CBA launches Operations in Rwanda after acquiring Crane Bank
Kenya’s largest privately owned bank, Commercial Bank of Africa (CBA) has officially started its banking operations in Rwanda following the successful acquisition of Crane Bank Rwanda Ltd, now re-launched as CBA Rwanda Limited.
The move into Rwanda, increases CBA’s footprint in the continent, to five countries, which include Tanzania, Uganda, Ivory Coast and Kenya where the 56-year-old bank has its headquarters.
CBA’s journey into Rwanda’s financial market started in February 2017, when the bank partnered with MTN Rwanda to launch “MoKash,” a mobile banking and credit product similar to M-Shwari in Kenya. The product currently has 700,000 customers, in Rwanda, which has a population of 12 million people.
In Rwanda, CBA bank will initially operate three branches, with the head office branch located at Kigali Heights, and 2 other branches located at Labonne Address and Downtown Kigali respectively.