Bank of Kigali unveils mobile apps to tighten grip on market

Sunday October 16 2022

Bank of Kigali. PHOTO | FILE


Bank of Kigali has unveiled new digital products in its latest bid to retain grip on the market. The new products include The BK mobile app — Internet banking 2.0, BK digital HQ — will enable the bank to reach more customers using smartphones after signing a partnership with MTN Rwanda.

BK’s mobile app allows several transactions including transfers and scheduling advance payments.

“ I expect our clients to challenge us now that you have seen our capabilities. The future is digital, we have to be able to offer services on a smartphone...” said Diane Karusisi, the chief executive of BK during the product launch early this week.

Currently, BK mobile app has 57,000 active users though the bank plans to expand this significantly with the new financing deal with MTN Rwanda that enables customers to buy mobile phones on credit.

“Smartphones is currently the biggest barrier, most people are in a coverage area but overcoming the hurdle of connectivity is really about the smartphone. Once you have a smartphone you are able to remove that barrier, then you are able to access the consumers you want..” said Mapula Bodide, the new Chief Executive Officer, MTN Rwanda.

MTN Rwanda recently introduced an extended warranty of 12 months to customers who have owned the smart-phone less than three years upon the purchase of a screen protector and/or phone case for that existing phone and repair services for all customers that purchase smartphones from any MTN Service Center.


Central Bank Governor John Rwangombwa said the regulator is keen on promoting partnerships in the sector to facilitate financial inclusion.

In the first quarter of this year, BK reported a 44.4 percent growth of profit before tax while total assets increased by 22.4 percent while deposits expanded by 21.7 percent. The bank had Rwf22.8 billion profit.

It expanded its loan book — net loans and advances increased by 10.6 percent year on year to Rwf1013.4 billion as of June 30th, 2022. The bank’s net income increased by 24.5 percent year on year while total assets increased by 16.8 percent year on year.

It recorded a net profit worth Rwf28.3 billion in the first half of 2022, representing an increase of 24.5 percent in comparison to the same period last year.