I&M Bank is rolling out a digital trade finance system with Surecomp, looking to speed up business in Kenya and expand to Tanzania, Rwanda, Uganda, and Mauritius.
I&M Bank in Kenya is moving its trade finance work online. The bank has teamed up with Surecomp to cut paperwork and speed up cross-border deals for businesses in East Africa and Mauritius. I&M is bringing in Surecomp's DOKA-NG for the back office and RIVO for the front end. Kenya will get the new system first. After that, the bank plans to expand it to Tanzania, Rwanda, Uganda, and Bank One in Mauritius, all under the I&M Group. This comes as the Central Bank of Kenya keeps its policy rate at 13.00% to keep inflation in check. That rate affects how much it costs local businesses to get trade finance and working capital, as shown in recent monetary policy statements.
Manual paperwork still rules trade finance in much of the region. Moving to a digital platform is a big shift. I&M Bank says the new system will bring all trade finance steps together and cut out most of the paper and manual work. The bank expects this to speed up service for customers and help handle more trade as volumes grow. The International Monetary Fund (IMF) has pointed out that digital banking can help soften the blow of currency swings. That matters in places like Kenya and Tanzania, where the shilling has been unstable over the past year.
Digital change in regional trade finance
I&M Group started in 1974. Today, it serves over a million customers with retail, corporate, investment, and digital banking. The group is updating trade finance because businesses want faster, more reliable cross-border payments and settlements. With Surecomp's tech, I&M Bank wants to make the whole trade finance process digital, from the customer's first step to the back office. This fits with what's happening across the region. Central banks, like the Bank of Tanzania, have stepped in to steady their currencies, showing how important smooth trade settlement is for currency stability.
The bank hasn't shared exact numbers, but its move is part of a wider push by African banks to digitise trade and payments. I&M Bank says Kenya will get the new platform first, then other group markets will follow. The goal is to use technology to handle more transactions and clear up old bottlenecks that have slowed trade finance in the past. DOKA-NG and RIVO should also help the bank keep up with new anti-money laundering (AML) and know-your-customer (KYC) rules. These are getting more attention from the Bank for International Settlements (BIS) in its global standards.
How it changes operations and regional plans
Trade finance is key for businesses moving goods in and out of East Africa. By bringing in DOKA-NG and RIVO, I&M Bank wants to process deals faster, give customers more transparency, and cut down on mistakes that come with old manual systems. Other banks around the world are making similar moves, as seen in recent coverage of digital payment platforms.
I&M Bank hasn't published numbers on cost savings or processing times yet. Still, going digital is expected to make things more efficient and improve the customer experience. The bank's plan to roll out the system in several countries shows it wants to set a standard for trade finance in East Africa. As the Bank of Uganda tracks inflation-3.9% year-on-year in May 2024-better trade finance systems should help businesses move goods more smoothly and cut costs, even when currencies are volatile.
Key facts
I&M Group, founded in 1974, now serves over one million customers in Kenya, Tanzania, Rwanda, Uganda, and Mauritius. The group is upgrading its trade finance with Surecomp's DOKA-NG and RIVO, starting in Kenya. The bank hasn't shared transaction or cost figures. But the move follows advice from the IMF and regional central banks to build up digital infrastructure, boost financial inclusion, and help the region handle outside shocks.
What digital trade finance platforms do
Digital trade finance platforms automate and connect the steps needed to finance international trade. This covers document submission, checks, payments, and settlement. By swapping paper for digital workflows, banks can process deals faster, make fewer mistakes, and meet regulatory rules more easily. For businesses, this means quicker access to working capital and a clearer view of their transactions. More banks now see these platforms as a must, especially as trade grows and customers want faster, more transparent service.
