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New BRD Chairman
[April 02, 2014]

New BRD Chairman

(AllAfrica Via Acquire Media NewsEdge) Shareholders of the Development Bank of Rwanda (BRD) have appointed Francis Mugisha, an accountant, as its new board chairman in effect immediately, relieving Bernard Ndungu of his duties at an ordinary general meeting.

The move comes at a time when the bank is trying to oversee its new phase of financing private sector investments aimed at poverty reduction.

Mugisha brings wealth of knowledge and experience attained during his previous service in various other capacities during past tenures as a BRD board member.

A chartered management accountant by profession, Mugisha is the current president of the Institute of Certified Public Accountants of Rwanda (iCPAR). He also serves on a number of boards-including BRD-where as a former non-executive director, he chaired the Audit Committee of the Bank.

"We're very pleased to welcome Francis Mugisha at the helm of our Board of Directors," said Alex Kanyankole, Chief Executive Officer of BRD. "We're confident that his extensive knowledge and service to the bank as well as wide-ranging portfolio of responsibility as a seasoned member of the Boardat BRD will enable us to build upon our successes thus far registered." Appointed in July 2013, Ndungu's leadership was instrumental in consolidating the bank's profitability, portfolio growth as well as driving the bank's strategy in collaboration with an experienced team of Board members with diverse professional knowledge, skills, and competencies.

Ndungu cut short his stint to take up new duties as the new accountant general of the national treasury of Kenya, and also head up a nine-member Public Sector Accounting Standards Board, as the Kenyan Treasury recently appointed him.

The former chairman was an international public financial management consultant, who also previously served as the Technical Advisor to the Accountant General's Office in the Ministry of Finance and Economic Planning (MINECOFIN).

In a related development, Dr. Daniel Ufitikirezi, the director general of Rwanda Social Security Board (RSSB), has been appointed as a board member representing RSSB as a shareholder.

Dr. Ufitikirezi joins other accomplished Rwandan individuals on the BRD board membership: AthanaseRutabingwa, AgnesKanyangeyo, EricRwigamba, VianneyKagabo, KayitesiAntoninaRutembesa, Erwin De Wandel and CyrilleHategekimana, mandated to support BRD achieve its vision as the most profitable Bank at the service of poverty reduction.

The ordinary general meeting also passed numerous resolutions, in addition to adopting the report of directors for the financial year 2013 during which the bank registered around Rwf 4 billion net profit.

More so, the report also shows that the bank's loan book increased by more than 39%, and in 2013 a total of Rwf 65 billion was approved, consolidating its position as the main financier of medium and long term investments (with a market share of around 50%) in Rwanda.

Copyright Rwanda Focus. Distributed by AllAfrica Global Media (

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