I&M Bank Rwanda Plc has been recognised as the best bank (2021) in the country by CFI.co (Capital Finance International), a print journal and online resource reporting on business, economics and finance.

The bank was selected by a panel of judges on consideration of market offerings, strategy, short term and medium growth plans as well as client diversity.

In their report, the judges of the London based ranking noted that the bank stood out in aspects such as launching Rwanda’s first blockchain powered cost-free mobile money application, SPENN which has served to onboard previously unbanked population.  

 I&M Bank Rwanda Plc has been recognised as the best bank (2021) in the country by CFI.

The bank was also recognized for technological considerations such as through NFC enabled ATMs with contactless technology which has seen maximization of operating efficiency and enhanced user experience.

"I&M Bank serves a well segmented customer base of corporate, retail and MSME clients, tailoring products to reduce touch points in credit analysis and deliver services in a timely manner,” the judges’ report read in part.

"Over the next two years, the bank aims to capitalize on the growth of core activities and efficiencies gained in a restructure and transformation. It enables future growth via a three pillar approach to drive business, build resilience, and optimize the operating model,” the judges’ report read further.

The lender is aiming to grow its customer base from about 3 folds over the next 2 years and see digital banking activity reach 80 percent of operations.

Considering the above strategies, the judges presented I&M Bank Rwanda with the Best Bank 2021 award in Rwanda.

Commenting on the development, Robin Bairstow, the bank’s Chief Executive said that the award is a recognition of the efforts of the bank to enhance user experience and dedication to their strategic plan as well as commitment to be the financial growth partner of choice.

"We remain anchored around delivering value and excellent service to our customers,” he said.

I&M Bank Rwanda registered an after-tax profit of Rwf1.6 billion between January and March this year, its first quarter financial performance results.

The Bank reported Total Operating Income of Rwf8.billion in March 2021, a 12 per cent year on year growth and a profit before-tax of Rwf2.5 billion.

The lender registered an after-tax profit of Rwf5.1 billion in 2020 despite the Covid-19 pandemic which adversely affected the bank’s clients.