA Group Chairmain Desterio Oyatsi, said that Rwanda stood out amongst its peers in East Africa due to the economy growth from 2000 to 2017, with a GDP growth rate averaging 7.2% annually.
“Rwanda today is considered a “digitally-ready” country, as the Rwandan consumer is quite tech savvy, while the regulatory environment is conducive for investment and amongst the most progressive in Africa,” said Oyatsi.
“We have taken a long-term positive view in our decision to invest in Rwanda. Our strategy has been to leverage technology in order to drive financial inclusion by banking the unbanked and financially empowering people and businesses in the real economy. We aim to reach as many people as possible thereby boosting financial inclusion in each country where we do business,” he added.
CBA projects that its investment and presence in Rwanda will grow as it supports the country’s economic growth, whilst offering its customers innovative and differentiated services.
According to Mr. Oyatsi, the bank is positioning itself to be the intermediator and facilitator of regional business growth by supporting business venturing across borders in the coming years.
CBA bank will initially operate three branches in Rwanda, with the head office branch located at Kigali Heights, and 2 other branches located at Labonne Address and Downtown Kigali respectively.