THE BANQUE CONTINENTALE AFRICAINE (RWANDA) S.A.
was created on 31st March 1983 as a Limited Company
with a share capital of 100,000,000 FRW. Authorised
by Presidential Decree No. 244/15 of 3rd June
1983, it opened its doors to the public on 20th
June 1983. The rapid progress of its activities
was such that the shareholders decided to increase
the share capital by 100% in May 1984.
Thus the Bank's share capital was increased from
100,000,000 FRW to 200,000,000 FRW within one
With respect to the relaunching of its activities
after the war, in 1995 the shareholders increased
the share capital from 200,000,000 FRW to 500,000,000
FRW, i.e. an increase of 250%. Following a directive
from the Banque Nationale du Rwanda, BACAR S.A.
again increased its share capital to 700,000,000
FRW on 21st January 1997.
From the time of its creation in 1983 until 30th
June 1995, BACAR S.A. has functioned as a subsidiary
of BANQUE CONTINENTALE DU Luxembourg of the Groupe
From 1st July 1995, the BANQUE CONTINENTALE DU
Luxembourg S.A., then the majority shareholder,
sold its shares under permission from the Banque
Nationale du Rwanda to members of the Rwandan
Furthermore, the Banque Nationale du Rwanda issued
a directive requiring all commercial banks in
Rwanda to establish their share capital at a minimum
of 1.5 billion Francs.
The General Assembly of BACAR S.A. approved this
increase on 3rd April 2001.
All through the 13 years of its existence, the
bank has been able to win the confidence of its
diversified clientele that comprises the following:
Local and foreign businessmen, non-governmental
organisations (NGOs), international agencies,
local companies; both private and parastatals.
The bank's reputation has ensured that it is considered
to be among the best banks in the country, and
is considered the best in terms of services rendered
including the special services reserved for its
Ever since the BANQUE CONTINENTALE DU Luxembourg
sold its shares to private Rwandan operators, the
shareholding status of BACAR S.A. is as follows:
1. RWANDAN GOVERNMENT
2. Mr. Valens KAJEGUHAKWA
3. SEMIKA S.A. (Belgique)
4. PETRORWANDA S.A. (RWANDA)
5. EMUJECO S.A.R.L. (RWANDA)
6. Various businessmen (RWANDA)
STRUCTURE OF THE BANK
" The General Assembly which meets regularly
represents the universality of shareholders, and
has the most extensive powers to carry out or ratify
any actions that benefit the company.
Its decisions, which shall be regularly adopted,
are obligatory for all, including those that may
be absent, incapable, or dissidents " (art.23
of the statutes or art.32 and s. Law No. 06/88 of
12th February 1988).
BOARD OF DIRECTORS
" The Board of Directors is invested with
the most extensive decision-making powers to act
in the name of the company, to accomplish and authorise
all acts that concern the company except those which,
by virtue of the laws in place, are reserved for
the General Assembly " (article 17 of the
statutes or article 36 and those that follow, of
Law No. 06/1998).
The Board of Directors comprises 7 members. It is
represented within the bank by a permanent office
comprising the President and an Administrator.
The auditing of accounts is ensured by an internal
auditor appointed by the General Assembly of Shareholders.
OFFICE OF THE MANAGING DIRECTOR
" The Board of Directors may delegate its
powers to some of its members or some representatives
chosen from among the Executive Directors or employees
of the company " (art.18 of the statutes
or art.36 line. 3 of Law No. 06/1988).
The Managing Director ensures the day-to-day management
of the company.
He signs, jointly with the Administrator, all Acts
involving the company.
He signs, jointly with one of the Directors, all
Acts that are not reserved exclusively for the Administrators.
In August 1999, the Board of Directors of BACAR
S.A. signed a Protocol (MOU) with LOITA CAPITAL
PARTNERS INTERNATIONAL, a commercial bank that is
solidly established within Central Africa. According
to the Protocol that was signed, the management
of BACAR S.A. was conferred for a pre-determined
period to LOITA, which delegated three experienced
executive staff to carry out this function.
THREE OPERATIONAL DEPARTMENTS
1-INTERNAL AUDIT DEPARTMENT
Attached to the Permanent Office of the Board of
Directors, the Internal Audit Department ensures
that all aspects of day-to-day management are in
conformity with the general policy established by
the Board of Directors, as well as the general norms
and procedures of Management. The Department regularly
delivers a report to this effect to the Permanent
Office of the Board of Directors.
2-OPERATIONS AND SYSTEMS DEPARTMENT
Attached to the Office of the Managing Director,
the Operations and Systems Department comprises
the following services:
. International banking operations
. Information Technology.
The most important mission of the Operations
and Systems Department is to ensure that BACAR
S.A. provides clients with services that are in
keeping with international standards.
The information technology unit ensures continuous
monitoring of technical developments regarding
3-DEPARTMENT OF THE TREASURY
The Treasury Department has the following mission:
. To optimise the management of assets/liabilities
of BACAR S.A.
. To provide foreign exchange to clients as well
as information/advice concerning the management
of their treasury.
- Marketing and Distribution
- Financial Control
- KIGALI-Head Office
CONTINUOUS SERVICES :
From 8 :00 am TO 6 :30 pm FROM MONDAYS TO FRIDAYS
From 8 :00 am to 2 :00 pm ON SATURDAYS.
. High-class service for high-class clients
. Minimum deposit to open an account: 500,000
FRW or the equivalent in foreign exchange: (except
for employees who subscribe to the " SESAME
INTERNATIONAL BANKING ACTIVITIES
BACAR S.A. guarantees the execution of the following
operations in record time:
. Opening of various types of licences
. Establishment and utilisation of letters of
. Initiation and transmission of bank transfers
. Issuing of 'Laissez-suivres'.
2. Business-trip Facilities
. Traveller's chèques
. Bank notes (foreign exchange)
. Cheques drawn on overseas bank accounts
3. Other services offered
. Change facilities
. Opening of a local foreign- exchange account
(cash deposits, transfers, and withdrawals of
. Communications (fax - telex between the client,
the corresponding bank, and the supplier)
. Advice on liquid assets
. Fixed deposits for the '1 FRANCS SYMBOLIQUE'.
. MoneyGram, speedy transfer of funds throughout
LOCAL BANKING ACTIVITIES
. Personalised services
. Highly specialised and quick services
. Flexible and quick service at the counters
. Individualised and discreet cash withdrawal
services in order to guarantee security during
cash deposits and withdrawals
. Services extended to residence, upon special
Long-term loan facilities
. Industrial projects
. Projects promoting agricultural exports
Mid-term loan facilities
. Funding of commercial activities
. Funding of SMEs
. Loans at discount rates
. Loans by signature
. Sesame (savings/credit accounts for employees
in the private sector)
. Demand/on sight investments and short-term investments
at attractive and competitive interest rates.
OF CORRESPONDING BANKS THROUGHOUT THE WORLD
. CITIBANK NEW YORK (USA)
. CITIBANK NAIROBI (Kenya)
. COMERZBANK (Germany)
. DEUTSCH BANK (Germany)
. CREDIT SUISSE (Switzerland)
. BANQUE CONTINENTALE DU
(Grand Duchy of Luxembourg)
and its network of correspondents
. LA BELGOLAISE (Belgium)
ROLE OF BACAR S.A. IN THE COUNTRY'S ECONOMY
The role of BACAR S.A. is becoming more and more
important to the country's economy, as it brings
its services closer to the public in the following
The opening of branches in the rural parts of the
The financing of the following sectors:
- Technological equipment and facilities
- Raw materials for local industries
- Consumer goods for general trading purposes
.The granting of mid-term and long-term loans to
facilitate the development of the housing and crafts
.The development of communications and information
systems for the benefit of the clientele, and in
order to make the outside world more accessible.
.Continued training for personnel in order to improve
the quality of services offered through the application
of modern technology, and giving attention to the
requirements of clients, as well as those of competing