I&M Bank brings EV financing, digital banking solutions to Indian community

I&M Bank (Rwanda) Plc joined members of the Indian community in Rwanda on Saturday, August 15, for celebrations marking India’s 80th Independence Day, using the occasion not only to celebrate the country’s cultural heritage but also to showcase financial solutions designed to support individuals, families and businesses in their everyday activities. The celebrations, organized by the Indian Association of Rwanda (INAR), brought together hundreds of the Indian community, their families, partners and friends for a programme featuring flag-hoisting, cultural performances and community activities. The event provided an opportunity to I&M Bank to deepen its relationship with a community that has been part of Rwanda’s business and economic landscape, while bringing banking products closer to potential and existing customers. Gad Uwimana, from Business Banking at I&M Bank Rwanda, said the bank’s presence at the celebration is a sign of its close relationship with the Indian community and its commitment to serving customers beyond the traditional banking environment. “We have a big community Indians in Rwanda, we are working with, he said, underscoring supporting their businesses and personal transaction banking,” Uwimana said. He added that the Independence Day celebration offered an opportunity for the bank to meet members of the community in one place and engage them on products that can respond to their personal and business needs. Among the key products showcased was vehicle financing, through which I&M Bank can finance up to 100 per cent of the cost of an electric vehicle for qualifying customers. Uwimana said the product is particularly relevant as Rwanda continues to encourage the adoption of electric mobility as part of efforts to promote cleaner transport and environmental sustainability. “Rwanda is entering a new phase of taking electric vehicles ownership to the next level for environment protection. That’s why, as a bank, we have an opportunity to introduce this facility,” he said. While the bank used the celebration to reach the Indian community, Uwimana clarified that the electric vehicle financing facility and other products are available to customers generally. The bank also offers a special account for members of the Indian community without charges, alongside personal banking and corporate and business banking solutions. For entrepreneurs and business owners, another product highlighted was transaction-based lending, which allows eligible I&M Bank customers to access short-term financing based on the activity flowing through their bank accounts. Uwimana explained that qualifying customers can access up to Rwf50 million in just 8 hours, depending on their average monthly transactions and the amount requested. The approach, he said, enables customers who may not have sufficient traditional collateral to potentially access financing based on their banking relationship and transaction history. Beyond lending, I&M Bank also highlighted the role of digital payments in making everyday banking more convenient. Uwimana pointed to the bank’s use of eKash, Rwanda’s interoperable instant payment system, which enables customers to transfer money between mobile money and bank accounts without transaction charges under the applicable service. He said this is particularly important for customers who previously hesitated to use their bank accounts because of charges associated with moving money between accounts and mobile wallets. The bank also offers home financing, including home equity solutions, with financing periods extending to as long as 30 years, as well as business financing products such as term loans, invoice discounting and facilities supporting business activities including stock and imports. Uwimana said the broader objective is to make I&M Bank a financial partner that responds to customers’ needs throughout different stages of their lives and businesses. A community with a long history in Rwanda The celebration also highlighted the long-standing contribution of the Indian community to Rwanda’s social and economic development. Vardhineni Srinath, founder and current chairman of the Indian Association of Rwanda, said INAR was established in 2010 by 20 founding members, including senior members of the Indian community who had lived in Rwanda since the 1970s and 1980s. Today, he said, the community has grown to more than 3,000 Indians living in Rwanda. Srinath described INAR as a bridge between the Indian and Rwandan communities, noting that Indians are active in sectors including business, health and information technology. The association has also been involved in community initiatives, including blood donation drives, support during the COVID-19 pandemic and assistance following floods in Western Province. “It has also supported the development of cricket in Rwanda,” he said. According to Srinath, the Indian community has contributed to the growth of cricket in Rwanda since 2003, with the country now gaining a stronger position on the global cricket stage. He said the community’s relationship with Rwanda is based not only on business but also on social contribution and long-term partnership. “Indians are the second largest investors in Rwanda. That shows the trust we have in Rwanda and its able leadership,” Srinath said. He added that security, the rule of law and the ease of doing business are among the factors that have encouraged Indian investors to establish businesses and build their lives in Rwanda. Celebrating culture and strengthening ties The 80th Independence Day celebration was also presented as a reflection of the wider relationship between India and Rwanda. Srinath described the two countries as having a strong strategic relationship, with government-to-government cooperation spanning various sectors. He said the annual celebration is the culmination of community activities conducted throughout the year, including cricket tournaments, social initiatives and other programmes. The gathering also gives younger members of the community an opportunity to learn and showcase Indian culture through performances. “We live here, but you cannot forget your roots. We teach our kids the culture, the discipline,” Srinath said.

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I&M Bank brings EV financing, digital banking solutions to Indian community