E-commerce has tremendously opened avenues for many especially the youth in Rwanda. Many of the youth are engaged in startups every other day in bid to create jobs as opposed to looking for jobs.
In the previous years, Rwanda has seen the evolution of many online platforms. Examples include Kaymu, Lamudi, Jovago, Lamudi to mention but a few not forgetting Hellofood, the food ordering online platform. The Latter delivers food across kigali from over 80 different restaurants. This food online platform has been a good example in bridging the gap between traditional way of eating and combining it with modern technology.
The technology advancement in Rwanda has helped the e-commerce businesses develop more efficient delivery systems, tweak its propositions to different vendors/suppliers/customers and additionally address consumer behavior challenges. The days indeed are rather rosy for young entrepreneurs in Rwanda as the online mode of purchase is increasingly becoming stronger.
The startups largely employ the youth, the young generation between the ages of 20 and 30.Example is Hello food whose head count is over 40 employees all in the same age bracket. The young vibrant employees ensure to constantly make use of their skills and knowledge to further push the usage of the startups. With the presence of the large group including AIG, e- commerce pioneer in Africa, many youth are involved in the creation of startup versions, seemingly rather doing well in some like Igihe, Gemeya and Tohoza.
With the engagement of the youth in the initial startup versions, this has created merit for the youth through their websites to offer services that fit lives of Rwandan citizens and visitors.
Importantly to note is the role played by the various incubators like K-Lab and THINK. Over the last two years, about 20 e-commerce businesses were created by young Rwandans. E-Commerce has greatly opened doors and new avenues for the youth and has quickly become the “go to “for those ready to engage in entrepreneurship.
Born in Rwanda, Fathia Uwase, 32, left for Ghana four years ago with fashion on her mind. There, she studied fashion for a year at the Joyce Ababio School of Creative design. After graduation, she established her own brand called Fathia’s Creations.
When she left her home country, the Rwandan fashion scene was still close to non-existent. She could not find the opportunities she needed and quality material to make her clothes. It was thus her love for beautiful aesthetics and fashion that made her travel abroad.
While in Ghana, she realised that the opportunities were plenty making it not so challenging to get involved in fashion. What was challenging for Uwase was to start her own business from scratch, like it would have been in any other field.Even so, she successfully built her simple but classy brand with the help of four local tailors who make her colourful designs, and her creations are now sold in a shop in Ghana. By the end of this year, she also wants to have an online store that is up and running to ship her bright and stunning collections worldwide.
But it is not just about the rest of the world, it is a lot about Rwanda. On her occasional visits to the country, she brings some of her pieces with her that she usually sells to friends. Last year, she was able to organise a 3-days mini exhibition at UTC. Her biggest wish for the coming year is to open a shop in Kigali early 2016, probably in January or February, and get more exposure in Rwanda.
She also wants to take part in more fashion shows. During her last trip to Kigali, she took part in Rwanda Cultural Fashion Show 2015, which was a first for her in Rwanda.
This event was eye-opening for Uwase. The local fashion scene could not have surprised and amazed her in any better way. When she meets fellow Rwandan fashion designers today, she feels proud as they are now daring to engage themselves in the fashion business and create something new.
What she still wishes for the country however, is to see more quality material coming in at lower costs. Uwase realises that her collections are a lot more affordable than the ones made in Rwanda simply because she can take advantage of the fact that Ghana is home to beautiful and affordable African print fabrics.And you know what?
Uwase is not only a talented fashion designer, she is also an exquisite chef. She runs a restaurant in Ghana where she serves mainly East African dishes that she often cooks herself. This lady certainly is full of creativity.
A third of adults search for answers without trying to remember and 25% immediately forget what they’ve found out
There are fears impatience is triggering ‘digital amnesia,’ which means we rely on the internet for answers but easily forget the information we quickly look up online.
A new study suggests that when faced with a question, over a third of people automatically Google the answer quickly, without trying to come up with the answer themselves.
It also warns that a quarter of people immediately forget the information they have googled – a process which can mean the dissolution of memories and useful information.
The international study, which involved 6,000 international consumers aged 16 and over, was conducted by digital security firm, Kaspersky Lab.
It reveals 36 per cent of people said they Google information before trying to recall the answer themselves, with the percentage rising to 40 per cent for those aged 45 and over.
It’s possible that these users may doubt the accuracy of their memory, or may be impatient to get the correct answer as quickly as possible, the report says.
Similarly, 24 per cent admitted they would forget the online answer after they had used it and this figure rose to 27 per cent among over 45’s surveyed, with 12 per cent assuming the information will always be out there somewhere so there is little point in trying to memorise it.
This urge for the fastest possible access to information, combined with a reluctance to remember it afterwards, has far-reaching implications for both our long-term memories, because a failure to make use of the information stored in our memories can ultimately result in use forgetting it.
‘Our brain appears to strengthen a memory each time we recall it and at the same time forget irrelevant memories that are distracting us,’ said Dr Maria Wimber of the University of Birmingham’s School of Psychology, who was involved with the report.
‘Past research has repeatedly demonstrated that actively recalling information is a very efficient way to create a permanent memory.
‘In contrast, passively repeating information (e.g. by repeatedly looking it up on the internet) does not create a solid, lasting memory trace in the same way.
‘Based on this research, it can be argued that the trend to look up information before even trying to recall it prevents the build-up of long-term memories.
This is not the first report to suggest that Google is rotting our memories.
In a series of tests conducted two years ago, Harvard University researchers found that participants were more likely to recall information if they believed it had been erased from a computer.
Those who thought it was stored were more forgetful, even if explicitly asked to keep the information in mind.
In another experiment, the team asked students to answer trivia questions with or without Google, and then asked them to rate their own intelligence.
They found those who used the internet had a significantly higher view of their own brain power, even compared with individuals who got the questions right through their own knowledge.
‘Using Google gives people the sense that the internet has become part of their own cognitive tool set,’ the researchers concluded.
And rather than sharing information, people are more likely to save it electronically if they want future access to it, rather than relying on someone else’s memory, the researchers found.
Psychologists Daniel Wegner and Adrian Ward, wrote in the journal Scientific American: ‘Our work suggests that we treat the internet much like a human transactive memory partner [a person we share personal details with].
‘We off-load memories to “the cloud” just as readily as we would to a family member, friend or lover.’
‘It seems that the propensity for off-loading information to digital sources is so strong that people are often unable to fix details in their own thoughts when in the presence of a cyberbuddy,’ the researchers added.
‘They said that having the internet ‘undermines the impulse to ensure that some important facts get inscribed into our biological memory banks’.
Kigali – 8 October 2015: Rwanda joins the international community in celebrating World Post Day on 9th October, 2015.
The purpose of World Post Day is to create awareness of the role of the postal sector in people’s and businesses’ everyday lives and its contribution to the social and economic development of countries. The celebration encourages UPU member countries, including Rwanda, to undertake programme activities aimed at generating a broader awareness of their Post’s role and activities among the public and media on a national scale.
The World Post Day 2015 theme is “Importance of change for the postal sector to better meet the needs of governments and citizens”. This is to show the commitment of the postal operators to paradigm and status shift as posts are an integral part of the increasingly digital world. In fact, Postal services are not standing idly on the sidelines as they evolve and play their role in an era of new information and communication technologies, mobile telephones and the Internet.
In his 2015 message about the World Postal Day, Mr Bishar Abdirahman Hussein, Director General of Universal Postal Union emphasized on innovation, integration and inclusion that are the key drivers for the future of the Post, urging posts to take the challenges they face ‘’as opportunities to innovate and establish new market segments, understanding that a faster and more efficient communication medium is actually what the Post needs in order to build a new business value chain’’.
Reflecting on the importance of the World Postal Day, the Director General of the National Post Office, Mr. Célestin KAYITARE, said that ‘’this day gives us a moment to stop and ask ourselves if we are fulfilling our mandate as we should and look for innovative ways to meet the needs of our clients while ensuring continued growth of our operations’’ .
In Rwanda, the commemorative activities will be held on Friday October 9, 2015 at the National Post Office Head Office at Muhima -Kigali City, among which there is:
{{• Organisation of an ‘’Open – Post – Day’’ }}
This is an opportunity to show to our customers how the services offered to them are produced. We will offer them a guided tour of the back office services such as: letter sorting, treatment of registered mails, parcel handling, mail tracking and tracing, etc..
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• Guided Tour for young students }}
The guests for this event are the students from Kigali City Secondary Schools in the age group of 12 to 15 years. They will have an opportunity to ask questions related to the postal service in Rwanda and elsewhere.
{{• Press Conference
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The press conference will be hosted by the Director General of the National Post Office and will discuss the strategic orientations as well as the restructuring process of National Post Office.
{{• Conviviality –‘’Ubusabane’’ of the National Post Office workers
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This function will be held at MUHAZI Beach on Saturday 10th October 2015 and will be a great occasion to reflect critically on the services the staff of the Post Office provide to the public and renew their commitment to improved service delivery.
World Post Day is celebrated annually on 9 October.
It marks the creation of the Universal Postal Union on 9 October 1874, during the first Congress held in Berne, Switzerland, and invites UPU member countries and all postal stakeholders to celebrate postal services as a valuable public service that contributes to the social and economic development of countries. It was declared World Post Day by the UPU Congress held in Tokyo, Japan, in 1969.
Airtel Rwanda, a subsidiary of Bharti Airtel, and Tigo Rwanda Ltd, a subsidiary of Millicom, have announced a partnership to pilot interoperability between their two mobile money transfer service platforms.
This collaboration will allow Airtel Money and Tigo Cash subscribers to send and receive money directly into their mobile wallets without use of vouchers.
Tano Oware, Acting Chief Executive Officer for Airtel Rwanda said; “As facilitators at the forefront for mobile-commerce in Rwanda, Airtel is pleased to join hands with Tigo to provide our customers with an interoperability option that would allow them access to transact easily using our mobile money transfer services.
This further brings to light our determination to ensure that we achieve Rwanda’s agenda of cashless economy.”
Interoperability in Rwanda’s mobile money sector is aimed at fostering financial inclusion thus increasing the velocity on money in our financial ecosystem.
Adding to the development; Tongai Maramba, Chief Executive Officer, Tigo Rwanda, expressed: “Getting access to financial services via the mobile phone can make a massive difference to people’s lives. I am delighted that we have delivered Interoperability with Airtel.
With this, we underline our commitment to drive financial inclusion and join forces with The Government of Rwanda in the journey towards reduced reliance on cash. On lighter note, I am excited that I will finally be able to send money to Mr. Tano’s Airtel Money account without resorting to cash.”
Commenting on the partnership between the two telcos, Gregory Reeve, General Manager for Tigo MFS added “with this advancement, Rwanda becomes the second market in Africa to launch interoperability after Tanzania. Connecting systems together is a key driver of financial inclusion and access for the people in Rwanda and Millicom is committed to this cause.”
Airtel Money Africa Director Mr. Chidi Okpala added; “This initiative is another demonstration of Bharti Airtel’s commitment to deepen financial inclusion and facilitate cashless ecosystems across Africa. We championed interoperability in Tanzania and have now done so in Rwanda, with two more countries to go before year end.”
Mr. Okpala specially commended the National Bank of Rwanda for its unflinching support for this initiative and commitment towards ensuring the long term success of mobile money services in the country.
In the past few years, there has been great adoption of mobile money services as this has been a mode of accepting merchant payments, sending and receiving money, utility bill payments and pay TV.
To put this in context, in December 2010, only 1.7 million bank accounts and mobile wallets existed out of a population of 9 million people. Today there are over 5.7 million mobile subscribers in the country.
Mobile Money has had a transformative impact on the lives of millions of people who previously had limited or no access to financial services.
Once the customer receives money into their wallet, they will be able to use other mobile financial services such as P2P, bill payment, merchant payments or cash outs while also helping the government to advance important public policy objectives on financial inclusion.
The two companies will continue to work together on international money transfer services to include more countries such as Congo.
The Government of Rwanda today welcomed the decision by the Spanish Supreme Court to dismiss 40 indictments of Rwandan officials, upholding the January 2015 ruling of Spain’s National Court.
Rwanda’s Minister of Justice Johnston Busingye said:
“The Spanish Supreme Court has done the right thing. There was never any basis for the indictments in the first place, it was a blatant abuse of universal jurisdiction.
For years, forty Rwandan individuals have endured sustained persecution at the hands of an investigating judge whose radical motives and actions have now been definitively overturned and halted by the highest court in Spain.
It’s gratifying that we can finally move on from this regrettable episode. Rwandans will continue to build an enduring relationship of trust, friendship and collaboration with the Spanish people and the country’s institutions.”
The cases were filed in 2008 by Judge Andreu Merelles, using the principle of universal jurisdiction and have always been considered politically motivated. In its decision, the Supreme Court halted investigations by the judge in Spain. This amounts to recognition of Rwanda’s primary jurisdiction over the matter.
The Democratic Green Party of Rwanda filed in the Supreme Court an application against the Government of Rwanda seeking several declaratory orders. It alleged that the State had failed to stop the process of amending the Constitution which had started with members of the public submitting petitions to Parliament calling for the amendment of article 101 of the Constitution to enable the incumbent President of the Republic to seek another term of leading the Country.
Among others, Green Party sought declarations that Article 101 of the Constitution is unamendable, that article 193 which deals with the required procedures for the amendment of the Constitution does not open the door for the amendment of article 101, in particular the part that states that no person may hold of the office of President for more than two terms.
The party argued that the only amendment of article 101 possible under article 193 was on the duration of the term of office, not the number of terms. Green Party also argued that allowing the referendum aimed at amending article 101 of Constitution would undermine democracy.
In its judgment delivered today, 8 October, 2015, the Supreme Court’s bench of nine judges led by the Chief Justice, held that there was nothing in the Constitution that prohibited the amendment of article 101. Although Article 193 provides a complex procedure for amending Article 101, it does not prohibit amendment of any of its parts, meaning that if that procedure is properly followed both the duration of presidential term and the numbers of terms are amenable to amendment.
Further, the Court held that amending article 101 through the procedure provided for by article 193 including super majorities in Parliament and a referendum would not undermine democracy. On the contrary denying citizens the right to determine how they are governed following procedures laid down in the Constitution would be undemocratic.
The Court questioned the wisdom of a people binding themselves and future generations in perpetuity without the flexibility to bring the law or the constitution in line with changed beliefs and circumstances. The application was therefore dismissed.
Police in the Southern Province are holding the Director of Huye-based Kabutare Hospital, Dr Saleh Niyonzima, and the hospital accountant over allegations of embezzlement.
The arrests follow an audit exercise that was carried out in the hospital in September which revealed missing funds, according to sources.
Inspector of Police Eulade Gakwaya, the acting spokesperson of Police in the Southern Province, confirmed the arrests, saying the duo was apprehended on September 30 and was being held at Ngoma Police Station in Huye District.
“They were arrested in connection with embezzlement of hospital funds,” he said.
“Police compiled a dossier and submitted it to the prosecution but investigations are still ongoing,” he said.
The law provides that Police make a dossier within five days after the arrest of a suspect and pass it on to the Prosecution for further action.
Gakwaya said the amount of money thought to have been embezzled will be established after the investigations.
The duo met prosecution officials on Monday, he added.
Meanwhile, Police are still hunting for the hospital administrator, another suspect in the case.
The arrest comes days after the hospital on September 28, announced that it needed Rwf80 million to pay workers August salary.
Dr Niyonzima told journalists then that the salary delays were due to Health Insurance Scheme (Mutuelle de Santé) arrears.
He explained that the hospital had used Rwf29 million from government to buy medicine in July but when it sent receipts to Rwanda Social Security Board (RSSB), for refund, the latter delayed to disburse the money to the hospital.
He announced this after the Minister for Health, Dr Agnes Binagwaho visited the hospital, where she held a meeting with the hospital staff and the directors of health centres in Huye District.
Speaking at the meeting then, the minister said there is a need for concerted effort among local government entities to ensure timely payment of health insurance premiums.
It is understood the government usually provides funds to complement health insurance in covering health workers’ salaries in health facilities.
It is estimated that the health insurance scheme owe Kabutare Hospital up to Rwf300 million in arrears.
Jay Z and Beyoncé are now renting a 20,000 square foot house in the Los Angeles area.
According to TMZ, the couple is reportedly shelling out approximately $150,000 per month for the stunning 20,000-square-foot mansion. They signed a one-year lease, according to the celebrity gossip site.
The property owned by a British billionaire includes a 20,000 square foot house, a complex featuring an indoor Olympic-sized swimming pool and an outdoor pool with a waterfall.
Not so long ago, I&M Bank had to emotionally bid farewell to one of its longest serving Managing Directors Mr. Anand Sanjeev. But all was not lost, as the multinational Bank ushered in yet another highly experienced Banker Mr. Robin Bairstow (in Picture) as its new MD. As the English adage goes: “Experience is the best teacher” the Bank looks to the future with enthusiasm as it welcomes Bairstow to its helm. He joins the bank with a 24 year professional banking career and has served in South Africa, Zambia, Uganda, Singapore, Indonesia and his previous job was with another international bank in Kenya where he had served for 15 solid years. He has indeed juggled well his banking profession; serving in different positions—from marketing to retail banking and so on. IGIHE caught up with Mr. Robin C. Bairstow in his office right at the heart of Kigali City at the Bank’s head office and discussed a wide range of issues concerning I&M Bank and Rwanda’s financial market in general. Excerpts follow below.
{{IGIHE}}: At 52 years, I&M Bank is arguably the oldest bank in Rwanda and incidentally one of the top performing banks. How sounding have you found the Bank and strategically where do you want to take the bank going forward?
{{ROBIN}}: Truth is, I find a well structured bank. It has been doing well over the last 5 years under the stewardship of a good leader. Indeed, he left it in good shape. Our challenge is to sustain, consolidate and even upscale what was achieved.
Looking at key indicators of a healthy financial entity like capital adequacy, assets growth rate and non-performing loans (NPL), among others. All is well. For instance, the Central Bank wants all players to be below 5% on NPL, the industry average now stands at 5.9%. I&M bank’s is at 6.4%, and we are working hard to bring it down by at least 2% in the very near future.
I found a Bank with a well developed corporate banking structure and business. A burgeoning retail and SME banking unit perfect at tapping into the available Government opportunities like the BDF (Business Development Fund) and Hanga Umurimo Programs. There are still more opportunities to explore in terms of tapping into the fast growing SME sector, the huge unbanked Rwandan population using innovative digital platforms.
The Bank is very liquid. It enjoys an asset to deposit ratio of 51% which is good by any standards. It is well capitalized; whereas minimum capital adequacy ratio set by the Central Bank is 15%, I have found I&M Bank’s at 22%. The Bank is one of the top performing Banks in terms of Return on Equity (ROE), meaning we are very profitable in the market. We are number 3 in the market and we hope to maintain or even improve that position. Going forward, future investments will be prudently geared towards the right sectors. Sustaining this growth is going to be determined by making the right investments choices in a perfect financial market. Banking is more than slick pay-off lines and running fantastic adverts. It is more about reputation and integrity within the financial market. I&M Bank is fairing quite well on both fronts and I hope to maintain that. I find it extremely important to put much more emphasis on product development and innovation. We need to get the people’s perception right—we ought to be perceived as a stable and reliable partner.
{{IGIHE}}: You join a market where over 90 % of the businesses are Small and Medium Enterprises (SMEs) who are characteristically risky to lend to. Rwanda’s financial sector is extremely competitive. Despite of the credit risk associated with the SMEs all banks seem to rush to the bottom of the pyramid. But it will probably depend on style and belief. Do you think it is a wise idea to reposition I&M as an SME Bank or Corporate Bank?
{{ROBIN:}} I&M does not position itself distinctively either as an SME or Corporate bank, it serves both segments equally. Our conviction and belief is that it is a growing curve—SMEs once well nurtured can potentially grow into good corporates much as there could be many casualties along the way . I&M Bank funds many start-ups through special programs that are run jointly with the Government (among other stakeholders). The Guarantee Scheme provided by I&M Bank buffers the shocks and mitigates risks associated with the start-ups. The Bank has witnessed consistent growth in this area and on average more than 50 start-ups are funded a year. Dealing with start-ups under this arrangement has provided the bank with enormous lessons and experiences that provide a good basis for review and improvement.
For instance, we have learnt that start-ups need education. In responding to this need, the Bank is working with partners like European Investment Bank (EIB) among others to do Financial Skills trainings for entrepreneurs. A similar training will be conducted before end of this month (October).
{{IGIHE:}} Our long experience covering Rwanda’s financial sector has shown us that competition has pushed financial institutions to roll out a lot of innovative banking products and services to benefit their customers. However there is generally less uptake of such banking products and services. A case in point is the low uptake of online banking services and products. Banks have been blamed for weak marketing and less effective communication methods used to promote products and services. What is your take, looking at the portfolio performance of I&M Banking Products and Services?
{{ROBIN:}} Looking at the uptake levels of I&M Bank’s products and services, it is satisfactory but more could be done. To improve this, the bank aims to explore possible market linkages and synergies. The bank is capitalizing on reviewing its product and services, leveraging on the available digital payment and transaction systems like Point of Sale, Online Banking, Mobile Banking, mVISA etc to ensure minimal use of cash because it has proven more expensive. Note that, the more you explore alternative, cost-effective transaction options, the more you reduce the cost of delivery and the beneficiary at the end of the day is the customer.
{{IGIHE:}} It is evident that the recent innovations in the telecom industry like mobile money services have to a large extent affected the performance and relevance of the Bank’s online products and services. Subscribers (of telecoms) who are apparently Bank Account Holders have found them more convenient, reliable and cheaper. In your view, should this cause panic among banks?
{{ROBIN}}: Banks should not be concerned about the innovations in the telecoms because they have unlocked a number of opportunities for banks. Moreover, they are bringing many unbanked citzens in the equation that incidentally end up using banking services in one way or the other. In other words, telecoms have played a complimentary role. As banks, we may lose in one area but in aggregate terms the gains are much more. Banks are increasingly exploring synergies with telecoms to serve customers better. The rise of money transactions in telecoms has nothing to do with the slow down in growth of the banking sector—keep in mind that growth in GDP has a direct correlation with the growth of the financial sector. In Rwanda for instance, where the GDP is reportedly 6.5-7%% percent (highest in the region), it is apparent that the banking sector is growing in matching terms. Banking sector in Rwanda is growing extremely well, at about 20%. Just imagine, despite of the huge volumes of transactions by telecoms, they still hold their trust funds with the banks—which is still big business for us (banks). It is a complementary service other than a competitive service.
{{IGIHE:}} Going by the trends, smart companies have now strategically started repositioning themselves as regional business entities—also aiming at tapping into a larger and more lucrative EAC market with 130+million people. A number of regional and continental banks like I&M Bank have opened shop in Rwanda. Traders trading across the borders have not been much attracted by the banking services and products offered by regional and continental banks due to high transaction costs. In your view what is the problem? What specific innovations does I&M Bank plan to deploy to improve in this area?
{{ROBIN:}} I&M continues to establish its footprint in a chain of regional economies. It is putting up very strong performance in Kenya, we are Tanzania and now in Rwanda as well and the 50% acquisition of Bank One in Mauritius allows us access to funding opportunities. The cardinal aim of spreading our operations in the region is to tap into the growing trade flows across the region. If you analyse the banking transaction statistics within the EAC, it is evident that it is not yet a homogenous market and that affects (slows down) innovations in banking services. The EAC integration agenda is progressing and the financial sector will have to match the pace (of integration) and this opens up opportunities for players and consumers. I&M Bank in 2016 will be rolling out a new operating system which will be a catalyst in getting closer to being a fully networked bank. This will allow us to run products and services jointly as one I&M Bank Family across the network in the region. The Bank offers services across counters in Tanzania, Kenya and Mauritius (as Bank One) to its customers.
{{IGIHE:}} Rwanda’s financial sector is also still faced with a number of challenges, including legal and regulatory challenges, market structure related challenges etc. Through the Rwanda Bankers Association (RBA) and other pressure groups your concerns could be heard and solved. What is your take on the state of the organization of the financial sector in Rwanda? From your rich banking experience, what more do you think RBA or Chamber of Financial Institution could do to ensure effective policy and strategy advocacy?
{{ROBIN}}: As a lobby group, you have a much better voice to the regulator. Building a common understanding of prudential guidelines issued by the Central Bank is key and we work together to achieve that. There is need for regular, informed and well-structured engagements within the structures of the (financial) chamber and the association (RBA) to responsibly and realistically engage the regulator. The advantage we have is that it is a ‘listening’ regulator.
{{IGIHE: }} A while ago, there were plans of I&M Bank listing on Rwanda Security Exchange (RSE). Although this has been delayed due to reasons beyond the public’s know. What is the latest? Are there specific reasons that stalled the move?
{{ROBIN:}} The planned IPO is not a capital raising exercise for the Bank, it is one of the shareholders looking to exit their investment. This is an opportunity to further deepen the local bourse’s financial sector and at the same time a chance for local investors to gain a share of a well-established, performing local financial institution. The timetable is yet to be agreed and a formal advisor appointed. We certainly remain excited about the prospect.
{{IGIHE: }} Looking at the values, vision and mission of I&M Bank paints a picture that you’re customer-focused, customer-centred Bank. But it is easier said than done! What do you promise?
{{ROBIN:}} Customers are the core of our business. If you look at the profile our products and services over the last 5 years they have been growing quite well at over 20%. It implies we must be doing something quite correctly. We will continue to review our processes in offering products/services; underpinning convenience and reliability. A case in point is the ATM uptime—we get to look at the efficiency of the entire process to ensure a seamless service. Our banking halls will be like our seating rooms at our homes. Customers do not just come and wait in a queue to be served. We take advantage of that moment to talk to them and generate important feedback that helps us improve and serve them better. I do believe that the tradition of opening bank branches for purposes convenience is not dead yet. Our societies have not grown to a level where we do away with branches completely. It is possible but it is going to take a little longer before we realize a totally cashless economy. In the short to midterm, majority of citizens will still need that branch next to them to physically transact. Therefore, we shall combine both; investing in more bank branches across the country and up-scaling our digital banking platforms for maximum convenience and reliability.
{{IGIHE:}} In your parting short, what promises do you give I&M Bank Customers and Rwandans in general?
{{ROBIN:}} We will continue to innovate. We will continue to grow, particularly in areas where we traditionally are known to be strong. We have a major focus on SME and consumer banking. We will be rolling out more products—watch this space. We have a very exciting campaign coming up this October—focused heavily on home ownership. Our promise is to roll out products that not only meet customers’ needs but satisfaction as well.
As member of corporate society, we have areas we would like to continue extending our support, particularly in education and health. We shall continue to concentrate our efforts in certain areas where we can make a difference and positive impact in the society.
