I&M Bank, Network International team up to accelerate digital payment transformation in Rwanda

I&M Bank, the oldest bank in Rwanda, and Network International (Network), the leading enabler of digital commerce across the Middle East and Africa, have signed a strategic partnership to provide advanced digital payment solutions in support of the bank’s efforts to boost the country’s financial inclusion strategy. ALSO READ: I&M Bank Rwanda, USAID to raise Agri-SME financing I&M Bank Rwanda was in June 2023 recognised as the best bank in the country; and awarded by Capital Finance International, a global journal and online resource reporting on business, economics, and finance. ALSO READ: Inside govt’s new plan for women’s financial inclusion According to a related statement, the agreement with Network International will reinforce I&M Bank’s digital-first strategy and leadership in the Rwandan market. As noted, amidst surging interest in digital payment solutions across the country influenced by rising internet penetration and mobile phone usage, Network will enable I&M Bank to benefit from advanced digital payment solutions, robust security protocols and a sophisticated Application Programming Interface (API) gateway. An API gateway is a component of the app-delivery infrastructure that sits between clients and services and provides centralized handling of API communication between them. It also delivers security, policy enforcement, and monitoring and visibility across on-premises, multi-cloud, and hybrid environments. ALSO READ: Experts’ take on central bank plans to boost women’s financial inclusion Through this partnership, Network will offer a variety of payment products and services including credit and prepaid card hosting and processing. The bank will also have access to a host of value-added services such as card fraud prevention, 3D Secure authentication, and card control solutions. Benjamin Mutimura, the CEO of I&M Bank (Rwanda), emphasized the importance of customer delight, stating, “Our partnership with Network International marks a significant milestone in our efforts to expand our capabilities and elevate our services in a rapidly evolving digital environment. ALSO READ: Central Bank deputy governor on role of fintech in driving financial inclusion “It also complements our desire to facilitate the inclusion of more citizens in the formal financial system. Our collaboration with a market leader like Network International will help us satisfy the growing demand among Rwandans for new and superior digital banking experiences that are convenient, safe, and seamless, thereby ensuring customer delight.” Reda Helal, the Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International, commented, “We are excited to collaborate with I&M Bank in meeting the rising interest among Rwandans, especially the unbanked, for services that support a digital lifestyle. “We welcome the opportunity to support I&M Bank’s passion for providing best-in-class digital customer experiences by enabling innovation and enhanced operational efficiency, as well as broaden our contributions to the success of Rwanda’s financial inclusion strategy.” About I&M Bank Rwanda Incorporated in 1963, I&M Bank is the oldest Bank in Rwanda, and is currently one of the leading players in the industry with a strong footprint across the country. I&M Bank Rwanda offers the full range of personal, business, institutional and corporate banking products throughout its locations. The bank has been listed on the Rwanda Stock Exchange since March 2017. The bank is also a subsidiary of I&M Group, a leading regional financial services group in Eastern Africa with a presence in Kenya, Tanzania, and Uganda, as well as a joint venture in Mauritius. The I&M Group has a long history in banking and has established a wide network of correspondent banks across the globe and enjoys a strong relationship with leading International Development Financial Institutions. About Network International Network International is the Middle East and Africa’s largest and leading digital payments company. Its purpose is to help businesses and economies grow by simplifying payments and commerce. Network International operates in more than 50 countries; serving governments, banks, fintechs, merchants and public sector companies. It has more than 2,000 digital payments experts based in its markets serving more than 200 financial institutions and more than 150,000 merchants.

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I&M Bank, Network International team up to accelerate digital payment transformation in Rwanda