I&M Bank Rwanda welcomes new investor
Thursday, 19 March 2020 14:48
Investment fund AfricInvest Financial Inclusion Vehicle (FIVE), launched in 2017 and managed by private equity firm AfricInvest, has acquired a minority stake in I&M Bank Rwanda for an undisclosed amount.
The transaction was carried out through Africinvest Evergreen Investments, a special purpose vehicle formed by the firm. “We are delighted to partner with AfricInvest even as the Bank is looking to further expand its footprint in the country and strengthen its position as a leading financial services provider through pioneering digital innovation and championing financial inclusion,” said Robin Bairstow, Managing Director of I&M Bank Rwanda.
According to Julius Tichelaar, Partner at AfricInvest, this acquisition will contribute to consolidating the position of I&M Bank Rwanda in the country’s financial service sector. As of September 30, 2019, the bank posted a net result of 4.2 billion Rwandan francs against 4.9 billion at the end of September 2018.
Chamberline Moko
Live News
-
Nigeria Writes Off $5.27B in State Oil Company’s Debt
21:30
-
Djibouti, Egypt Sign Agreements to Secure Power Supply for Ports
20:10
-
Algeria Breaks Ground on $207M Tire Plant, Steps Up Local Production
19:11
-
Nigeria’s Tax Overhaul Set to Take Effect Amid Fury Over ‘Illegal’ Changes
19:07
-
Gédéon Dossou Tackles Prescription Management Gaps With Pharmatrack
18:32
-
Joshua Raphael Automates High-Traffic Parking Management With Parket
17:39
-
Sodecoton Awards Bercotech Contract for 110 kVa Solar Plant at Touboro
12:24
-
Aissata Diallo Bah Widens Access to Financial and Legal Data on African Companies
12:11
-
Mauritania Rolls Out AI System to Detect Traffic Violations Nationwide
12:04
-
After Lomé Launch, Togo Expands Cash Transfers Nationwide
11:53
The BCID-AES launches with 500B CFA to fund Sahel infrastructure, asserting sovereignty from the B...
Kenya’s CMA licensed Safaricom and Airtel Money as Intermediary Service Platform Providers (ISPPs)...
Nomba brings Apple Pay to 300k Nigerian shops. Following Paystack, this "second row" move enables ...
NALA has secured PSP and PSO licenses from the Bank of Uganda, adding to its 2024 Money Remittance...
The Gates Foundation and ADQ launched a four-year initiative to transform education in sub-Saharan...
Tinubu approves partial write-off of NNPC debts to Nigerian government Decision cancels $1.42 billion and 5.57 trillion naira obligations Move...
Djibouti, Egypt sign port, logistics and energy cooperation agreements Deals include 23-MW solar plant to power Doraleh port operations Aim is to cut...
Algeria launches $207 million tire factory project in Touggourt Plant targets 5 million annual units, boosting industrial self-sufficiency Move...
Nigeria confirms tax reform takes effect Jan. 1, 2026 despite opposition PDP alleges illegal insertions, urges suspension and investigation Government...
Afrochella, now known as AfroFuture, is a cultural event held annually in Ghana, mainly in Accra, around the Christmas and end-of-year period. Launched in...
Algiers is a coastal capital of around four million inhabitants, located in north-central Algeria. Its urban structure, heritage, and social practices...