The I&M Group in its Annual Report and Audited Financial Statements for 2022 disclosed an incident of fraud in Rwanda as follows: “Subsequent to year end, management of I&M Bank (Rwanda) PLC discovered incidents of fraudulent withdrawals through customer wallets amounting to USD 10.3 million during the period 1 November 2022 to 17 January 2023. As of the date of these financial statements, some recoveries have been made and investigations are still ongoing. “ The fraudulent transactions were done via the Mastercard Platinum Multicurrency Prepaid Card and investigations have been ongoing with the competent authorities in Rwanda. We wish to advise all our customers that the issue was isolated and contained. We would like to reassure our customers that the issue is not in any way related to any of our other funds transfer platforms and none of the Bank’s systems have been hacked. We have enhanced the controls around the Mastercard Platinum Multicurrency Prepaid Card and restricted some of the features. Our Platinum Multicurrency Cards can still be used for withdrawals and for purchases while wallet-to-wallet transfers and card to card transfers are unavailable. Available currencies are limited to RWF, USD, GBP, and EUR for the time being. Additionally, we have been working with Mastercard, our solution providers for the Prepaid Card platform and Ernst & Young (EY) South Africa who are undertaking a detailed independent review of the fraud. Due to the ongoing investigations, we are currently not at liberty to provide further details. We reassure our customers of our continued dedicated service. ABOUT I&M BANK (RWANDA) PLC Incorporated in 1963, I&M Bank (Rwanda) Plc is the oldest Bank in Rwanda. It is today one of the leading players in the industry with a strong footprint across the country. I&M Bank Rwanda offers a full range of personal, business, institutional and corporate banking products throughout its locations. The Bank has been listed on the Rwanda Stock Exchange since March 2017. The Bank is a subsidiary of I&M Group PLC, a leading regional financial services group in Eastern Africa with a presence in Kenya, Tanzania, and Uganda and a joint venture in Mauritius. I&M Group has a long history in banking and has established a wide network of correspondent banks across the globe and enjoys a strong relationship with leading international Development Financial Institutions.
