Renaissance Capital (RenCap), a Russian investment bank with operations in Africa, plans to expand next year into at least four African countries including Rwanda, according to media reports.

Bloomberg reported Wednesday that the Moscow-based bank, which currently operates in five African nations including Kenya, Nigeria, South Africa and Zambia, plans to move into Angola Uganda and Rwanda. 

"Each of these countries will see a huge development in their capital markets - We are looking to expand into another five or six countries in Africa,” Hasnen Varawalla, the bank’s global head of corporate finance is quoted.

The National Bank of Rwanda (NBR) has not yet received RenCap’s formal application for a banking license but BNR’s Public Relations Officer, William Katete, told Business Times that this does not necessarily mean that there are no chances.

"Maybe, they are still putting the necessary application documents together so that they apply officially,” Katete said.

According to the Central Bank’s licensing policy, NBR shall grant a license only after it has been satisfied of criteria such: as an applying Bank’s ownership structure and suitability of shareholders; and development strategy.

Meanwhile, Kenya’s Equity Bank is also looking to enter Tanzania or Rwanda by early next year.

According to Reuters, Samuel Makome, Equity Bank’s general manager of risk management said Kenya’s biggest lender by market value is also looking to double the number of its accounts in the next 15 months as it targets remote areas where many residents are still without bank accounts.

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