Cogebanque nets Rwf1billions, despite hiccups

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Cogebanque, the only 100 percent Rwandan owned commercial bank managed to make a net profit of Rwf1 billion in six months despite the recent hiccup in the banks administration, which saw its top manager expelled from Rwanda.

During a meeting of stakeholders and shareholders held on September 18, 2015, the banks management said that they have bigger plans of improving the banks operations and impact in the country’s economy in the next

The chairman board of governors, Philbert Afrika, highlighted its success and new targets saying that the bank wants to increase its profits and play a significant role in the lives of Rwandans.

We have set a target of making at least Rwf3 billion in the next year and also consider ways in which we can enable the economy to grow” Afrika said.

Afrika also said that the firing of the former Managing Director of Cogebanque, Mostafa Ouezekhti’s will not deter the bank from meeting its goals.

Mostafa Ouezekhti’s was asked this mid-September to leave Rwanda and his work permit cancelled after the Moroccan national is said to have allegedly been involved in acts that amounted to abuse of office, suspicious transactions, among others.

Cogebanque has one of the largest clienteles in Rwanda with over 20 branches countrywide and a capital of about Rwf13billion from 33 Rwandan shareholders.


About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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