I&M Bank Rwanda - Who We Are

About I&M Bank (Rwanda) Plc.

Strategic Aspiration

Consciously develop an image of an institution genuinely interested in long term relationships, being proactive and responsive to customers' requirements and expectations.

Mission (M) and Core Values (CV)

To be partners of growth for all our stakeholders. We will achieve this through:

  Meeting our Customers’ expectations. (M)

Meeting our Customers’ expectations. (M)

  Motivating & developing every employee. (M)

Motivating & developing every employee. (M)

  Enhancing shareholder value. (M)

Enhancing shareholder value. (M)

  Mutual Respect (CV)

Mutual Respect (CV)

  Fairness (CV)

Fairness (CV)

Innovativeness (CV)

Innovativeness (CV)

Our Vision

Our Vision

To become a company where the best people want to work. The first choice where customers want to do business, and where shareholders are happy with their investment.

Our Culture

"Nurture a culture of fairness to our partners" - This is with regard to three key relationships.

About I&M Bank (Rwanda) Plc.

About I&M Bank (Rwanda) Plc.

The bank was incorporated on 25th May 1963 as the first commercial bank in Rwanda as Banque Commerciale du Rwanda (BCR). In December 2004, BCR was privatised and acquired by Actis a pan-emerging markets private equity firm and the Government of Rwanda after recapitalization of the Company’s equity, giving ACTIS 80% shareholding. On the 17th July, 2012 an 80% equity buy out of Actis by a consortium comprising of I&M bank – a Kenyan based Bank, and two European developmental financial institutions DEG and Proparco led to a re brand of the company to I&M Bank (Rwanda) Limited

HISTORY OF BANQUE COMMERCIALE DU RWANDA – BCR

Banque Commerciale du Rwanda (“BCR or the Company”) was incorporated on 4 April 1963 as the first commercial bank in all of Rwanda. The Company’s initial capital was RWF15 million, distributed among 15,000 shares outstanding. By October 1987, BCR’s share capital had increased to RWF325 million, which was represented by 230,000 nominal shares outstanding.

The 1994 Genocide against the Tutsi brought forth the destruction of much of the Company’s property and securities. Several normal loans on the books became non-performing loans as many borrowers fled into exile. The combined effects of the exile of debtors and looting of the Company left BCR in a very precarious financial position.

BCR resumed operations in 1995, while many new and existing borrowers returned to Rwanda from exile with the liberating forces. Most new borrowers had no established securities or business track records in Rwanda. The Company extended many unsecured loans to the returning Rwandese refugees, even though many of them had poor credit histories. BCR sustained heavy losses as a result of this lending policy.

In 1999 and 2000, BCR experienced major changes to its shareholder structure and size. It started in 1999 with the departure of three major shareholders (Societe Financiere pour les Pays d’Outre Mer, National Bank of Paris and Dresdner Bank), prompting a modification of the Company’s shareholding structure. Subsequently, in 2000, at its Extraordinary General Meeting, BCR’s shareholders agreed to increase its share capital to RWF2.0 billion due to the Central bank increasing the minimum capital requirements to RWF1.5 billion. The capital increase was funded by the two largest shareholders, the Rwandan government and Bank Bruxelles Lambert.

BCR was placed under direct Central Bank supervision and later, the government of Rwanda then decided to privatise BCR. An audit in 2003 carried out by Deloitte & Touche for the year 2002 revealed that BCR had a net cumulative loss of RWF5.6 billion, thus eroding all of BCR’s share capital. The central bank intervened and mandated that BCR either be recapitalised or be liquidated. The shareholders of the bank decided to increase the share capital to RWF7.6 billion, but only the government agreed to subscribe for the additional capital raise. Thus, BCR became 86.8% owned by the Government of Rwanda, as opposed to 49.4% before the increase in share capital.

In December 2004, Actis acquired BCR after a recapitalization of the Company’s equity. At the time, the ordinary share capital of the Company was RWF3.5 billion. On 19 December 2007, at its Extraordinary General Meeting, the shareholders agreed to raise the ordinary share capital to RWF 5 billion. As a result, the Company issued notes with a face value of RWF5 billion. Since Actis’ acquisition of an 80% share in BCR, the Company has grown rapidly over the last few years and is now one of the leading banking institutions in Rwanda. As of 31 December 2007, BCR’s assets totaled RWF101.3 billion, with total outstanding loans of RWF53.5 billion and equity of RWF8.8 billion.

However, at the beginning of December 2004, Actis, a private investment company acquired BCR after the recapitalization of the equity share of the bank. The ordinary share capital of the bank came to RwF 3,478,750,000.

After the Extraordinary General Meeting of BCR held on 19th December 2007, the ordinary share capital of the Bank was increased to RwF 5,000,000,000.

Our Objectives

To Become A Company Where The Best People Want To Work

The First Choice Where Customers Want To Do Business, And

Where Shareholder Are Happy With Their Investment

Bank Awards

I&M Bank's quality and impressive growth, as well as progressive management practices, have been recognized with many awards over the years. We are a regular recipient of several awards in the annually held Banking Awards Ceremony in Nairobi, including several awards for Product Innovation and for the Most Efficient Bank. We have also been recognized in several Company of The Year Awards in every year that we have participated in them.

2020: Best Bank in Rwanda

2020: Best Bank in Rwanda

Global Finance Magazine 2017-2020

2018: Best SME Bank in Rwanda 2018

2018: Best SME Bank in Rwanda 2018

Global Banking and Finance Review - 2018

2018: Best Customer Service Bank in Rwanda

2018: Best Customer Service Bank in Rwanda

Global Banking and Finance Review - 2018

2018: Taxpayer of the Year 2017 - 2018

2018: Taxpayer of the Year 2017 - 2018

Rwanda Revenue Authority