Home Business & Tech Bank of Kigali to Increase Share Capital

Bank of Kigali to Increase Share Capital

by Daniel Sabiiti
5:28 pm

Bank of Kigali CEO Dr. Diane Karusisi giving a public lecture to university students

Rwanda capital markets may soon see an increase in Bank of Kigali share capital, when the banks’ extra ordinary general meeting convenes on December 6, 2017.

The meeting will discuss an approval of an increment and also approve the BK Group structure; according to a notice signed on November 10, by Natalie Mpaka, Banks’ Chief Finance Officer.

This comes after the bank netted an impressive Rwf16.7billion profit (after tax) in the first half of 2017.

Ahead of this, Rwanda capital markets players today continued a bid to educate and create awareness on savings culture among residents and officials in Kicukiro District.

The campaign was run by Rwanda National Investment Trust Ltd RNIT, Capital Markets Authority (CMA) and Rwanda Stock Exchange (RSE).

This is part on the ongoing national savings promotion campaign aimed at educating Rwandans on how they can embrace the culture of saving and investing through Rwanda’s capital markets.

André Gashugi, the CEO of RNIT revealed that such campaigns have already started yielding fruits with at least 100 people investing in the fund as a result of change of mindset on investments.

Next week, Rwanda will also host the first Industry Lunch, scheduled on November 16, bringing Rwanda’s Top Executives in the financial sector, with main speaker Celestin Rwabukumba, the CEO of RSE.

The Financial Sector Industry Lunch will focus on, “Seeking Solutions to fill the National Savings Gap.”

Participants are expected to find out how savings should be able to earn one a profit in capital markets.

“When you invest in shares, you’re lending money to that company,” Rwabukumba said.

Currently, over 86% of Rwandans save compared to 71% in 2012. The number of deposit accounts increased from 1, 736, 203 in June 2016 to 1,871, 858 in June 2017.

The number of borrowers dropped from 299,498 to 261,871 in the same period.

Savings collected compared to withdrawals within the period indicate that Rwandans managed to spare Rwf129 million in 2017 compared to Rwf128 million in 2016.

On the other hand, the local bourse, today remained constant with the index and all shares remaining constant as from last week.

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