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Francis Mugisha appointed new BRD Board Chairman

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This Monday 31st March 2014, the shareholders of the Development Bank of Rwanda (BRD) convened an Ordinary General Meeting that unanimously approved, upon request, to relieve Mr. NDUNGU Bernard of his responsibilities as the Board Chairman.

At the same meeting, the shareholders have appointed Mr. Francis MUGISHA as the new Board Chairman to consolidate and oversee the next phase of the bank’s mandate of financing private sector investments aimed at poverty reduction.

Mr. 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, Mr. 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, 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 Board at BRD will enable us build upon our successes thus far registered\”

Appointed in July 2013, Mr. 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.

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

An international public financial management consultant, MR. Ndungu 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 has been appointed as a Board Member representing shareholder, the Rwanda Social Security Board (RSSB). Dr. Ufitikirezi is the current Director General at RSSB

Dr. Ufitikirezi joins other accomplished Rwandan individuals on the BRD board membership –  Rutabingwa Athanase, Kanyangeyo Agnes, Rwigamba Eric, Kagabo Vianney, Kayitesi Antonina Rutembesa, De Wandel Erwin and Hategekimana Cyrille – 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.

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