Kenya’s Commercial Bank of Africa gears up for expansion into Rwanda
Rwanda’s central bank says it is processing a licence application by Commercial Bank of Africa (CBA) to enter the country by March. Rwanda’s central bank governor John Rwangombwa was quoted in a Rwandan publication saying the National Bank of Rwanda is in the final stages of licensing the Kenyan headquartered CBA to operate in the country.
An operating licence would come as a huge boost for CBA, which has for long set its sights on launching its mobile products in Rwanda to expand its regional footprint and drive growth.
In October, CBA said it was eyeing the Rwandan market with its M-Shwari mobile money service after successful uptake in Kenya, Uganda and Tanzania. The bank, which recently announced that it had signed up more than 600,000 subscribers in Uganda on its mobile-banking platform (MoKash) in partnership with MTN Uganda, said Rwanda’s growing mobile penetration will be key in the plan set to be rolled out by December.
CBA chief executive Jeremy Ngunze said at the time that the service would leverage on the same advantages it has over other banking channels to record success in Rwanda as it has done in the three East African countries.