I&M Bank Rwanda has been named the Best SME Bank in Rwanda by the Global Banking and Finance Review, marking the second time the bank has received this prestigious accolade, the first being in 2018. The award comes as a recognition of the bank’s continued efforts in supporting the growth of Micro, Small, and Medium Enterprises (MSMEs) in the country through innovative financial solutions and partnerships.

As Rwanda positions itself as a regional hub for business and entrepreneurship, I&M Bank has aligned its offerings to complement the government’s initiatives aimed at driving SME growth. Through targeted products and services, I&M Bank has emerged as a key enabler for MSMEs, facilitating access to capital and resources crucial for business expansion.

One of the standout initiatives contributing to this recognition is the ‘Agiserera na I&M Bank’ asset finance product, which enables SMEs to acquire assets to fuel their business operations and growth. Another notable product is ‘Iyubake na I&M Bank’, which allows business owners to access financing by using residential or rental properties as collateral. Under the ‘Iyubake’ campaign, MSMEs can unlock up to 70 per cent of the value of their property, or 53 times their rental income, providing much-needed capital for expansion.

In partnership with Mastercard Foundation through the Development Bank of Rwanda, I&M Bank has also launched the ‘Kataza’ Program, aimed at financing businesses in the tourism and hospitality sector and their value chain. Under this programme, businesses can access financing at a discounted interest rate of 9 per cent, easing the financial burden on enterprises within one of Rwanda’s key economic sectors.

I&M Bank has also forged strategic partnerships to remove traditional barriers to financing for MSMEs. Collaborations with funds such as Nasira and SIDA have allowed the bank to provide financing solutions that do not require collateral, a significant challenge that many Rwandan businesses face when seeking funding. These efforts have not only boosted the confidence of business owners but have also helped drive growth in the SME sector.

Beyond financial support, I&M Bank is committed to empowering business owners with non-financial services, particularly focusing on women and youth entrepreneurs. The bank regularly offers advisory services and organises workshops covering a range of topics designed to help business owners sharpen their skills and grow their enterprises.

Commenting on the award, Benjamin Mutimura, the CEO of I&M Bank Rwanda, expressed his gratitude for the recognition:

"We are honoured to be recognised once again as the Best SME Bank in Rwanda. This award fuels our commitment to continue being the trusted partner for growth for SMEs in Rwanda. We are dedicated to creating innovative solutions and services that not only meet the financial needs of our customers but also delight them through exceptional service. This recognition motivates us to continue supporting the development of Rwanda’s entrepreneurial spirit and driving sustainable growth across the sector.”

Receiving the Best SME Bank in Rwanda award once again underscores I&M Bank’s unwavering dedication to driving business success in the country. By continuing to innovate and support Rwanda’s entrepreneurs, I&M Bank remains at the forefront of fostering economic development through the growth of MSMEs.

To further support SMEs, I&M Bank has opened a one-stop centre for all their financial needs, offering a comprehensive range of services from onboarding, loan facilities, notary services, advisory services, and much more. This centre serves as a dedicated hub where business owners can easily access the tools and resources they need to thrive in today’s competitive landscape.