By Antynet Ford
The Central Bank of Kenya has announced the closure of Bank of Kigali (BoK) office representatives in the country.
The regulator termed the closure a voluntary termination following a strategic decision taken by BoK’s parent company Kigali Group.
CBK said the parent company had decided to focus more on digital service delivery channels.
“The Central Bank of Kenya (CBK) announces the cancellation of the authority granted to the Bank of Kigali (BoK) to operate a Representative Office in Kenya under Section 43 of the Banking Act, effective April 2, 2024.” CBK said in a statement.
“The voluntary termination of BoK’s presence in Kenya follows a strategic decision taken by the Bank of Kigali Group Plc (BoK’s parent company) to focus more on digital service delivery channels.” The statement added.
Bank of Kigali Limited is a public commercial bank incorporated in the Republic of Rwanda and regulated by the National Bank of Rwanda.
The bank engages mainly in personal banking, business banking, and micro-lending.
Central Bank of Kenya authorized the establishment of the Bank of Kigali’s Representative Office in Kenya on February 12, 2013.
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It became the first foreign bank from the East African Community to be granted authority to operate a Representative Office in Kenya.
Currently, BoK has forty branches in Rwanda and is listed on the Rwanda Stock Exchange.