(Ecofin Agency) - 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