I&M Bank Rwanda has completed the sale of a 24.78 per cent stake to AfricInvest, a Tunisia-based private equity fund, giving the lender a boost to expand its operations and grow its footprint.

The bank is a publicly listed company on the Rwanda Stock Exchange.

As of September last year, I&M Rwanda's share capital stood at Rwf5 billion with a total equity of Rwf40.8 billion, according to its financials.

Africinvest Financial Inclusion Vehicle (FIVE) said on Friday that it had completed the acquisition of 24.78 per cent of the issued and paid up ordinary shares in I&M Bank.

The shares were paid through Africinvest Evergreen Investments, a special purpose vehicle formed by Africinvest.

Robin Bairstow, the Managing Director of the Bank, said the investment by AfricInvest comes at a "pivotal moment” when the bank is gearing to further grow its footprint in the country.

 He highlighted that the deal will "strengthen its position as a leading financial services provider through pioneering digital innovation and championing financial inclusion.”

"The transaction represents another significant investment in the financial services industry in East Africa by Africinvest,” he noted in a public notice.

Julius Tichelaar, a Partner at Africinvest, praised the bank’s management team and governance as some of the key elements that attracted AfricInvest to venture in the bank.

"We are excited to partner with I&M Bank and contribute to its strategy to further solidify its position as one of the key players in Rwanda's financial industry,” he said.