Rwanda’s I&M Bank partners Network International to revamp payments
Network International will provide Rwanda's oldest bank, I&M payment, with products and services, it was announced yesterday.
The parties announced the partnership as they seek to provide advanced digital payment solutions in support of the bank’s efforts to boost the country’s financial inclusion strategy.
The services offered include credit and prepaid card hosting and processing, as well as value-added services, such as card fraud protection, 3D secure authentication, and card management.
I&M Bank, founded in 1963, provides a full range of consumer, business, institutional, and corporate banking solutions across various locations. The bank has been listed on the Rwandan Stock Exchange since March 2017.
The Bank is also a subsidiary of I&M Group PLC, a regional financial services company in Eastern Africa with operations in Kenya, Tanzania, and Uganda, as well as a joint venture in Mauritius.
Network International is a Middle Eastern and African digital payments company that serves governments, banks, fintechs, merchants, and public sector organisations in over 50 countries.
The company employs over 2,000 digital payments experts in its markets, who serve over 200 financial institutions and 150,000 merchants.
Dr. Reda Helal, group MD: processing, Africa and co-head group processing at Network International, said: “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.”
Benjamin Mutimura, CEO of I&M Bank, said: “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.
“It also complements our desire to facilitate the inclusion of more citizens in the formal financial system.”