Rwanda & Tanzania
Date of Investment: 
March 2017 & November 2018
Deal type: 
Buyout, Private investment in public equity (PIPE) transaction

Kibo is invested in I&M Bank in Rwanda and Tanzania.

I&M Bank (Rwanda) Ltd was incorporated in 1963 under the name of Banque Commerciale du Rwanda S.A. It is the oldest financial institution and the second largest bank in Rwanda, providing a broad range of services to corporate, SME and retail consumers. An I&M – led consortium purchased and subsequently rebranded the bank in 2012. With its strong market position and as part of a regional banking group, I&M Bank (Rwanda) is well positioned to benefit from the compelling growth in Rwanda’s banking sector as economic development and financial inclusion contribute to the maturing of the financial services industry.

Kibo played a pivotal role in supporting the successful Government of Rwanda’s sale of its residual stake in the bank via an initial public offering on the Rwanda Stock Exchange. 

I & M Bank (Tanzania) is a commercial bank operating in Tanzania. Prior to its acquisition by a consortium led by I&M Bank of Kenya and including The Kibo Fund and Proparco, it traded as CFU Bank and provided basic banking services to a small client base in Dar-es-Salaam business district. Whilst the Tanzania economy is one of the fastest growing in the region, the banking sector is characterized by a low penetration rate at below 15%, ranking amongst the lowest in Africa, thus providing tremendous growth opportunities. 

The bank has undergone significant changes and is being transformed into a modern and customer centric financial institution with a growing number of branches across the country.

The investments builds on the close partnership between Kibo and the I&M operations in Rwanda,Tanzania and Mauritius.