Bank of Kigali outlines its digital agenda

Bank of Kigali Plc has embarked on a significant journey towards digital transformation, introducing a series of new and enhanced digital products. The bank is dedicated to evolving its operations to become a leading digital bank in the future. CNBC Africa's Julius Bizimungu engaged in a conversation with Obinna Ukwuani, the Chief Digital Officer at the bank, who shed light on the institution's digital agenda. Ukwuani highlighted the inception of the app project in early 2021 as a pivotal moment, emphasizing the dedication of the team in building cutting-edge solutions for the bank's clientele. Ukwuani expressed his satisfaction with the caliber of talent employed, noting their ability to develop top-tier digital products that are set to revolutionize the banking landscape in Rwanda and beyond. He emphasized the importance of resetting customer expectations, aiming to foster a deep sense of loyalty towards the bank akin to the affinity customers have for tech giants like Apple or Google. The key theme underpinning Bank of Kigali's digital transformation is the unwavering commitment to enhancing customer experiences through accessible and efficient digital services. Ukwuani articulated the bank's vision to cater to every Rwandan, enhancing financial inclusion in the region through the adoption of advanced technologies. One of the core points of focus in Bank of Kigali's digital agenda is the development of cost-saving solutions that optimize banking operations and drive efficiencies. Ukwuani detailed how the in-house digital factory team has enabled the bank to streamline processes and eliminate the need for third-party interventions, resulting in agile responses to challenges and significant cost reductions. The introduction of online banking 2.0 and international payment services has not only benefited the bank internally but has also empowered customers to conduct transactions seamlessly, saving valuable time and resources. Another critical aspect highlighted by Ukwuani is the substantial investment allocated towards the bank's digital strategy. While the exact figures remain undisclosed, he emphasized the substantial financial commitment required for infrastructure development, fraud detection mechanisms, IT security tools, and talent acquisition. Ukwuani underscored the pivotal role of investing in human capital, emphasizing the fierce competition in the technology talent market and the necessity of nurturing and retaining top talent within the organization. The retention of talent forms a central component of Bank of Kigali's strategy, with Ukwuani emphasizing the significance of fostering a positive work culture and ensuring employee satisfaction. By prioritizing a conducive work environment and offering competitive compensation packages, the bank aims to cultivate a team of dedicated and innovative professionals driving its digital transformation journey. In terms of regulatory considerations, Ukwuani conveyed confidence in Rwanda's progressive regulatory landscape, indicating a supportive stance towards innovation and technological advancements within the banking sector. The proactive engagement with regulators has facilitated a seamless approval process for new initiatives, fostering a collaborative environment conducive to innovation and growth. Looking towards the future, Ukwuani hinted at potential collaborations with fintech companies and the exploration of acquisition opportunities to further enhance Bank of Kigali's offerings. While remaining focused on core banking functions, the institution remains open to partnerships and investments that align with its strategic objectives. Bank of Kigali's digital transformation journey signifies a milestone in the evolution of banking services in Rwanda, underpinned by a robust commitment to innovation, customer-centricity, and operational excellence.