Many firms in developing regions are looking towards technology as a way of advancing their financial marketplaces. For example, in Rwanda, I&M Bank (Rwanda) Plc., the oldest bank in Rwanda and licensed by the Central Bank of Rwanda, and Network International (Network) have partnered to improve financial inclusion in the country.
The agreement with Network International will reinforce I&M Bank’s digital-first strategy and leadership in the Rwandan market. Amidst surging interest in digital payment solutions across the country influenced by rising internet penetration and mobile phone usage, Network will enable I&M Bank to benefit from advanced digital payment solutions, robust security protocols and a sophisticated API gateway.
Through this partnership, Network will offer a variety of payment products and services including credit and prepaid card hosting and processing. The bank will also have access to a host of value-added services such as card fraud prevention, 3D secure authentication, and card control solutions.
Benjamin Mutimura, CEO of I&M Bank (Rwanda) Plc., emphasised the importance of customer delight, stating: “Our partnership with Network International complements our desire to facilitate the inclusion of more citizens in the formal financial system. Our collaboration with a market leader like Network International will help us satisfy the growing demand among Rwandans for new and superior digital banking experiences that are convenient, safe, and seamless, thereby ensuring customer delight.”
Dr. Reda Helal, group managing director – processing, Africa and co-head group processing at Network International, commented: “We are excited to collaborate with I&M Bank in meeting the rising interest among Rwandans, especially the unbanked, for services that support a digital lifestyle.
“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.”
