The Bank was incorporated in the Republic of Rwanda on 22 December 1966. Initially Bank of Kigali was founded as a joint venture between the Government of Rwanda and Belgolaise, with each owning 50% of the ordinary share capital. In 1967, the Bank commenced its operations with its first branch in Kigali.

Belgolaise was a subsidiary of Fortis Bank operating in Sub-Saharan Africa and in 2005 began to withdraw from its operations in Africa in line with Fortis’ strategy.

In 2007 the Government of Rwanda acquired the Belgolaise shareholding in Bank of Kigali, thereby increasing its direct and indirect shareholding in the Bank to 100% of the entire Issued Shares. In 2011, the Bank changed its name under the new law relating to companies from Bank of Kigali S.A to Bank of Kigali Limited.

Recent important milestones on the Bank’s history are summarised below:

2000:    

Started offering Western Union international money transfers

2005:    

Launched the internet banking service

2007:     

The Government of Rwanda acquired the 50% equity interest in the Bank from Belgolaise

2008:    

The Bank’s modern headquarters in downtown Kigali are completed    

2009:    

The Bank signed a €5 million credit line agreement with European Investment Bank for private sector SME lending

International Directors elected to the Board

New strategy formulated, calling for the Bank to pursue branch ubiquity and universal banking

Bank of the Year (Rwanda) Award received from The Banker magazine

Best Bank in Rwanda received from emeafinance magazine        

2010:    

Opened 12 new branches and service centres

The Bank became the first Company and Bank to be rated by a credit rating agency in Rwanda and received a rating of A+/A1/ by Global Credit Rating Company (South Africa)

Received the Bank of the Year (Rwanda) and Best bank in Rwanda awards from The Banker and emeafinance, respectively, for the second consecutive year              

2011:    

Opened 12 new branches and service centres

Signed a US$20 million dollar credit line and a €6 million sub-risk participation fund with the French Development Agency.

 Second Domestic Company to list on the Rwanda Stock Exchange in a US$62.5 million Initial Public Offering of 45% of its shares

Signed a US$12 million dollar and $542,000 Technical Assistance Grant credit line with the African Development Bank

Maintained the credit rating of A+/A1 by Global Credit Rating Agency from South Africa

Recognised for three years running as the Best Bank in Rwanda by emeafinance and Bank of the Year by The Banker as well as the Company of the Year by the Kenya Institute of Management Rwanda.

2012:

Opened 11 new branches , 2 relocated .

Recognised as the best East African Bank 2012 at the 6th Annual African Banker Awards.

Recognised as the Best Bank in Rwanda by emeafinance and Bank of the Year 2012 (Rwanda) by The Banker for the fourth consecutive year.

Named Best Financial Reporting Company in Rwanda at the FIRE Awards organized by the Nairobi Stock Exchange.

Received Best African Listing Award at the African Investor (Ai) Index Series Awards

Launches Express Money Service