Bank of Kigali

Ticker code BOK Industry Regional Banks Bank of Kigali Building
Avenue de la Paix
P.O. Box 175
Kigali, Rwanda
ISIN RW000A1JCYA5 Sector Financial
Initial Listing 1 September 2011 Financial Year End 31 December
Website Results Released Quarterly


Established in 1966, Bank of Kigali is the largest bank in Rwanda by total assets, with 32.5% market share as of 31 December 2015. The Bank has a distribution network comprising 75 branches, 84 ATMs and serves over 312,369 individuals and 29,518 corporate clients. The Bank has a wide distribution network that includes self-service channels such as deposit taking ATMs and Point of Sale (POS) terminals as well as channels that are geared towards promoting financial inclusion such as mobile vans and the mVisa mobile wallet. In 2011, the Bank became the second domestic company to be listed on the Rwanda Stock Exchange. The Bank was recently awarded the 2014 African Banker Award for Best Bank in East Africa and in 2013 received the Euromoney Award for Excellence as the Best Bank in Rwanda. Since 2009, the Bank has been recognised for five years running as the Best Bank in Rwanda by Emeafinance and for four years running as Bank of the Year by The Banker.


KPMG Rwanda Limited
Certified Public Accountants
Grand Pension Plaza
Boulevard de la Revolution
P.O. Box 6755


Dr. Shivon Byamukama
Avenue de la Paix
P.O. Box 175
Kigali, Rwanda


Mr. Emmanuel Rukangira
P.O. Box 3270
Kigali, Rwanda

Name Position
Lado Gurgenidze Chairman
Daniel Ufitikirezi Director
Apollo M. Nkunda Director
Marc Holtzman Director
Alphonsine Niyigena Director
Reuben Karemera Director
Julien Kavaruganda Director
Liliane Igihozo Uwera Director
James Gatera Managing Director and Chief Executive Officer
Lawson Naibo Chief Operating Officer
Flora Nsinga Chief Shared Services Officer
John Bugunya Chief Finance Officer
Shivon Byamukama Company Secretary
Patrick Masumbuko Chief Representative Officer - Nairobi
Enock K. Luyenzi Head of Human Resources & Administration
Innocent Musominari Head of Credit Department
Adolphe Ngunga Head of Retail Banking
Allan Mwangi Head of Retail Credit Risk
Moffat Mwangi Head of Consumer Banking and Product Development
Carine Umutoni Head of Treasury& Trade Finance
Alex Ngabonziza Head of Information and Communications Technology
Gerard Nyangezi Head of Internal Audit & Control
Yves Gatsimbanyi Head of Risk & Compliance
Alex Bahizi Head of Legal Services & Collections Department
Lado Gurgenidze Lado Gurgenidze, 43, is a career banker who, after a decade spent at several investment banks in Warsaw, Moscow and London, returned to his native Georgia in 2004 and spearheaded, as Executive Chairman and Chief Executive Officer, a turnaround of Bank of Georgia (LSE: BGEO). In 2007-2008, Lado served as Prime Minister of Georgia, leading the Georgian economy through the final stage of free-market reforms, including tax cuts, financial services sector reform as well as privatisation and liberalisation policies.
Daniel Ufitikirezi Dr. Daniel Ufitikirezi is the Director General of Rwanda Social Security Board (RSSB). He has extensive experience in Investment Management and Finance both in the Public and Private Sectors. Prior to this position, he served as the Deputy Director General in charge of Funds Management. He has also held Senior Management positions in the Public Sector including Head of Department of Assets and Investment Management Department (Privatization Program and Management of Government Assets) with the Rwanda Development Board (RDB), and Horizon Group of companies. Dr Daniel Ufitikirezi also lectures management subjects in Rwandan universities. Daniel holds a first class degree in Business Management from Bangalore University-India, a Masters’ degree in Business Administration from Bharathiar University-India and a PhD from Golden State University, India.
Apollo M. Nkunda Mr. Nkunda is a practicing Lawyer and a Partner with Trust Law Chambers. He has over fifteen years experience in legal practice. Apollo specialises in Banking and Finance Law, Labour Law and Government procurement. Prior to joining the Private sector, he was Head of Legal Services at the National Tender Board, now the Rwanda Procurement Authority. Apollo holds a Masters’ degree in Business and Trade Law from Erasmus University Rotterdam, The Netherlands, and a Bachelor’s degree of Law from the National University of Rwanda. He is a member of the Rwanda Bar Association, the East African Law Society, an Associate Member of the Chartered Institute of Purchasing and Supply, a director of Hashi Energy Ltd and honorary counsel to the Kigali Golf Club.
Marc Holtzman Marc Holtzman is Chairman of Meridian Capital HK, a private equity firm with investments in natural resources, real estate, food, agriculture and transportation. Meridian has offices in Hong Kong, London and Moscow. Prior to joining Meridian, Mr. Holtzman served as Vice Chairman of Barclays Capital and as Vice Chairman of ABN Amro Bank. Previously, as co-founder and President of MeesPierson EurAmerica (a firm which was acquired by ABN Amro) and as Senior Adviser to Salomon Brothers, he lived and worked in Eastern Europe and Russia from September 1989 until October 1998.
Alphonsine Niyigena Alphonsine is a business woman with extensive experience in trade, investment and entrepreneurship in Rwanda and in East African Community. She is the Vice Chairperson of the Rwanda Private Sector Federation and served for two mandates as Vice Chairperson of East African Business Council, an umbrella organization representing the business community in Rwanda and in the East African Countries. She is the Chairperson of Military Medical Insurance Company (MMI); a Board member of Special Guarantee Fund, Rwanda Institute of Administration and Management (RIAM) and Impact Policy Analysis and Research Institute (IPAR). Alphonsine holds a Master’s degree in Business Administration majored in Finance from Maastricht University, Netherlands and a Bachelor Degree in Economic Studies.
Reuben Karemera Reuben is the Deputy Accountant General in charge of Treasury Management. He is a Qualified Accountant with a background in Economics. He has vast experience in the area of taxation especially the International Aspect of Taxation gained both from formal training and 11 years of working with the Tax Administration. Reuben is an Affiliate of the Association of Certified Chartered Accountants. He holds a Masters’ Degree in International Taxation from The University of Sydney - Australia, a Bachelor’s degree in Economics from Makerere University -Uganda and a Diploma in Trade Policy from The University of Nairobi.
Julien Kavaruganda Julien is a practicing lawyer and Managing Partner of K-Solutions & Partners; one of the leading law firms in Rwanda. He has vast experience in Banking and Finance law, Commercial and Corporate law. Prior to that, he worked as a corporate lawyer at the Brussels Bar Association. He serves as a Director on the Board of the Rwanda Bar Association, Kigali International Arbitration Center and New Bugarama Mining Company Ltd. He holds a Bachelor and Masters’ degree in Law from the Université Catholique de Louvain in Belgium.
Liliane Igihozo Uwera Lilliane is the Vice Rector, in charge of Administration and Finance, at the College of Business Education formerly School of Finance and Banking (SFB). Prior to joining CBE, she was the Chief Executive Officer of the Rwanda Investment Group (RIG), one of the largest private venture capital firms in Rwanda. She holds a Masters’ degree in Financial Risk Management and a Bachelor’s degree in Business Administration from the Catholic University of Louvain, Belgium and is a Certified International Professional Associate in Project Management from the International Project Management Institute (PMI).
James Gatera James Gatera has been the Managing Director and Chief Executive Officer of Bank of Kigali since 2007. Under his stewardship, the Bank has had sustained profitability and market leadership with approximately 35% market share across all key balance sheet metrics. James holds a Bachelor of Arts degree majoring in Psychology from Simon Fraser University, Canada and Bachelor of Commerce from National University of Lesotho and an Honorary Doctorate Degree from the Commonwealth University of Belize. He is also a fellow of the Commonwealth Academy of Leadership and Management (FCALM) and was recently awarded the East African Business Leader of the Year Award 2013 by Africa Business Awards (AABLAs).
Lawson Naibo Lawson is the Chief Operating Officer. He has been with the Bank since 2009. He has wide experience in Strategic Management processes, Financial Accounting Advisory, Corporate Governance, Risk Management and Compliance Advisory gained from over 15 years post qualification experience previously in CFC Bank Group and KPMG East Africa. Lawson is a qualified Business Strategy and Financial Services Advisor and holds MBA in Strategic Management from the University of Nairobi (UoN) and BSc in Financial Services from the Manchester Institute of Science and Technology (UMIST) London. He is also a qualified Accountant and Chartered Banker and Certified Trainer in Corporate Governance.
Flora Nsinga Flora is the Chief Shared Services Officer. Prior to this, she was Head of Human Resources and Administration Department and has been with the Bank since 2008. Flora joined the Bank with about ten years experience from the telecommunication industry. Flora has been responsible for the growth in branch network and staff since 2008 and has been instrumental in leading the Bank through various organisational reforms during 2009. Flora holds a Bachelor’s degree in Business Administration with specialisation in Human Resources from Kigali Institute of Science, Technology and Management (KIST).
John Bugunya John is the Chief Finance Officer. He has been with the Bank since 2009 and he brings in a wealth of experience from financial advisory and assurance services gained from over 8 years post qualification experience with EY and Deloitte. Prior to joining the Bank, John was an Audit Manager with Deloitte in the United Kingdom specialising in financial services. John is a Fellow of the Association of Certified Chartered Accountants –UK (ACCA) and also a member of the Institute of Certified Public Accountants of Rwanda (ICPAR). He also holds a Bachelor’s degree in Business Administration and an MBA in Accounting & Finance.
Shivon Byamukama Dr Shivon Byamukama is the Company Secretary and Head of Corporate Affairs at Bank of Kigali. Prior to joining Bank of Kigali, she was the Company Secretary and Chief Legal Officer for RwandAir. Shivon holds a PhD in Law from Glasgow Caledonian University, Glasgow. Scotland-UK a Bachelor of Laws Degree from Makerere University- Uganda, and a Diploma in Legal Practice from the Law Development Centre, Kampala, Uganda.
Patrick Masumbuko Patrick is Chief Representative Officer at the Nairobi Office. He was previously Head of Corporate Banking Department. Patrick joined the Bank in 2011 as Corporate Banking Manager with over ten years experience from the Banking sector and private sector. Patrick holds a Bachelor of Commerce degree from Kigali Institute of Science Technology and Management and a Diploma in Business Studies from National College of Business Studies Nakawa.
Enock K. Luyenzi Enock is the Head of Human Resources and Administration. His areas of responsibility include Human Resource Strategy, administration and logistics management. He is also in charge of all administrative matters of the Bank including the procurement function. Enock holds a Bachelors’ Degree in Management from the National University of Rwanda and has done various executive trainings on Strategy Execution with Maps and Balance Scorecard Master Class by Dr. Robert Kaplan, Harvard Business School.
Innocent Musominari Innocent is the Head of Credit, and has worked with the Bank since 2004. He has wide experience in credit analysis and management gained from having worked within the Rwandan Banking sector for over 15 years. Prior to joining the Bank, Innocent served in the Commercial Bank of Rwanda now I&M Bank for 5 years as Corporate Credit Analyst Advisor. Innocent is a holder of a Bachelor’s degree in Economics from the National University of Rwanda.
Adolphe Ngunga Adolphe is the Head of Retail Banking, and has been with the Bank for over 10 years. Adolphe held various responsibilities in the Bank including Branch Management, Commercial and heading Corporate Banking Departments. Prior to joining the Bank, he served in the banking industry in Burundi. Adolphe holds a Bachelor’s degree in Economics from the University of Bujumbura in Burundi.
Allan Mwangi Allan is the Head of Retail Credit Risk, having joined the bank in February 2012. He brings to the Bank vast experience in business planning, financial management, accounting, risk management and audit with over 17 years in the financial services industry gained from working in Equity Bank, ABN Amro Bank, Deloitte and Touche, and Lonrho Africa Plc. He holds an MBA (Finance) from University of Nairobi and a Bachelor of Commerce (Accounting) degree from Kenyatta University. He is Certified Public Accountant and alumni of the Advanced Management Programme (AMP) of the IEESE Business School, Spain and Strathmore Business School, Kenya. He is a member of the Institute of Certified Public Accountants of Kenya (ICPAK).
Moffat Mwangi Moffat is the Head of Consumer Banking and Product Development and has been with the Bank since early 2012. He has an extensive exposure in the financial services sector with a broad range of skills and knowledge gained from his experience in Operations, Retail Banking, Credit Card Business, Business Banking and Corporate Banking in Barclays Bank in Kenya. He holds a BSc in financial services from the University of Manchester Institute Of Science and Technology (UMIST), MBA degree from Middlesex University Business School; London and is an Associate of the Chartered Institute of Bankers (ACIB).He is a member of the Chartered Institute of Marketing (MCIM) and a Chartered Marketer.
Carine Umutoni Carine Umutoni is the Head of Treasury and Trade Finance at Bank of Kigali. She has 9 years of banking experience in Treasury, Trade Finance and Institutional Banking. She is responsible for the liquidity management, foreign exchange operations, assets and liabilities management as well as the trade finance operations of the bank. Carine holds a Bachelor degree in Banking and Finance from Damelin Institute of South Africa and a MBA- Economic policy and corporate strategy from Maastricht School of Management.
Alex Ngabonziza Alex is the Head of Information and Communication Technology and has been with the Bank since 2009. He has been working in the industry for over 14 years. Prior to joining the Bank, Alex was Head of Applications Division in Rwanda Revenue Authority. Alex holds a Bachelor’s degree in Technical Electromechanical Engineering and Bachelor’s degree in Information Technology, from the National University of Rwanda.
Gerard Nyangezi Gerard is the Head of the Internal Audit and Control Department. He joined the Bank in 2009 and has over 10 years experience in Audit and Finance. Gerard holds a Bachelor’s degree of Commerce, Finance from Makerere University, Uganda; a Bachelor’s of Accounting degree from Walter Sisulu University, Republic of South Africa and is also a Certified Chartered Accountant. Gerard is a member of the Institute of Certified Chartered Accountants of United Kingdom, (ACCA) and also a member of Institute of Certified Public Accountants, Rwanda (ICPAR).
Yves Gatsimbanyi Yves is the Head of Risk and Compliance since early 2010 with vast experience from the banking sector. Yves served as Bank examiner at the National Bank of Rwanda for ten years. Prior to joining the Bank he held the position of Internal Control and Compliance Commercial Bank of Rwanda now I&M Bank. He hold an MBA in finance and accounting from Mount Kenya University and a Bachelor`s degree in Economics from National University of Rwanda and a diploma in Risk management in Finance and Banking.
Alex Bahizi Alex is the Head of Legal Services & Collections Department and has been with the Bank since 2010. Prior to joining the Bank, Alex was a State Attorney in the National Social Security Fund. Alex holds Bachelor’s of Laws (LLB) from the National University of Rwanda (NUR), a Master’s of Laws (LLM) majoring in International Commercial Law from The Robert Gordon University. He holds a Certificate of Arbitration from the London Chartered Institute of Arbitration (CIARB).

As at 31 December 2014
Stratification Total number of shares Sum of %
Government of Rwanda 198,534,600 29.6%
Rwanda Social Security Board 168,454,000 25.1%
International institutional investors 110,337,200 16.4%
Retail investors 81,613,600 12.2%
Local institutional investors 59,095,400 8.8%
Regional institutional investors 41,898,000 6.2%
Employees and directors 10,749,900 1.6%
Other state owned entities 687,900 0.1%
Grand Total 671,370,600 100.0%