KIGALI, Rwanda — A parliamentary probe has found that many shareholders of Rwanda’s former Banque Populaire du Rwanda (currently known as BPR Bank Rwanda) remain unable to access or fully account for their shares years after the bank underwent successive ownership changes.
The findings emerged from oversight visits by Members of Parliament across the country between May 28 and June 7, during which shareholders raised persistent complaints about their investments.
Among the most outspoken lawmakers was MP Yvonne Mujawabega, who said some shareholders have waited more than 20 years only to receive dividend payments too small to buy even a small container of milk.
Mujawabega, who is herself a BPR shareholder, told Parliament she received Rwf1,900 (about US$1.30) through Rwanda’s Mobile Money platform in March this year.
“I have been a shareholder for more than 20 years, yet I received only Rwf1,900,” she said.
She noted that she was actually among those who received the highest payouts.
“Some shareholders received Rwf300, while others got Rwf600. It makes you wonder how these dividends are calculated and what criteria the bank uses,” she said.
Mujawabega said such returns cannot even pay for a child’s annual community health insurance contribution or buy a small container of milk.
She added that many shareholders still have no official confirmation of how many shares they own, what those shares are worth today, or how much they have earned over the years.
The dispute dates back to BPR’s transformation from a cooperative founded in 1975 into a commercial bank in 2007, a move that automatically made many depositors shareholders. The bank was later acquired by Atlas Mara before becoming part of Kenya’s KCB Group in 2022.
According to figures released by the bank earlier this year, BPR has 576,245 shareholders, but only about 239,500, or 42%, had completed a nationwide verification exercise by January.
The bank says verified shareholders will receive formal share certificates confirming their ownership and allowing them to receive dividends or sell their shares.
Earlier this year, BPR said it had returned to consistent dividend payments after strengthening its financial position.
The bank reported a net profit of Rwf40.8 billion (about US$29 million) in 2025 and announced it would distribute Rwf4.3 billion in dividends to shareholders—only the second dividend payout since it became a commercial bank in 2007.
However, bank officials acknowledge that identifying thousands of shareholders remains the biggest challenge. They have urged anyone who held an account with BPR before its 2007 conversion—or the heirs of deceased account holders—to come forward and complete the verification process.
Under Rwanda’s laws, shares that remain unclaimed after all identification procedures are exhausted may be transferred to the government for safekeeping until their rightful owners or heirs are identified.
The issue has previously reached President Paul Kagame.
During a press conference in January 2025, Kagame said he had instructed the Ministry of Finance to address the matter after receiving similar complaints from shareholders and had also raised it during a Cabinet meeting.
Despite the bank’s efforts and improving financial performance, Mujawabega’s remarks suggest many shareholders remain dissatisfied, with lawmakers now demanding greater transparency over dividend calculations and faster resolution of one of Rwanda’s longest-running shareholder disputes.
