I&M Bank (Rwanda) Plc on September 15 hosted the European Business Chamber of Rwanda (EBCR) and the American Chamber of Commerce in Rwanda (AmCham) members to discuss banking and access to finance.

The event was part of the annual advocacy week which kicked off on September 11. The initiative aims to foster collaboration between the public and private sectors to address key challenges faced by investors and promote economic growth in Rwanda as well as pinpoint the available solutions and opportunities.

EBCR and AmCham strive to create a thriving business ecosystem in Rwanda by advocating for policy reforms and practical solutions in key sectors. By doing so, they seek to enhance Rwanda's competitiveness, retain foreign direct investments, and facilitate smoother trade operations.

Speaking during the Banking and Access to Finance session, I&M Bank Rwanda CEO, Benjamin Mutimura, said that understanding the challenges and assessing opportunities for investors and entrepreneurs is at the core of the company’s business endeavours.

"We are thrilled that this time around we are having such an ideal interaction with both EBCR and AmCham esteemed members who have had the chance to learn that besides I&M Bank being on their side, we are also providing them with ways to elevate themselves and their businesses. We look forward to making an impact on the growth of European and American trade in Rwanda,” he said.

EBCR’s Executive Director Johanna Sandberg discussed their evolving relationship with I&M Bank, highlighting that they are exploring ways to strengthen their collaboration, especially through the bank's European desk, which provides essential services to European investors entering Rwanda.

"This one-week experience has been overwhelmingly positive, with a good reception from the business community, from government partners, and I&M Bank Plc, who are keen on constructive dialogue to support European investors in Rwanda,” she said.

Sandberg noted some positive developments from the meeting regarding SMEs being able to access finance without collateral, depending on their business case, which is promising for technology-focused companies in Rwanda. Additionally, the participants agreed to convene monthly meetings to offer support to companies facing banking-related challenges.

Yannick Ntirushwa, Executive Director of AmCham, emphasised that the bank played a role in addressing the challenges they faced regarding access to finance.

He revealed that in the past, they hadn't proactively sought solutions from the bank, but now, they have gained valuable insights. This includes information about the bank's plans to support them, and the utilisation of digital platforms for loan provision.

Furthermore, Ntirushwa highlighted that the agricultural sector often gets overlooked in discussions concerning access to finance, and the concern was raised during the meeting.

AmCham boasts a diverse membership of 70 companies spanning various sectors.