Through Higa, customers can earn up to 7.5% per annum, credited monthly. The account is designed to provide groups with a structured and reliable way to grow their collective savings while reducing the risks associated with informal fund management.

Speaking about the launch, Yves Kayihura, Head of Retail Banking at I&M Bank (Rwanda) Plc said: “We believe that every saving, no matter its size, is a step towards a stronger financial future. Higa is designed to give savings groups the security of a trusted banking partner while rewarding them for building their savings. By bringing group savings into a structured banking environment, we are helping our customers save with confidence and grow together.”

Higa is available to Ibimina, informal savings groups, cooperatives, associations, clubs, professional groups and collective savings schemes.

The account offers no maintenance fee, monthly interest payouts and the flexibility of a continuing savings account with no maximum holding period.

Opening a Higa account is simple. Customers can visit their nearest I&M Bank branch and complete the standard account opening process. Groups will be required to provide the relevant identification and supporting documentation based on their group structure.

With Higa, I&M Bank continues to expand access to relevant and inclusive financial solutions that respond to the needs of communities and group-based savers.

Incorporated in 1963, I&M Bank (Rwanda) Plc is the oldest Bank in Rwanda. It is today one of the leading players in the industry with a strong footprint across the country.

The bank offers a full range of personal, business, institutional, and corporate banking products throughout its locations. The Bank has been listed on the Rwanda Stock Exchange since March 2017.

The bank is also a subsidiary of I&M Group PLC, a leading regional financial services group in Eastern Africa with a presence in Kenya, Tanzania, and Uganda as well as a joint venture in Mauritius.

I&M Group has a long history in banking and has established a wide network of correspondent banks across the globe and enjoys a strong relationship with leading international Development Financial Institutions.