Bonaventure Urimube, Chief Credit Officer Bank of Kigali (middle) shakes hands with Raja Debnath, Managing Director, Veefin Solutions after signing the partnership agreement, as Dr. Diane Karusisi, CEO Bank of Kigali, looks on.
Bank of Kigali Plc, one of Africa’s leading and most transformative banks, and the largest commercial bank in Rwanda, has partnered with Veefin Solutions, a global leader in Supply Chain Finance (SCF) and Banking-as-a-Service (BaaS) solutions. This partnership aims to drive full-scale digital transformation across Corporate, SME, Agribusiness, and Retail segments.
With this collaboration, Bank of Kigali will become the first financial institution in the country to offer a fully digital, hyper-personalized experience to its customers.
Under the partnership, Veefin will empower Bank of Kigali with its flagship suite of comprehensive SCF and Digital Lending solutions. This includes a self-onboarding module available across all channels, automated digital underwriting of loans via the Loan Origination Solution (LOS), and efficient transaction management through the Loan Management Solution (LMS), complemented by an advanced Debt Recovery System.
A key milestone
Dr. Diane Karusisi, CEO of Bank of Kigali said the partnership with Veefin is a key milestone which will boost the bank’s digital aspirations and improve service delivery.
“This is yet another milestone in the Bank’s digitization journey. The partnership with Veefin will help us boost efficiency and improve transparency in our loan processes. Our esteemed clients will be able to apply for any credit product using BK digital channels and will enjoy faster turnaround times,” Dr. Karusisis said.
Dr. Karusisi said the partnership is a key milestone towards improving service delivery.
On his part, Raja Debnath, Managing Director, Veefin Solutions said joining forces with Bank of Kigali will be a gamechanger in advancing digital lending solutions in Rwanda.
“Bank of Kigali’s decision to partner Veefin’s advanced SCF and Digital Lending solutions underscores their commitment to innovation. Africa and especially Rwanda is at the epicentre of technological adaptation and innovation, multiple banks in the region have shown significant interest in implementing Veefin’s solution, reflecting a broader trend towards adopting cutting-edge financial technologies to efficiency,” Debnath said.
“Our partnership with Bank of Kigali will set new benchmarks in the continent for other lenders to follow” he reiterated following the signing ceremony.
Established in 1966, Bank of Kigali is Rwanda’s leading financial institution dedicated to driving the nation’s economic growth. Through its wide range of banking services catering to individuals, small and medium enterprises (SMEs), agribusinesses and corporate customers, the bank has played a pivotal role in fostering economic resilience, innovation and community development.
Bonaventure Urimube, Chief Credit Officer Bank of Kigali (middle) signs the partnership agreement with Raja Debnath, Managing Director, Veefin Solutions.
To meet the evolving customer needs, the bank embarked on a digital transformation journey and has set an ambition to become a leader in innovation and financial inclusion.
Bank of Kigali has been frequently recognized as the best bank in Rwanda by Global Finance Magazine, Euromoney and The Banker. These accolades reflect our unwavering commitment to customer centricity and excellence in the banking sector.
