Browsing: Faustin Byishimo

Rwanda's I&M Bank raises limit on unsecured loans

Rwanda’s I&M Bank has revised its Éclair Loan product where they will lend up to 17.5 times on one’s salary without collateral.

I&M Bank says that the move to increase unsecured loans to 17.5 times one’s salary from 12 times will respond to market demand and consumer needs.

The Executive Director I&M Bank Rwanda, Faustin Byishimo said that the move is also influenced by their experience over the years and adjustment in the regulatory framework.

He added that the efficiency of the Credit Reference Bureau has seen the availability of more reliable data giving them confidence on their move.

“There have also been changes in the local framework that has improved our confidence. For instance, due to the Credit Reference Bureau, One cannot just divert their salaries without due process. The data is cleaner and reliability is much higher,” he said.

To address the market demands, Byishimo said that they …