In October 2023, the National Bank of Rwanda granted its approval for LOLC to invest in 90 per cent shareholding in Unguka Microfinance Bank, the leading microfinance bank in Rwanda. Subsequent to the completion of the investment, the company has now rebranded itself as LOLC Unguka Microfinance Company.
Unguka Bank Limited, established in 2005 as a microfinance institution before evolving into a microfinance bank, is now under the umbrella of the LOLC Group.
LOLC is a multinational diversified conglomerate operating in 26 countries across Africa, Asia, and Australia, positioning LOLC Unguka Finance to provide a wider array of products and services to its valued clients in Rwanda, thereby creating greater financial inclusion and fostering economic prosperity.
LOLC’s diversified operations span multiple sectors, including financial services, agriculture and plantations, digital empowerment, leisure, manufacturing and trading, research and innovation, construction, mining, and strategic investments.
As the largest multi-currency multi-geographic microfinance platform globally, LOLC has the scale to cover most addressable inclusive finance markets worldwide.
Furthermore, LOLC holds a strong position in the leisure sector with a presence in the Maldives, Mauritius, and Sri Lanka.
In agriculture, LOLC is the world’s largest producer of tea for export, producing approximately 90 million kilogrammes of tea annually, and is the largest producer of sugar in Sri Lanka.
"Our acquisition of Unguka Bank was driven by a shared vision to enhance financial inclusion and empower underserved communities. Transitioning from Unguka Bank to LOLC Unguka Finance allows us to return to our roots in microfinance, where we can make the most impact, uplifting the lives of micro-entrepreneurs.
"Our extensive experience across other 26 countries enables us to bring innovative and sustainable financial services to Rwanda. We are excited to embark on this new chapter, ensuring that LOLC Unguka Finance becomes a catalyst for positive economic transformation in the region” LOLC Holdings PLC, Deputy Chairman Ishara Nanayakkara said.
Yves Sangano, Chairman of LOLC Unguka Finance in Rwanda, said: "This partnership opens up new avenues for growth and allows us to better serve our customers with enhanced financial products and services. Thus, we shall be more competitive in the Rwandan Financial market.”
CEO of LOLC Unguka Finance, Justin Kagishiro, expressed his excitement to venture into this new chapter, with the company’s commitment to "enrich lives” by supporting enterprises, micro, medium and individual businesses on the shoulders of a giant with global presence, big stock of experience proven by several achievements that can be verified on the group website.
The CEO expressed excitement for this new chapter, emphasising the commitment to support businesses of all sizes, backed by a globally experienced partner.
"While the name and legal framework of LOLC Unguka Finance have changed, our core values of integrity, innovation, and customer-centricity remain unwavering. LOLC looks forward to continuing to pave the way for financial inclusion and prosperity in Rwanda and beyond.”