Rwanda’s biggest bank is moving its marketing and office that helps with communication from Kenya

In a statement issued by the Central Bank of Kenya (CBK) on April 4, 2024, Bank of Kigali (BoK) suspended operations at its representative office in Nairobi.

Representative offices of foreign banks serve only as marketing and communication departments of the main central bank and its subsidiaries and are not authorized to conduct banking activities.

At the end of President Mwai Kibaki’s term in February 2013,

BoK was granted the right to operate an office in Nairobi, which operated for ten years.

At the time, Kenya’s accession was said to be a sign of growing regional unity in the East African Community and a catalyst towards Kenya’s 2030 vision.

“The entry of Bank of Kigali into the Kenyan market is timely given the on-going East African Community integration process. With the on-going East African regional integration, Bank of Kigali’s presence in Kenya stands to greatly benefit from the business opportunities that are expected to increase tremendously across the East African Community member states,” read a statement from CBK at the time.

A CBK announcement on Friday stated that the operation is voluntary for BK Plc and will begin on April 2, 2024.

“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 said.