FMO, the Dutch development bank, the International Finance Corporation (IFC) and KfW Entwicklungsbank have committed an initial capital endowment of RWF 3.5 billion (approx. EUR 4.1 million) together with the mother company Access Microfinance Holding AG (“AccessHolding”) of Berlin/Germany for the establishment of AB Bank Rwanda. AccessHolding is pleased with the creation of its eighth network bank, AB Bank Rwanda (ABR). AccessHolding will provide 50.5% of the initial investment.
Having recently received the National Bank of Rwanda’s preliminary approval for a microfinance bank license, ABR 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 ABR'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 ABR will expand from its home base, Kigali, to other locations across Rwanda in the coming years.
About AccessHolding and the AccessBank Network
The AccessBank Network currently comprises seven commercial microfinance banks, which operate in developing and transition economies in Africa, Caucasus and Central Asia. These banks provide responsible financial services to low and middle income households and in particular to micro and small businesses - the Group’s main target clientele. The strategic controlling shareholder of the AccessBank Network is Access Microfinance Holding (AG), a public-private partnership based in Berlin/Germany. As of 30 June 2013, the total network had total assets of more than USD 1 billion. Geographical coverage of the AccessBank network includes the following countries: Azerbaijan (start of operations in 2002), Madagascar (2007), Tanzania (2007), Nigeria (2008), Liberia (2009), Tajikistan (2010) and Zambia (2011). The group is currently preparing its expansion into other countries both within and outside its core regions.
About FMO
FMO (the Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 6.3 billion, FMO is one of the largest European bilateral private sector development banks. www.fmo.nl
