Bank of Kigali (BoK) has ceased its operations in Nairobi following the withdrawal of its license by the Central Bank of Kenya, effective 2nd April 2024. This decision comes as Bank of Kigali Group Plc, BoK’s parent company, strategically shifts towards digital operations in Kenya, opting to focus on digital service delivery channels rather than maintaining a physical presence.
The Central Bank of Kenya (CBK) announced the cancellation of Bank of Kigali’s authority to operate a Representative Office in Kenya under Section 43 of the Banking Act, in a statement released on 5th April. CBK had initially authorised the establishment of Bank of Kigali’s Representative Office in Kenya on February 12, 2013.
Headquartered in Kigali, Bank of Kigali is a banking institution founded in 1966, licensed and supervised by the National Bank of Rwanda under the Law governing the organisation of banking. Majority shareholding in the bank is controlled by the Government of Rwanda, with the remaining portion held by institutional and retail shareholders. Bank of Kigali is also cross-listed on the Nairobi Securities Exchange.
In 2018, Bank of Kigali became the second firm in the region to cross-list its shares on the NSE, following Uganda’s utility firm Umeme, which cross-listed in 2012. The lender had made significant strides, becoming the first firm listed in two markets to be included in the Nairobi Stock Exchange (NSE) 20 Share Index in October of the previous year. This move was seen by experts as an opportunity for the bank to expand its presence in the Kenyan Market.
