LFS 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 percent. The Bank has been set up and is being managed by LFS under a management services contract.
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.