Date: 31 May 2023

SPENN Rwanda in partnership with I&M Bank launches a Cash-Out Feature

SPENN completes strategic joint venture agreement to accelerate its entry into Nigeria

SPENN Rwanda in partnership with I&M Bank has recently launched the Cash-Out feature on the Spenn mobile App which would enable users to send funds to other local financial institutions.

This partnership will enable all SPENN users to easily send money from their mobile devices to any bank in Rwanda, including Mobile Money. This new service is expected to revolutionise the way people make payments and send and receive instant cash payments in Rwanda, making it faster, more convenient, and more affordable than ever before. Moreover, the service is expected to be faster, more secure, while allowing users to easily interact with the app interface.

SPENN’s partnership with I&M Bank Rwanda continues to wax stronger with the passage of time. Speaking to CNBC Africa in 2022, the CEO of I&M Bank Rwanda, Robin Bairstow, talked about SPENN and explained the strong growth of I&M Bank Rwanda because of their partnership. He mentioned that, over three years ago, the bank had only 45,000 customers. Today, the number is eight times higher.

He went further and mentioned that “SPENN has been a great partnership. The product has now generated over 320,000 customers,” said Bairstow. Going forward, he said that in the first half of 2021, I&M Bank Rwanda recorded 36 million transactions digitally over SPENN, with more than 20% of the bank’s balance coming from the SPENN savings product. Lastly, I&M Bank Rwanda and SPENN’s partnership has seen the bank tap into a new market base over the past year in a move largely backed by the bank’s investors.

Verdant Capital is currently raising equity funding for SPENN.

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