I&M Bank looks to e-banking to boost its reach

I&M BANK Rwanda is looking to electronic banking to be able to tap into the unbanked population market segment, especially in the rural areas. “We will grow our branches across the country, but most importantly we want to employ the electronic banking model to tap the market segment that does not have access to formal banking services,” Anand said. Anand was addressing customers after touring several projects the bank finances in Huye District on Friday. He said instead of opening up about 200 branches, the bank would use mediums like agency banking, M-Visa and mobile banking to serve the unbanked masses across the country. ‘Doing well’ Anand revealed that the I&M Bank takeover of the former Banque Commerciale du Rwanda (BCR) mid-2012, has help prop up the bank’s performance. “We had an outstanding 2013; we had financial stability and good capital flow,” Anand said, but noted that the full results would be announced soon. “In addition, before the takeover, we were a local bank, but we are now regional.” Huye District mayor Eugene Kayiranga Muzuka, commended the bank for its contribution towards the development of the district and the entire nation, generally. He noted that has eased access to finance. Emmanuel Kalimba, the I&M Bank Huye branch manager, said the bank would continue supporting investment projects in the area to help uplift the living standards of residents.