CBA sets sight on Rwanda with mobile money

14 October 2016

Money Transfer

Commercial Bank of Africa (CBA) is targeting to enter the Rwandan market as it seeks to grow its foothold in the region.

The bank said on Tuesday that it will be using its mobile money strategy to net more customers. The bank which has managed to grow its mobile money customers in Uganda to more than 600,000 is confident it will succeed in Rwanda.

The Kenyatta family owned bank is keen to cash on in the growing trade in the region’s more than 130m people. Its Kenyan counterparts have also cemented their dominance in the region.

The bank’s chief executive Jeremy Ngunze said they will leverage on its expertise on mobile money to penetrate new markets. Kenyan banks are seeking new markets to grow profits after the Kenya government passed a law capping commercial bank lending rates.

The bank is partnering with mobile services provider Safaricom to grow its market pie as the banking sector slowly moves online forcing banks to change their approach to business.

Source: The Exchange