KCB Bank Rwanda, a subsidiary of the Kenya Commercial Bank (KCB) Group, recently announced the creation of Mobiloan, a platform that allows customers to access loans of up to USD 585 through the bank’s pre-existing mobile banking service. The loans have terms of 30 days and carry an interest rate of 6 percent.
The KCB Group, which began its operations in 1896 as a unit of the National Bank of India, now has subsidiaries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, and Burundi. As of 2016, KCB had total assets of USD 5.7 billion, total customer loans of USD 3.7 billion and total customer deposits of USD 4.3 billion. The bank is no longer associated with the National Bank of India.
By Ryan Gauthier, Research Associate
Sources and Additional Resources
New Times (Rwanda) article:
http://www.newtimes.co.rw/section/read/222885/
KCB Group:
https://kcbgroup.com/
KCB Bank Rwanda:
https://kcbgroup.com/rwanda/
KCB Group 2016 Financial Report:
https://ke.kcbgroup.com/images/downloads/KCB-Group-Financial-Results-FY16.pdf
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