Press Release - Capital Injection

BANK OF AFRICA – RWANDA raises Frw 7.4 billion following the injection by shareholders in 2021, taking total Bank paid up share capital to RWF 20 billion.

BANK OF AFRICA – RWANDA brings its share capital to Frw 20 billion after its shareholders inject Frw 7.4 billion in December 2021. This move was approved in the shareholders meeting to comply with regulatory requirements.

The raised capital is a sign of trust in the growth of the bank by the shareholders and a way to strengthen its ability to provide financial solutions to its customers. With the raised capital, the bank is currently positioned to meet market demands and sufficiently respond to the needs of customers.

According to the bank’s management, the Frw7.4 billion raised from shareholders last year is a testament of confidence and ability of the bank to serve the Rwandan market, contribute to the growth of the Rwandan economy, and a proof of continuous growth of the bank as one of the many subsidiaries of BOA Group.

BANK OF AFRICA – RWANDA is a private commercial bank that operates in Rwanda serving businesses, entities and individuals. It began operations in Rwanda in October 2015 and So far, the bank has 14 branches, including 8 branches in Kigali and 6 branches in the country. (Muhanga, Huye, Musanze, Rubavu, Rusizi and Kayonza).

The latter is part of BANK OF AFRICA Group (BOA Group) which opened in 1982 with its head office in Bamako, Mali before moving to Dakar in Senegal.
BOA Group is present in 18 countries: 8 in West Africa, 8 in East Africa and the Indian Ocean region, the Democratic Republic of Congo, France & China

The group also has a network of 17 commercial banks, 1 global holding company, 2 regional holding companies, 1 investment company, 2 technical
support subsidiaries, 2 processing and IT support companies, and 1 representative office in Addis Ababa.

Since 2010, BOA Group has been majority-owned by Moroccan Bank of Foreign Commerce (BMCE Bank) whose name recently changed to Bank of
Africa, ranked 3rd largest bank in Morocco.