NAIROBI, Kenya, April 5 – The Bank of Kigali (BoK) has shut down its Kenyan representative office in Nairobi after more than 10 years in the country.
BoK instead has set its focus on digital service delivery channels, and technological innovation to meet consumer preferences.
“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 announced in a statement today.
“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,” it added.
Headquartered in Kigali, Rwanda, BoK was founded in 1966 before entering the Kenyan market in 2013 after receiving approval from the CBK.
“The Government of Rwanda controls majority shareholding in the bank while the remaining portion is held between institutional and retail shareholders. Bank of Kigali is also cross listed on the Nairobi Securities Exchange.”
