I&M Bank (Rwanda) Plc: Best Bank Rwanda 2022


I&M Bank (Rwanda) Plc is the oldest operational bank in the country, incorporated in 1963 and listed on the stock exchange in 2017. The bank spurs socio-economic growth at the national level by developing a range of financial products for individuals, businesses, institutions and corporations. I&M Bank (Rwanda) has developed a digital platform that is delivering results in terms of financial inclusion and poverty reduction across the country and the Diaspora. Automated loan applications bring a new level of convenience and efficiency. It has introduced a new loan programme promising zero interest if repaid within two weeks. It also collaborated with KfW Development Bank to distribute Investing for Employment grants — and helped 141 MSMEs sustain 2,026 jobs throughout the Covid pandemic. The bank is polishing its payments system to capture more of the point-of-sale market and has become a regional pioneer of cardless transactions. I&M Bank (Rwanda) benefits from a solid reputation and strong capital position, including a liquidity coverage ratio at 504 percent. Targeted marketing and proactive engagement have helped the bank to increase the customer base, 19 percent in retail banking and 11 percent in corporate compared to the previous year — and 70 percent year-on-year growth in MSMEs. Loans are up across all segments, while improvement in assets quality brought net impairment losses down 69 percent. The CFI.co judging panel presents I&M Bank (Rwanda) Plc — a repeat programme winner — with the 2022 Best Bank (Rwanda) award.