NCBA Bank Rwanda, formerly Commercial Bank of Africa (Rwanda), received a new operating license from the National Bank of Rwanda (BNR) on Monday, January 13, 2020. According to a statement released by NCBA Rwanda, the new operating license was issued under the name, NCBA Bank Rwanda PLC.
The CEO of NCBA Bank Rwanda PLC, Lina Higiro explained that the recent name change and brand identity will help the bank leverage on the strength and value of NCBA Group to reach more customers.
The new license is following the merger between Commercial Bank of Africa Rwanda (CBA) and Kenya’s National Industrial Credit (NIC) Group which took place in October 2019. This merger led to the re-branded NCBA Bank Rwanda PLC.
According to Higiro, the new brand identity sets the bank apart “boldly and distinctly that resonates very well with our customers.” She also went on to say that “with the financial strength, expertise, regional connectivity and expanded range of products and services, NCBA Bank Rwanda PLC is set to become a market leader in corporate, retail, asset finance, and digital banking within the region.”
NCBA Group PLC which is the parent company of NCBA Bank Rwanda PLC serves over 40 million customers in East Africa. The group currently operates a network of more than 100 branches in Kenya, Uganda, Tanzania, Rwanda and Ivory Coast.
The NCBA Group PLC listed 793.8 million shares following the merger between CBA and NIC in 2019. The group had envisioned that the merger will bring together the best of both worlds in Rwanda and Kenya starting from joint business banking, financial services, mobile banking, and customer-relationship management amongst others.
Similarly, the group established a merging strategy to control financial services in East Africa. With its established subsidiaries in most countries in the region, NCBA Group PLC intends on dominating the regional industry.