AfricInvest Financial Inclusion Vehicle (FIVE) has acquired a minority shareholding in I&M Bank (Rwanda) through AfricInvest Evergreen Investments, a special purpose vehicle formed by AfricInvest.

Julius Tichelaar, Partner at AfricInvest, said: “We are very pleased to partner with I&M Bank (Rwanda) Plc, and to contribute to its strategy of further solidifying its position as a key player in Rwanda’s financial services industry.”

“The Bank’s experienced management team, governance and alignment with key shareholders to pursue sustainable growth and stakeholder value creation were all elements which attracted us to the Bank.”

FIVE is a perpetual fund that invests in market leaders in the financial services industry that are at the frontline of innovation across the African continent.

FIVE is backed by various institutional investors such as development finance institutions including FMO, BIO, Norfund, KfW, AfDB, and IFU, as well as by African institutional investors, pension funds and family offices.

Incorporated in 1963, I&M Bank (Rwanda), previously, Banque Commerciale du Rwanda, is the oldest financial institution in Rwanda.

It is today a leading player with a strong footprint across the country. The Bank is listed on the Rwandan stock exchange, and is a subsidiary of I&M Holdings, a regional financial services group in East Africa.

The Holding has operations in Kenya, Tanzania, Rwanda and Mauritius and is listed on the Nairobi Securities Exchange.

I&M, which has a long history in the financial services industry, has established a wide network of correspondent banks across the globe and enjoys a strong relationship with the leading international DFIs.

Robin Bairstow, Managing Director of the Bank, said: “We are delighted to partner with AfricInvest at this pivotal moment 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. We also thank the exiting shareholders for their contribution in the Bank.”