Latest data by the Central Bank of Kenya revealed that Kenyan banks with subsidiaries in Rwanda made the highest profit in the region as East Africa’s fastest growing economy provided the most fertile ground for banking business in the region last year, despite the economic shocks related to the Russian invasion of Ukraine.

According to the findings, regional subsidiaries profit before tax grew by 88.65 percent to Ksh32.51 billion ($237.29 million) last year, from Ksh17.23 billion ($125.76 million) in 2021.

Rwanda contributed the highest earnings capacity, with a profit of Ksh10.16 billion ($74.16 million), equivalent to 31.26 percent of the total profits.

Generally, Rwanda plays host to 16 commercial banks as well as a number of microfinance institutions and rural savings and credit co-operatives. Of these, five are Kenyan banks with a total of 133 branches across the country.

The Government of Rwanda has made deliberate steps to ensure ease of doing business not only in the financial sector, but also in other various sectors such as manufacturing, agriculture, health and hospitality among others.

Rwanda ranks second on the African continent when it comes to easing doing business and 38^th globally.