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Best bank: Banque Commerciale de Rwanda |
Highly populated Rwanda is an attractive environment for banks, particularly as the ethnic problems are beginning to recede. Banque Commerciale de Rwanda is the most innovative bank in the country, expanding its network and growing its products. "This has been a good year," says David Kuwana, managing director of Banque Commerciale de Rwanda. "We have opened two new branches, developed a mortgage product, and have grown our Western Union network."
However, foreign entrants are eyeing up the opportunities. There are already two Nigerian banks in the country, and both Barclays and Standard Bank are rumoured to be interested in buying the Banque de Kigali, which is up for sale. "Competition is increasing, which will make growing our book a challenge," says Kuwana. "In addition, we plan to move more into lending to small and medium-sized enterprises.