KCB launches agent banking service in Rwanda
Kenya Commercial Bank (KCB) has launched a new subsidiary called KCB Rwanda in a bid to reach more of the country's unbanked population.Kenya Commercial Bank (KCB) has launched a new subsidiary called KCB Rwanda in a bid to reach more of the country's unbanked population.
This agent banking service is the first of its kind in Rwanda and it is rolling out 130 outlets across the nation, the New Times reports.
Retail outlet owners will be able to conduct basic transactions with clients - such and money transfers, deposits and withdrawals - instead of a bank teller.
Currently, around 21 per cent of Rwandans have access to financial services while 26 per cent use formal banking facilities. It is hoped this can be increased to 80 per cent by 2020.
Managing Director of KCB Rwanda Maurice Toroitich said: "The product is in the pursuit of the bank's financial inclusion strategy and in support of the government's vision to enhance the level of financial inclusion in the country."
This move comes as KCB aims to become a pan-African bank, extending its reach beyond the continent's eastern nations.
In April, it is planning to introduce services in Burundi, adding to its operations in Uganda, Tanzania, South Sudan and Rwanda, Capital FM reported.