Rwanda - Financial Services Rwanda - Financial Services
Overview
There are currently 11 commercial banks in Rwanda as well as a number of microfinance institutions and rural savings and credit cooperatives. The sector is overseen by the National Bank of Rwanda. Growth potential remains strong with only 42 percent of the population engaged in the formal financial system. Banks wishing to establish a presence in Rwanda must apply for a license from the National Bank of Rwanda by presenting a business model showing that there is a gap in the market and demonstrating a minimum share capital of approximately USD 8 million. In order to improve access to credit, a private credit reference agency has been set up, of which all banks and other financial institutions must be members. Other companies such as utilities can be voluntary participants.The three largest commercial banks in descending order of market share are: Bank of Kigali, Banque Populaire du Rwanda (BPR), and I&M Bank. Other foreign banks present in Rwanda are: Ecobank, GT Bank, Equity Bank, Kenya Commercial Bank and the Commercial Bank of Africa (CBA).
Opportunities
- Commercial bank products and services, particularly in rural areas
- Competitive loan facilities
- Agricultural products/services financing
- Development banks especially to finance SMEs
- Microfinance opportunities
- Mortgage financing
- Investment banking services
- Training of financial sector professionals
- Insurance services especially re-insurance
- Equity and bonds purchases at Rwanda's capital market
- Provision of life policies and other innovative insurance products such as agriculture and medical schemes
- Special financing solutions i.e. private equity funds
- Institutional and human capacity building in capital and financial markets.
Web Resources
Rwanda Development Board (RDB): www.rdb.rw/
National Bank of Rwanda (BNR): http://www.bnr.rw
Rwanda Bankers Association (RBA): http://rba.rw/
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