Rwanda: I&M Bank Rwanda Introduces 'Iyubake' Loans for MSMEs

6 July 2023
The New Times (Kigali)
By Moise M. Bahati

I&M Bank Rwanda Plc has launched a new campaign called "Iyubake na I&M Bank," which will enable micro, small and medium enterprises (MSMEs) to access financing by using residential and rental properties.

Under I&M's "Iyubake" campaign, businesses or business owners no longer have to struggle to raise capital for expansion and growth. The loan package facilitates them to leverage on the value of their property to qualify for a loan of up to 70 per cent of the value of a residential or commercial house's value, and 53 times of their rental income.

"Iyubake is transformative for MSMEs in Rwanda that were already stretched with limited solutions of access to capital/finance to grow businesses. It is an inclusive, convenient, fast, and flexible solution that is a step ahead of what the local market is currently offering," Olivier Gakuba, Director of Business Development at I&M, said.

"We are enabling business owners to leverage on their residential houses or investment properties for people in the real estate sector. We rolled up our sleeves, embraced the challenge and now I say to entrepreneurs in Rwanda, 'The wait is no more."'

Business owners have been encouraged to visit the nearest I&M branch and get suitable packages for their business.

Robin Bairstow, I&M's CEO, said that with initiatives like "Iyubake", which are aimed at revolutionising the MSME sector, the bank's promise to its customers, 'We Are on Your Side,' takes on true meaning.

"With MSMEs contributing up to 55 per cent of the GDP and 70 per cent of the local total employment, access to funds has remained a significant obstacle, with up to 30% of businesses unable to secure financing," Bairstow said.

"Iyubake is another novel way to address the challenge of finance. We are more than just a bank; we aspire to be a partner in our customers' journey towards success."

Incorporated in 1963, I&M Bank Rwanda is the oldest bank in the country and one of the leading players in the industry with a strong footprint across the country.

The bank offers the full range of personal, business, institutional and corporate banking products throughout its locations.

A subsidiary of I&M Group, a leading regional financial services group in Eastern Africa, I&M Bank Rwanda Plc has been listed on Rwanda Stock Exchange since March 2017.

Read the original article on New Times.

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