Bank of Kigali Closes Representative Office in Kenya, Shifting Focus to Digital Services
The Central Bank of Kenya (CBK) announced on 5 April 2024 that the Bank of Kigali (BoK) Representative Office in Kenya will close effective 2 April 2024. This closure comes as BoK's parent company, Bank of Kigali Group Plc, has made a strategic decision to prioritize digital service delivery channels.
Established in 2013, the BoK's Representative Office in Kenya holds a significant place in history as the first bank from an East African Community to be authorized to operate in Kenya. It served as a crucial liaison and marketing point for the Bank of Kigali, enabling them to explore and tap into the vast business opportunities within the Kenyan market.
Shifting Gears: The Rise of Digital Banking
The Bank of Kigali's decision to close their Kenyan office is not an isolated event, but rather a reflection of a growing trend in the banking industry. As digital banking solutions become more sophisticated and accessible, financial institutions are increasingly shifting their focus to online platforms to reach customers. This strategic move allows the Bank of Kigali to streamline operations and expand its reach beyond geographical limitations.
About Bank of Kigali
Founded in 1966, the Bank of Kigali is a leading commercial bank in Rwanda. Majority-owned by the Rwandan government, it offers a range of services, including personal banking, business banking, and micro-lending. With a strong presence in Rwanda and a listing on the Nairobi Securities Exchange, BoK remains a key player in the East African financial landscape.
Investor
Bank of Kigali
Outbound region
Rwanda
Inbound region
Industry
Date of record
5 April 2024
