I&M Bank (Rwanda) Plc and Toyota Rwanda have entered a strategic partnership aimed at making vehicle ownership more affordable and accessible to customers through tailored financing solutions.

The two institutions on January 8 signed a non-binding Memorandum of Understanding (MoU) on vehicle purchase financing at Toyota Rwanda’s offices in Karuruma, Gasabo District. The agreement allows I&M Bank (Rwanda) Plc clients to acquire vehicles from Toyota Rwanda at prices lower than prevailing market rates, while benefiting from a streamlined and faster financing process.

Under the arrangement, customers seeking vehicle purchase loans will not be required to provide additional collateral, as the vehicle itself will serve as security. The initiative is designed to offer a seamless, one-stop service that combines vehicle selection, financing, and insurance, reducing delays that have traditionally characterised car loan applications.

"We are aligning with the government policy of promoting access to quality and affordable vehicles,” said Yves Kayihura, Head of Retail Banking at I&M Bank (Rwanda) Plc. "These vehicles will help clients carry out their daily activities more efficiently, support economic development, and contribute to our broader goal of enabling progress that benefits the country.”

Kayihura noted that eligible clients must hold an account with I&M Bank (Rwanda) Plc and demonstrate the capacity to repay the loan. Customers will have the freedom to choose from more than 15 Toyota models available on the local market, with loan applications responded to within 24 hours in line with the bank’s "Karame” (speed) service promise.

"Our objective is to support both existing and new customers by offering a combined service that is quick, convenient, and reliable,” he said. "We welcome all interested clients, and I&M Bank is ready to receive them.”

"Thanks for making this cooperation possible. As a leading car brand in Rwanda, we want to offer good and special conditions to our customers in partnership with the leading bank in the country,” said Nenad Predrevac, Managing Director of Toyota Rwanda Ltd.

"We’re offering flexibility so that our customers can experience our services fully. We offer favorable car financing and support directly in the showroom. This also includes trade-ins, where customers can exchange their own cars for new ones,” he added.

Patrick Kanyandekwe, Chief Operations Officer at Toyota Rwanda Ltd, said the agreement is designed to eliminate long-standing frustrations associated with vehicle financing, including pricing inconsistencies, delays, and failed loan approvals.

"This partnership does not restrict customer choice. Instead, it provides the time and coordination needed for the bank and Toyota Rwanda to work together smoothly, supported by dedicated staff on both sides,” Kanyandekwe said. "We have addressed the challenges clients previously faced, and the improved service is what we want them to experience.”

Toyota Rwanda sells between 800 and 1,000 vehicles annually and offers a wide range of models, including the Land Cruiser 300 (V8), Land Cruiser 70, Prado, Hilux, Fortuner, RAV4, Corolla Cross, Coaster, Hiace, Urban Cruiser, Rumion, and Starlet Cross, among others.