I&M Bank (Rwanda) Plc officially opened a new branch on Thursday, October 31, in Masaka Sector, Kicukiro District, located within Dubai Ports World Rwanda, the country’s largest inland cargo facility established in 2019.

This branch launch supports I&M Bank’s expansion strategy and marks the second branch opened in Kicukiro this year, following the launch of a branch in Niboye Sector in May.

Speaking at the launch, Benjamin Mutimura, Managing Director of I&M Bank (Rwanda) Plc, noted the bank’s return to Kicukiro for the second time as a response to the area’s rapid development.

Mutimura emphasised the Bank’s flexible loan offerings tailored to meet diverse customer needs.

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"We offer long-term loans, up to 25 years, for those interested in building projects, as well as shorter-term options. This flexibility is designed to ease repayment for all our customers,” he said.

He noted the importance of saving saying, "We continue to encourage people to save, as the pandemic showed us all that saving should be a priority. These services, along with many others, are available to residents of Kicukiro District.”

"We aim to make this a one-stop centre where customers can access a full range of services, from handling logistics payments and tax obligations to securing loans if they’re short on funds. Our goal is to align with the country’s vision of streamlined services, making banking easier and faster for our customers,” he said.

Mutimura noted I&M Bank&039;s dedication to supporting development projects, focusing especially on small and medium enterprises (SMEs). Since last year, the Bank has doubled its SME loan offerings, providing Rwf250 million in collateral-free loans and currently extending up to Rwf350 million to qualified businesses.

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Additionally, I&M launched a hospitality sector initiative with Rwf120 million in loans at a 9 per cent interest rate to support hotels and tourism. For agriculture, the bank offers loans between 8-12 per cent to help farmers access necessary tools and resources, aiming to promote growth and modernisation in the sector.

Mutimura reaffirmed the Bank’s commitment to aligning with Kicukiro District’s development goals. "We want to make the District’s vision our own. We are committed to working together, creating financial products that support the District’s projects and ambitions,” he said.

Mayor of Kicukiro District, Antoine Mutsinzi, noted the impressive growth Masaka Sector has undergone over the past three years, transforming from a local sector into a hub of rapid development

"As the sector grows, so does the need for robust financial services," he added.

Mutsinzi emphasised the opportunities within Kicukiro District, noting ongoing projects that drive demand for financial support.

"Kicukiro is home to numerous development projects, which means people here require accessible financial services to carry out their activities. With the high-quality services I&M Bank offers, I am confident they will attract many clients eager for reliable financial support," he said.

The Mayor also pointed to health-related projects, such as IRCAD Africa, which further fuel the District's need for partnerships and infrastructure.

"We aim to establish a zone dedicated to health facilities that includes hotels, apartments, and other essential services. This will allow residents to access necessary services locally, without the need to travel long distances," he said.

Albert Kayinamura, representing Kigasali Coffee Company in Masaka, expressed gratitude to I&M Bank for establishing a branch nearby, thus easing access to essential financial services.

"Previously, even for the smallest services, we had to travel to other locations, which was a real obstacle," he said.

He pointed out that Kigasali Coffee Company opened its account with I&M Bank in 2016, the same year the company was founded.

"We embarked on a long journey with I&M Bank, starting with almost nothing. The Bank supported us when we were small, and today we’ve grown to a good level thanks to their help," he added.

Looking forward, Kayinamura said: "We have many projects and want to work closely with you, growing together to reach even greater heights, whether through financial support or valuable advice."