Rwanda’s biggest bank in terms of profit earned, Bank of Kigali (BK), is one of Africa’s banking institutions that are consolidating their positions and on their way to recovery following the financial meltdown that affected the global banking sector. According to African Business Magazine, BK is among the 15 leading banks in the East African region. The magazine made a survey that listed Africa’s top 100 banks in 2010.
Januario Mucyo, BK’s Marketing Manager said the ranking is a good indication that Rwanda’s economy is steadily recovering after the credit crunch experienced throughout last year. This also shows that BK is growing in all aspects. It’s prestigious to be among all the 14 other leading banks in the region,” Mucyo said.
BK’s annual report of 2009 indicates that the bank has remained dominant in Rwanda’s banking industry with a market share of 25 percent. African Business Magazine reported that this year’s total assets of the top 100 banks have breached the $1.1 trillion, up by a massive 105 percent in 2005.
The President of the African Development Bank (AfDB), Donald Kaberuka was quoted as saying that in aftermath of the global crisis, Africa no longer seems uniquely risky. The opportunities are huge,” he said. Mucyo also said that after the volatility in the global economy, BK’s loans and advances to customers grew by 7 percent as total assets increased by 25 percent between 2008 and 2009.
BK’s breakthrough is the latest indication of the economic progress that has been made in Rwanda over the past decade.
By Saul Butera, The New Times