The Central Bank of Kenya has authorized the Bank of Kigali, a leading Rwandan financial institution, to close its physical operations in Kenya, effective April 2.
The decision for the closure, announced in a statement dated April 5, was voluntarily made by the bank’s parent company, BK Group Plc, as part of a strategic shift toward digital service delivery channels.
The Bank of Kigali, also known as BoK, established its representative office in Nairobi nearly 11 years ago, marking its first expansion outside Rwanda. It was the first foreign bank from the East African Community to receive permission to operate a representative office in Kenya in 2013.
Representative offices of foreign banks in Kenya are restricted to marketing and liaison activities for their parent banks and affiliates and are not allowed to engage in banking business. The Bank of Kigali’s Nairobi office was initially set up to explore potential business opportunities and evaluate the prospects for a long-term presence in the country.
BoK, headquartered in Kigali, was founded in 1966 and is licensed and supervised by the National Bank of Rwanda. The bank is also cross-listed on the Nairobi Securities Exchange.
