KCB opens fifth branch in Rwanda near DRC border
Kenya Commercial Bank’s youngest subsidiary in Rwanda has opened a new branch at the border town of Gisenyi.
This brings to five the number of operational branches in Rwanda.
KCB’s growing presence in Rwanda is a vote of confidence on the country’s investment policies.
It gives the country a unique financial platform to support economic development, said the Governor of Western Province, Kabahizi Celestin, who presided over the launch.
He said the country is putting in place the necessary infrastructure and policy framework to encourage foreign investment.
“We believe KCB’s expansion across Rwanda will make it possible for many people to access financial services more conveniently,” he said.
At the same time, 15 top businessmen from Goma, eastern Democratic Republic of Congo, met members of the KCB Rwanda board to press for the bank’s entry into the country.
The businessmen, led by John Kanyoni, the president of the North Kivu Business Association, met KCB Group chairman Peter Muthoka and chief executive Martin Oduor-Otieno, among other board members.
“Our businesses require a lot of liquidity, which is a big problem for us. KCB should open a branch in Goma to serve the North Kivu region,” Mr Kanyoni said.
Mr Muthoka said the request would be brought before the Group’s board for discussion.
The board was taken on a tour of Goma and shown the operations of several mining businesses in the city.
Mr Muthoka said the bank was keen on growing its network to key locations in Rwanda.
“The Bank of Kigali has already approved two new branches at Remera and Kimironko, while work is in progress at Nyabugogo and Muhanga, where an additional two branches will be located,” said Mr Muthoka.
Mr Muthoka said KCB would soon roll out its new banking system, T24, to KCB Rwanda.
The new KCB Rubavu branch is at the border of Rwanda and DRC.
KCB has five branches in Kigali, Huye, Musanze, Rubavu and Rusizi. Remera and Kimironko will be opened this week while Nyabugogo and Muhanga will be operational soon.
The subsidiary is expected to have nine branches by the end of the year.
Meanwhile, KCB’s 2009 community week started last Saturday and will benefit many institutions with educational materials worth Ksh14 million (about $175,000).
More than 160 teams — comprising KCB branches and departments in Kenya, Tanzania, Sudan, Uganda and Rwanda — will work with various needy communities.