(Ecofin Agency) - Bank of Kigali will issue new shares at CFA270 each, the bank announced in a communique published on October 19. The new issuance is aimed at boosting its equity with CFA60 billion ($67.81 million).

As of October 29, the bank will offer three new shares for each old ones owned in by shareholders, making it a total of 222.22 million.

These new shares will be listed on Rwanda and Nairobi stock exchanges starting from November 30.

Out of the total amount raised, between $10 million to $20 million will be used to develop a mobile banking platform for loans via mobile phones among other features.

Founded 51 years ago, Bank of Kigali generated a pre-tax profit of CFA22 billion ($25.04 million), in H1, 2018; an increase of 33% compared to the year on year performance.