According to the management, the bank recorded significant growth in business.
The bank reported profit before tax of Rwf9.8 billion, an increase of 17% year on year resulting in a cost-to-income ratio of 55.8%, compared to 58.1% at the close of 2016.
The bank’s headline earning per share grew by 11.3% from Rwf11.61 in 2016 to Rwf12.92 in 2017.
According to the bank’s Managing Director, Robin Bairstow, the performance is accredited the passion for customer satisfaction and investment in staff.
“With a constantly evolving economic landscape, we have managed to remain relevant and we are doing this by listening to and meeting market needs. We are also now focusing on new business avenue such as support to the SME sector, and partnerships with the development agencies to grow targeted segments of market such as export growth and tourism,” he said.
The bank targets to steady income growth over the next five years, with Compounded Annual Growth Rate 18% on loans, 19% on deposits and 18% on revenues.
Also, the bank targets to continue to invest in people with training in the staff.
“Based on customer insights and forecast market trends, we shall in the near future be rolling more innovative products for our customers including treasury products which focus on managing our client’s risk, bank assurance and wealth management,” said the bank’s Executive Director and Divisional Head of Business Development, Faustin Byishimo.
By 31st December, I&M Bank’s total assets was Rwf260 billion which represents a year on year increase of 26%.
In 2017, the bank embarked on a new five-year strategic plan which is based on revenue diversification, operational excellence, digital channel optimization and business growth.
Speaking to IGIHE, the Vice-Mayor of Bugeresa District, Priscille Uwiragiye said that it struck yesterday around 3:00pm.
“Lightning struck the building, but luckily there were no people inside. There were heavy rains with lightning. In the building, there were computers and the lightning damaged them and started fire which gutted the whole house ,” she said.
She said that efforts by people to extinguish the fire were futile.
Lightning cases continue to increase in the country since the beginning of this year.
Statistics from the Ministry of Disaster Management and Refugee Affairs (MIDIMAR) show that among 33 people killed by disasters since January to March, 27 were killed by lightning.
The construction of Rwf4 billion facility was funded by African Development Bank. Its master plan was developed by a French Architect Patrick Schweitzer.
The premises were officially inaugurated by the Minister of Education, Dr. Eugene Mutimura yesterday.
Mutimura said that the facility will help to promote education in science and technology studies.
“This is very crucial as our country envisions a knowledge-based economy; it is our country’s target to promote innovation in technology and indeed this facility is essential,” he said.
University of Rwanda’s Vice-Chancellor, Prof. Philip Cotton urged all users to sustain the beauty of the premises.
Speaking to IGIHE, Belyse Igihozo, Architecture student said that previously they had a small facility which would not enable them to learn comfortably.
“We had very small classrooms which would not enable us to feel comfortable. We are very happy as this facility will create a good learning environment for us,” she said.
Construction works started in 2015 and the premises were constructed using materials available locally including volcanic rocks locally known as ‘amakoro’. Over 350 got jobs during the construction activities.
The building has the capacity to accommodate 600 students.
The on-going exhibition is organized by PSF’s chamber of Agriculture. It is currently held in Rusizi district, where 40 local exhibitors are showcasing a number of products from the agricultural sector.
The Exhibition that started on the 14th march will last three days; and is aimed at identifying new markets for Rwanda agricultural products.
While opening the exhibition, Rusizi Mayor; Harelimana Frederic assured Rwanda exporters of new storage facilities to be constructed at the border as these will facilitate in storing local goods especially the perishable goods.
“Some exporters have always raised the issue of lack of storage facilities on this border. However, we are going to discuss this with other stakeholders to construct these warehouses,” He said
The agriculture exhibition follows another Agribusiness trade fair that was held in Goma, DRC in 2016 in partnership with the Farmers’ association in DRC. Exhibitors are expected to sign a Memorandum of Understanding to formalize the cooperation between exporters of the countries.
Callixte Kanamugire the Chief Advocacy Officer, PSF mentioned that the Federation is currently surveying other potential markets in different countries where Rwandan products can be exported.
“We cannot close the trade deficit gap unless we promote exports. We organize these events to facilitate our traders that’s why we will continue identifying other external markets for Rwandan products,” he said while addressing exhibitors.
Christine Murebwayire; one of the exhibitors and chairperson of Agriculture chamber noted that DRC possesses an enormous market potential for Rwandan exports.
However, adding that it’s imperative for Rwandan exporters to produce quality goods.
“DRC has a huge market for our exports. Most of our exhibitors have sold-off all their products and they’re stocking more. We expect at the end to sign agreements with Congolese to formalize our trade,” she said
The Democratic Republic of Congo and Rwanda recently launched the COMESA Simplified Trade Regime (STR) which allow small-scale traders to import products not exceeding the value of $2,000 duty-free.
The STR programme was initiated by COMESA to help increase trade among small-scale cross-border traders dealing in small quantities of goods. This programme aims to simplify clearing procedures as well as reduce the cost of trading by making it possible for the small-scale cross-border trader’s consignments to benefit from the removal of Customs Duty (COMESA Preferential Treatment)
The Head of State was speaking Thursday in an interactive session with members of the African Union Broadcasting (AUB) gathered in a General Assembly in Kigali
For African broadcasters to be able to broadcast football or other sports, they need to buy rights from European or American companies.
He said that Africans want an African Union that can deliver, and through that aspiration they can’t stand problems like broadcasting rights.
“It is an embarrassment for example that the rights of Africans playing football in Africa is managed by people outside. There is nothing to be proud of in such a situation. For how long can we continue this way?” Kagame questioned.
“Countries are paying for broadcasting rights. So, money really isn’t Africa’s problem. Why don’t we use that money for what is right for us and actually reduce the cost?” he urged.
Kagame said that Africans need to occupy their space; otherwise others will occupy it for them.
“Who in Africa doesn’t know the problems we have? We can’t keep lamenting over our problems. We know what we need to do for ourselves,” Kagame urged.
He said that for people to speak for themselves they need their own mouth.
“You can’t give someone else a signal to speak for you. We need our own content and our own way of transmitting it, not only to Africans but outsiders as well,” he said.
Kagame said that they have to encourage analog to digital migration saying that people are less driven by deadlines than the benefits they will get. He said that they should help each other to understand that the switch-over is beneficial for the continent.
“Analog to digital migration is delayed but we have not forgotten it. I am happy to push for this as chair of the Smart Africa Initiative, and include relevant partners,” he said.
Liquid Telecom is a leading communications services and solutions provider across 13 countries in Eastern, Central and Southern Africa that serves carrier, enterprise and retail customers with high-speed, reliable connectivity and digital services.
With some delegates from the group, they visited Jordan Foundation that is home to 25 visually impaired children. Founded in 2016 by Mrs. Vanessa Bahati in honour of her visually impaired two year-old child, Jordan Hakiza Guy.
Out of Bahati’s begetting a visually impaired son, reeled the passion for raising more.
Speaking at the event, the Chairman for Liquid Telecom Rwanda, Sam Nkusi, said that the idea of visiting the foundation came from an article they read about Bahati who decided to raise visually-impaired children.
He said that the strength and determination of Bahati inspired the group to support her.
“There are some families that have some problems; and there are others who really have some oppressing problems; like blind children […]; We found that we could lend a hand while congratulating you on such a humanitarian initiative. You will always have our support,” said Nkusi
He continued praising Bahati’s strength and courage; which he noted as extremely rare comparing to the situation she was in.
Liquid Telecom was accompanied by the chairman of Zigama CSS, Dr. James Ndahiro, who is a successful visually-impaired man. He expressed his hope and faith for a great future for Jordan Foundation’s children.
Bahati; founder of Jordan Foundation expressed her gratitude for the donation of Liquid Telecom; she added that it would impact on the children’ lives and their education as it will be used mainly for the construction of a school for visually-impaired children that will be located in Gasabo district.
Recently, Liquid Telecom dedicated itself to deliver a Fibre-to-the-Home (FTTH) roll out exercise around the country to delivering high-speed internet to Rwandans.
Kagame was speaking Thursday in an interactive session with members of the African Union Broadcasting (AUB) gathered in a General Assembly in Kigali.
The Head of State said that African Union has been there for sometime and is about how countries can work together to achieve what they have to do.
“This time we actually have to pay our bills. If you don’t pay your bills you actually end up paying even more than you would had paid directly. The one who pays for you in the end owns you,” he said.
He said that some initiatives of the African Union are not new.
“The 0.2% levy has been defended, argued about and is now very clear as one of the ways forward in being able to pay for our activities. Maybe with time we will realize that we are wasting our own opportunities. We have to do something for ourselves as a continent. African leaders now think it is time to do what we ought to,” he said.
Kagame said that Africans should learn from their past failures and apply lessons learnt.
In Rwanda, he said, having learnt a lot of lessons the hard way, Rwandans are very realistic about their situation and the global issues that affect them.
“We understood that we have to do what is good for us and find out what works. The model we have is as simple as what we want as Rwandans. We want peace, prosperity and security for everybody,” he noted.
Speaking about African refugees, Kagame said that Africans have to confront the issue as it is happening and figure out how to manage it.
“As African countries, we collectively need to find root causes to why our people are leaving to go die or be sold as slaves elsewhere,” he said.
He said that Public policies, however good they may be, if they are still producing people wanting to leave their countries, those policies need to be rethought and fine-tuned.
President Paul Kagame said this as at Kigali Convention Centre while attending the General Assembly of African Union Broadcasting (AUC) that has been underway since Monday, March 12, 2018.
He illustrated the chances of Africa setting new milestones and changes relayed in the adoption of the Continental Free Trade Area.
“If Africans find ways of dealing with the fear of the Continental Free Trade Area; when adopted, it will be the best thing to ever happen to our continent. The benefits will be enormous. Broadcasters need to be out there explaining this to our citizens.”, he said
The Continental Free Trade Area (CFTA) was adopted during the 30th African Union Summit that was held in Kigali.
It will bring together the Africa’s fragmented three main organisations;the Common Market for Eastern and Southern African countries (COMESA), the East African Community (EAC) and the Southern African Development Community (SADC).
It is a combined market of over 1.2 billion people, the largest in the world but which, unfortunately has not transformed into intra-African trade as is the case of the European which is half of the market.
A free trade area that encompasses the whole continent will be a great turnabout in an area that has a combined GDP of over $3 billion that is lying to waste.
Problems in diplomatic relations between Rwanda and France take roots from the 1994 genocide against the Tutsi where French Government sponsored genocidal government and some French soldiers who were in the country under Opération Turquoise, a French-led military operation in Rwanda in 1994 under the mandate of the United Nations participated in the execution of the genocide.
While speaking to the Media on Tuesday, Mushikiwabo said that President Macron has proven the will to restore the relationships.
Mushikiwabo was referring to how Macron met with President Paul Kagame twice since he took office in May last year.
Macron met with Kagame in New York in September 2017 on the sidelines of the United Nations General Assembly. Both Heads of States also met last week in New Delhi, India on the sidelines of the International Solar Alliance (ISA) Founding Summit.
Mushikiwabo said that under Macron’s leadership, there is a need to restore the relations between both countries, contrary to previous leadership which needed to run their relations on the condition that Rwanda keep quiet on France and soldiers’ role in the 1994 genocide against the Tutsi, things which she says is impossible.
She said that Rwanda continued to seek good relationship with France; however, they were given conditions that they should neglect history which the country passed through.
“Countries’ relationships can’t go forward by neglecting the vital part of our history, which is why we always disagree. As you there are people wanting to falsify history by involving in genocide denial and involving in the politics of this country,” she said.
Alain Juppé who was France Foreign Affairs Minister since 1993 to 1995 and Prime Minister since 1995 to 1997 is among French politicians who continue to deny the genocide against the Tutsi due to their role when he was in high ranking positions of France during the genocide.
The most terrible case is that of Saturday 10th March lightning that killed 16 worshipers of the Seventh Adventist Church in Nyaruguru District of Southern Province leaving many injured and hospitalized. The previous day, also in the same district, it had struck 18 students leaving one dead.
On March 5th in Ngoma District of Eastern Province, lightning struck and killed ten cows in Kazo sector as was confirmed by Ngoma District mayor, Aphrodise Nambaje.
On March 3rd in Rubavu District, five people were injured, 26 houses were totally destroyed, 924 houses partially destroyed and 138.5 hectares of crops were damaged following the downpour in the district.
That’s a peek from statistics from the Ministry of Disaster Management and Refugee Affairs (MIDIMAR) which show that from January to March this year, disasters killed 33 people from across the country, leaving 143 injured.
{{Why a spate of disasters? }}
Speaking to IGIHE, the Acting Director for Risk Reduction and Disaster Preparedness at MIDIMAR, Alphonse Hishamunda said that the disasters continue to increase due to the rain season and rainstorm.
He, however, observes that behind this spate of disasters are a combination of nature and human activities. Floods and landslides are caused by a combination of the results of climate change and poor use of land.
“Cutting down trees and razing down entire forests, lack of radical terraces and lack of proper drainage systems all feed into deepening the problem,” he said.
From the beginning of this year, disasters have destroyed 1674 houses and 13 classrooms and damaged 541.1 hectares of crops. They killed 27 livestock and destroyed 11 bridges.
Among 33 deaths recorded since this year started, lightning occupy the big number with 27, rainstorms and five landslides.
A total of 143 people were injured by disasters. Among them, lightning injured 124, rainstorms injured eleven, floods injured five and landslides injured three.
In 2017, disasters killed 67 people leaving 133 and destroyed 5768 houses and 198 classrooms. They also damaged 5251.1 hectares of crops and killed 587 livestock.
The same year, disasters also destroyed three health centers, damaged 13 roads, destroyed 37 churches, 49 bridges, 17 administrative bureau, ten water supplies and 79 transmission lines.
{{Why lightning continue to claim many lives }}
As has been observed, from January to March this year, among 33 people killed by disasters, 27 were killed by lightning.
Also in 2017, among 67 people killed by disasters, 24 of them were killed by lightning followed by rainstorms which killed 21.
MIDIMAR’s Hishamunda said that when it rains, affected people are likely to be in conditions which attract lightning.
“Nowadays, there are heavy rains followed by lightnings people who are outside their homes, close to water areas are likely to be struck by lightning; it is rare to see people struck from inside their houses,” he explained.
He explained that from inside the houses lightning struck those who don’t disconnect electronic gadgets and without lightning arresters.
He urged people to avoid using electronic sets like mobile phones when it is raining as they attract lightning.
He said that people should avoid going close to towers and metallic fences when it is raining. He added that people should avoid seeking shelter under trees.
“It doesn’t rain abruptly, people should consider seeking shelter at good places and avoid any contact with water,” he added.
Hishamunda said that MIDIMAR encourages owners of big structures and public places to install lightning arresters so as to avoid the risks.
“Regulations indicate that owners of public places like churches, hospitals, markets, administrative offices should install lightning arresters,” he said.
On the case Nyaruguru lightning that struck worshipers from inside the church, Hishamunda said that MIDIMAR has learnt that the church had no lightning arrestors and had connected electronic gadgets from inside and outside the church, some of which were directly exposed to the rain.
“If they had disconnected these equipment earlier or if they had lightning arrester, that tragedy would have been avoided,” he added.
He said that last year, MIDIMAR wrote to all districts and the Ministry of Local Government requesting them to conduct inspection of big structures to establish whether they have lightning arresters.
The Government has intervened in supporting the victims.
For the case of Nyaruguru lightning, the district promised to foot all medical bills for survivors as they also met all cost for burial of deceased.
The government provides roofing to people whose houses were destroyed and neighbors support them through community works (umuganda) to construct or rehabilitate their houses and other relief.
