I&M Bank Rwanda, one of the domestically well performing banks, with strong performance in assets growth and profitability, officially inaugurated its state-of-the-art building named 𝙉𝙞𝙣𝙚 𝙤𝙣 𝙩𝙝𝙚 𝘼𝙫𝙚𝙣𝙪𝙚.
The ceremony was presided over by the Prime Minister, Dr. Èdouard Ngirente on Thursday morning alongside several government officials, Board of Directors of the bank, its management and other dignitaries from the business community.
“As we celebrate this milestone in Rwandan Banking sector, the Government of Rwanda commends the I&M Bank’s 27 billion Rwandan francs investment in construction of its head Office,” the Prime Minister said.
He commended the bank for its overall contribution to the country’s development saying that it is mostly observed in job creation and financing the economy. The bank employs over 400 staff and others in agent banking services totaling almost 14,000 agents.
“Like in other banks, we commend I&M Bank for digital solutions deployed to move towards cashless economy whereby we learnt that its digital payment has increased by around 79% in 2022,” he said.
The banking sector in Rwanda continues to grow and remains a key player in the country’s agenda for economic transformation.
Currently, the assets of the banking sector represent 67.3% of total financial sector’s assets and its support to the growth of our economy is tangible. In 2022, the total credit to both public and private sector grew by 13.9%.
Banks are primary suppliers of credits to individuals and firms as well as the protection of depositors’ assets. “We are glad that your contribution in promoting financial inclusion is paying off,” Dr. Ngirente noted. “For instance, more than 36% of adults, equivalent to 2.6 million people in Rwanda are using banking services. Banked population growth has increased by 1.1 million since 2016.”
Rwanda intends to increase the percentage of adult Rwandans financially included at 100% by 2024.
Today, thanks to the high uptake and usage of banking products and service, 93% of adults in Rwanda are financially included.
In partnership with the government, the banking sector is key in promoting the saving culture as one of the best ways for Rwandans to safeguard their financial future. This also contributes to sustainable economic growth the country aspires to attain.
Meanwhile, I&M Bank Rwanda has been performing. Profit after tax grew 22% to Rwf6.6 billion in the third quarter of this year.
The Bank’s robust performance has been driven by the growth in the loan portfolio and customer deposits, which led to solid growth in the net interest income and non-funded income, mainly due to its focus on customer centricity and digital transformation.
Digital adoption remains high with 75% of all customer-initiated transactions going through the lender’s digital channels.
I&M Group Executive Director, Sarit Raja Shah, said that Rwanda is a good market, thanks to the government’s effort to provide a conducive environment.
Encouraged by the visionary leadership of President Paul Kagame, when the bank was looking for its regional expansion in 2012, “Rwanda was one of our first countries and was the blue-eyed boy of Africa and we felt that we had to be here and create a mark in the financial landscape that we belong to.” “It’s twelve years and there is no looking back…” he said.
Board Chairman, Bonaventure Niyibizi, said the bank is indeed doing well. “It is operating well. It is profitable.” “We thank the government for making the right policies.”
I&M Bank Rwanda CEO, Robin Bairstow, said it is a historic moment for the bank. “I am confident that with the government’s support, we will continue to grow and prosper in Rwanda.”
Watch for more about the 𝙉𝙞𝙣𝙚 𝙤𝙣 𝙩𝙝𝙚 𝘼𝙫𝙚𝙣𝙪𝙚.