Ecobank Rwanda

Ecobank Rwanda

Company type	Private
Industry	Finance
Founded	July 6, 2007; 17 years ago (2007-07-06)
Headquarters	Kigali, Rwanda
Key people	Vianney Shumbusho Chairman Alice Kalonzo-Zulu CEO[1]
Products	Checking, Savings, Credit cards, Debit cards, Loans, Mortgages, Overdrafts etc.
Revenue	Net RWF:3.2 billion (US$3.8 million) (2016)[2]
Total assets	RWF:193.527 billion (US$227.5 million) (2016)[1]
Owner	Ecobank International
Website	www.ecobank.com/rw/

Ecobank Rwanda, whose full name is Ecobank Rwanda Limited, formerly Bank of Commerce, Development and Industry (BCDI), is a commercial bank in Rwanda, licensed and supervised by the National Bank of Rwanda, the central bank and national banking regulator.[3]

Location

The headquarters of Ecobank Rwanda and the main branch of the bank are located along KN3 Avenue in the central business district of the city of Kigali, the capital and largest urban centre of Rwanda. The geographical coordinates of the banks headquarters are 01°56'49.0"S, 30°03'38.0"E (Latitude:-1.946944; Longitude:30.060556).[4]

Overview

As of December 2016^[update], the bank was a medium-sized financial institution with an asset base of RWF:193.527 billion (US$227.5 million), with shareholders' equity of RWF:17.835 billion (US$21 million), and RWF:161.625 billion (US$190 million) in customer deposits.[1]

History

Ecobank Rwanda was established on 6 July 2007, when Ecobank International acquired the Bank of Commerce, Development and Industry (BCDI), a commercial bank in Rwanda that had failed. At the time of acquisition, BCDI had a 46 percent non-performing loan profile, was under-capitalized and suffered from poor governance and inadequate operational controls. The new owners had to invest US$11.6 in new capital, to meet capitalization requirements.[5]

Shareholders

The bank is a 100 percent subsidiary of Ecobank Transnational Incorporated (ETI), the pan-African financial conglomerate headquartered in Lome, Togo, with operations in 36 countries, according to the Ecobank Group website.[6]

Board of Governors

As of December 2016, the following were the members of the Board of Directors of Ecobank Rwanda:[1]

1. Vianney Shumbusho: Chairman
2. Ephraim Turahirwa: Member
3. Ivan Twagirashema: Member
4. Ibironke Wilson: Member
5. Rose Gakuba: Member
6. Alice Kilonzo-Zulu: Managing Director.

Management team

As recently as December 2017, the Managing Director and Chief Executive Officer of Ecobank Rwanda was Alice Kalonzo Zulu.[2][7]

Branches

As of December 2016, Ecobank Rwanda maintained 16 networked branches across the country.[1] In December 2017 going forward, the bank began closing some upcountry branches and transferring the services and some employees to agency banking, in combination with digital banking. Once the selected branches are closed, the bank will remain with eight brick-and-mortar branches only.[2][7]

See also

• List of banks in Rwanda
• Economy of Rwanda

References

1. Ecobank (15 July 2018). "Ecobank Rwanda: Key Figures & Board of Directors". Kigali: Ecobank Rwanda. Retrieved 15 July 2018.
2. Kabona, Esiara (29 October 2017). "Ecobank Rwanda now embraces agency banking". The EastAfrican. Nairobi. Retrieved 15 July 2018.
3. National Bank of Rwanda (30 June 2017). "List of Licensed Banks As At 30 June 2017" (PDF). Kigali: National Bank of Rwanda. Archived from the original (PDF) on 4 August 2017. Retrieved 15 July 2018.
4. "Location of the headquarters of Ecobank Rwanda, KN3 Avenue, Kigali, Rwanda" (Map). Google Maps. Retrieved 15 July 2018.
5. Babu Emile (27 February 2008). "West African Banks enter Rwandan market". Kigali: Business Rwanda. Retrieved 15 July 2018.
6. Ecobank (15 July 2018). "Ecobank Transnational Incorporated: About Us". Lome, Togo: Ecobank Transnational Incorporated. Retrieved 15 July 2018.
7. Tumwebaze, Peterson (13 December 2017). "Ecobank to close five branches in favour of digital banking". New Times (Rwanda). Kigali. Retrieved 15 July 2018.

External links

• Official website
• Company Profile of Ecobank Rwanda Limited