I&M Bank CEO on results, Spenn partnership

I&M Bank Rwanda and Spenn's partnership has proven to be a game-changer, allowing the bank to tap into a new market base over the past year. This move has been largely supported by the bank's investors, paving the way for exciting developments and growth prospects in 2022. In an exclusive interview with CNBC Africa, Robin Bairstow, the CEO and Chairman of I&M Bank Rwanda, shared insights on the bank's achievements, digital strategy, and the impact of the Spenn partnership on the bank's future. Bairstow highlighted the bank's expansion across East Africa, including the recent addition of Uganda to its coverage, solidifying its presence in Kenya, Rwanda, Tanzania, and Mauritius through Bank One. The bank has been focusing on enhancing its digital offerings, with innovations such as contactless payments, loan digitization, and the introduction of Spenn loans. One of the key highlights is the launch of USSD access, opening up accessibility to both smartphones and feature phones, catering to a wider customer base with over 350,000 users on the platform. Despite challenges faced by consumers in cashing out, Bairstow assured that the bank has 12,000 merchants and agents in the market to facilitate transactions, enhancing user accessibility. The introduction of interest-free micro loans up to 500,000 Rwandan francs for the first 14 days aims to support day traders and promote financial inclusion. Bairstow expressed confidence in the growth potential of the Spenn product and its positive impact on the bank's balance sheet. With a focus on increasing financial inclusion and innovative product offerings, the bank aims to drive customer value and market response in the coming year. The interview also touched upon the risk assessment factor in adopting blockchain technology for financial services. Bairstow emphasized the stringent compliance measures in place, including direct connections to national databases and credit reference bureaus, ensuring secure and efficient loan processing on the Spenn platform. As the bank continues its digital transformation journey, Bairstow highlighted the importance of customer service and value creation in staying competitive and meeting evolving market demands. With a slew of new products launched recently and a focus on digitization, I&M Bank Rwanda is poised for continued growth and shareholder value in the future.