Best bank: Bank of Kigali
Bank of Kigali is again Euromoney’s best bank in Rwanda this year.
Established in 1966 in Kigali, the bank saw a 25% increase in net income in 2023 over 2022 at the group level, achieving a total $59.1 million for the year. It also grew total assets in 2023 by 14.5% to $1.7 billion.
AfE 2024
The group-level return on average equity stood at 17.2% in 2018 and has grown steadily and consistently to 21.8% in 2023.
In digital banking, the bank enhanced its mobile app, which was launched in 2022. This year it added new features such as self-onboarding, which allows clients to open a bank account with a scan of their face and ID.
The digital lending product has been enhanced by the bank’s move to a new core banking system – Temenos T24.