I&M Bank (Rwanda) Plc on Thursday, February 6, inaugurated its fully functional branch in Muhanga District, Southern Province. Strategically located, this expansion strengthens the bank's geographical presence, serving the growing financial needs of this rapidly growing secondary city. The ceremony of a new branch opening attracted many new customers who opened accounts and toured the premises. The event was attended by government officials, including Jacqueline Kayitare, the Mayor of Muhanga District, Védaste Nshimiyimana, the Executive Secretary of the Southern Province, religious leaders, and several other stakeholders. At the launch, Christian Abijuru, Head of Business Banking at I&M Bank (Rwanda) Plc, introduced several unique and affordable loan products including the “Kataza Program’ which offers up to Rwf130 million in collateral-free financing with no commission or fees at a 9 per cent interest rate, targeting MSMEs that employ youth and women. He also spoke about ‘Agiserera’, which provides loans for new and used commercial vehicles, requiring only a 20 per cent down payment for new cars and 30 per cent for used ones, with monthly payments under Rwf2 million. ‘Iyubake’ allow homeowners to access up to 70 per cent of their property's value, with landlords eligible for up to 53 times their monthly rental income. This means, if Rwf1,000,000 is the income, landlords access up to Rwf53, 000,000. Hospitality and tourism loans are available at a 12 per cent interest rate with no collateral requirement. These and other financial solutions were presented to both new and existing customers. ALSO READ: I&M Bank Rwanda launches 'Karame' campaign with 24-hour retail loan response Benjamin Mutimura, Managing Director of I&M Bank (Rwanda) Plc, stated that “it’s better late than never”, regarding the bank’s decision to expand its reach. He acknowledged that while it took some time, they were focused on preparing services that best support their business clients, setting them apart from competitors. “We came to realise that collateral is the major challenge most borrowers face, especially new ventures and young businesses. That shouldn’t be a problem anymore because I&M Bank has made it easier. One can now access up to Rwf240 million collateral-free, and we are considering increasing this to Rwf300 million. This opportunity is available to everyone,” he noted. Mutimura also highlighted that among the Bank’s offerings, one is specifically designed for the tourism and hospitality sector. Given its significance in Rwanda’s economy, the Bank provides loans for this sector at an interest rate of 9 per cent regardless of the amount borrowed. “However, I encourage everyone to embrace digital banking services. It saves time and enhances efficiency. With digital solutions, you can make transfers and transactions without the need for physical visits—zero journey banking. This is the future, and everyone should adapt to ensure quick and timely service delivery. I&M Bank is here for you,” he added. The bank handed a dummy cheque of Rwf28 million to the district to support social needs, including renovating houses in disaster-prone areas, in line with the government's policy of ensuring citizens' well-being. Jacqueline Kayitare, the Mayor of Muhanga District, commended the Bank for establishing its presence in Muhanga. She assured the Bank of full support moving forward and emphasised that it had made the right decision. “This is the secondary city. We expect to be part and parcel of the NST2 agenda. Your presence means a lot, and we're looking forward to achieving collective gains. We believe you didn't come just for business but also to provide solutions to the area,” she noted. Mayor Kayitare highlighted the Bank’s efforts in key areas, acknowledging Muhanga as the centre of Southern Province. She also expressed appreciation for private sector involvement and encouraged youth, who make up a significant percentage of the population, to actively participate and eventually become collaborators. Védaste Nshimiyimana, the Executive Secretary of Southern Province, praised I&M Bank (Rwanda) Plc for choosing the Muhanga region and expressed optimism about making the most of this opportunity. “I thank you for two things. First, the support you have given to the Muhanga District authorities—we hope it will help promote the district’s projects. Secondly, I have reviewed the types of loans you provide, and they are affordable. That is a wise approach because you lend money to people, enabling growth, and in turn, the funds return to I&M Bank.” Francois Niyigaba, a wholesaler in Muhanga District and a longtime client of the Bank, said that they had long heard about its arrival and were eagerly waiting for it. “Now that it is finally here, I'm ready to take advantage of the opportunity, especially since the loans are accessible and easily affordable within 24 hours,” he said.
