News from AccessHolding Head Office
AccessHolding together with Co-Investors establish AB Bank Rwanda
Berlin, 12 July 2013
Access Microfinance Holding AG (“AccessHolding”) of Berlin/Germany is pleased to announce the creation of its eighth network bank, AB Bank Rwanda (ABR). ABR will be established jointly by AccessHolding and three of the most reputable investors in the global microfinance industry: the International Finance Corporation (IFC), KfW Development Bank and FMO, the Dutch development bank. The founding shareholders have committed an initial capital endowment of RWF 3.5 billion (approx. EUR 4.1 million) to the bank, of which AccessHolding will provide 50.5%.
Having recently received the National Bank of Rwanda’s preliminary approval for a microfinance bank license, AB Bank Rwanda is currently in the pre-operational phase and expects to open its doors to the public in the fourth quarter of 2013. The mission of ABR is to be a socially responsible bank for the lower and middle income strata of the Rwandan society and to be the one-stop bank of choice for micro and small enterprises in the country.
Christoph Diehl, a Member of AccessHolding’s Management Board and the Chairman of AB Bank Rwanda’s Board of Directors, commented: “The creation of AB Bank Rwanda marks the continuation of our expansion strategy in Sub-Saharan Africa in general and East/Southeast Africa in particular. We are convinced that the bank will set new standards in the Rwandan microfinance sector in terms of customer service, transparency as well as speed and ease of access. By doing so, we aim to make a meaningful contribution to enterprise development, employment and income generation.”
Mr. Diehl added that AB Bank Rwanda will expand from its home base, Kigali, to other locations across Rwanda in the coming years.