I&M Bank Rwanda PLC wins Best SME Bank in Rwanda award for the second time
I&M Bank Rwanda has been named the Best SME Bank in Rwanda by the Global Banking and Finance Review, marking the second time the bank has received this prestigious accolade, the first being in 2018. The award comes as a recognition of the bank’s continued efforts in supporting the growth of Micro, Small, and Medium Enterprises (MSMEs) in the country through innovative financial solutions and partnerships.
As Rwanda positions itself as a regional hub for business and entrepreneurship, I&M Bank has aligned its offerings to complement the government’s initiatives aimed at driving SME growth. Through targeted products and services, I&M Bank has emerged as a key enabler for MSMEs, facilitating access to capital and resources crucial for business expansion.
One of the standout initiatives contributing to this recognition is the ‘Agiserera na I&M Bank’ asset finance product, which enables SMEs to acquire assets to fuel their business operations and growth. Another notable product is ‘Iyubake na I&M Bank’, which allows business owners to access financing by using residential or rental properties as collateral. Under the ‘Iyubake’ campaign, MSMEs can unlock up to 70 per cent of the value of their property, or 53 times their rental income, providing much-needed capital for expansion.
In partnership with Mastercard Foundation through the Development Bank of Rwanda, I&M Bank has also launched the ‘Kataza’ Program, aimed at financing businesses in the tourism and hospitality sector and their value chain. Under this programme, businesses can access financing at a discounted interest rate of 9 per cent, easing the financial burden on enterprises within one of Rwanda’s key economic sectors.
I&M Bank has also forged strategic partnerships to remove traditional barriers to financing for MSMEs. Collaborations with funds such as Nasira and SIDA have allowed the bank to provide financing solutions that do not require collateral, a significant challenge that many Rwandan businesses face when seeking funding. These efforts have not only boosted the confidence of business owners but have also helped drive growth in the SME sector.
