AfricInvest has acquired a minority stake in I&M Bank Rwanda through its investment vehicle known as AfricInvest Evergreen Investments. I&M Bank is the oldest financial services institution in Rwanda with services ranging from retail to business banking. The government holds 20% shareholding, the public holds 80% shareholding in the bank and is listed on the Rwandan Stock Exchange. I&M Bank will use the additional equity funding to expand within Rwanda and improve its digital and financial innovation.
AfricInvest, part of the Integra Group (based in Tunisia) was established in 1994 and is known as one of the most experienced private equity investors on the African continent. AfricInvest has over US$1.5 billion in funds under management across 18 funds with support from both local and international investors including leading development finance institutions in the United States and Europe. Having co-founded the African Venture Capital Association (AVCA), the Middle East North Africa Private Equity Association (MENAPEA) as well as the Euromed Capital Forum, the firm is an active promotor of the private equity industry in Africa. The acquisition amount and the minority stake bought was not disclosed.