I&M Bank Uganda Limited
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer?
I&M Bank Uganda Limited (“IMU”) is a new client of FMO and a mid-sized, tier I commercial bank. IMU is a majority-owned subsidiary of I&M Group , a financial services conglomerate based in Kenya and listed on the Nairobi Stock Exchange. The Group has subsidiaries in Kenya, Tanzania, Rwanda, Uganda, and a joint venture in Mauritius. Other shareholders include Shorecap III Cap LP , Ketan Mojaria , and Alemayahu Fissehu. IMU began operations in 2021 after acquiring Orient Bank. It is ranked 14th out of 24 banks in Uganda, with a market share of 2.06%, serving 78,000 customers. The bank benefits from a strong regional presence and is expanding into digital banking through partnerships with third parties as MTN. IMU is also growing its retail client base and targeting the SME segment with sector-focused lending.
What is our funding objective?
FMO proposes a USD 20 million senior unsecured loan to I&M Bank Uganda Limited. The facility consists of a USD 10 million committed tranche and a USD 10 million uncommitted tranche. The proceeds will support the growth of SME lending. This transaction aligns with FMO’s strategy to increase investments in Least Developed Countries (LDCs), deepen relationships with strong regional banking groups, bolster economic growth, and reduce inequalities in the country’s private sector.
Why do we fund this investment?
FMO’s investment in I&M Bank Uganda demonstrates a shared commitment to sustainable business growth. The funding will strengthen SME lending, drive economic progress, foster job creation, and promote financial inclusion in Uganda. This transaction provides flexible financing, supports SDG 8 (Decent Work and Economic Growth) and SDG 10 (Reduced Inequalities), and aligns with FMO’s impact mandate in Least Developed Countries. This transaction qualifies for 100% reducing inequalities label.
What is the Environmental and Social categorization rationale?
I&M Uganda has been categorized as FI-B under FMO’s Sustainability Policy, due to its small portfolio and limited environmental and social (E&S) exposure. FMO’s financing is exclusively directed to the bank’s SME segment with focus on providing facilities to unbanked including women owned businesses and Agriculture. I&M Uganda is implementing a Sustainability and Social Environmental Management System (SEMS) through its parent (I&M Group), to ensure consistent standards across all subsidiaries. FMO will be working with the group to ensure that the group-level standards are applied in the Ugandan subsidiary.
More investments
| Date | Total FMO financing |
|---|---|
| 12/11/2025 | USD 0.06 MLN |
- Website customer/investment
- https://www.imbankgroup.com/ug/
- Region
- Africa
- Country
- Uganda
- Sector
- Financial Institutions
- Publication date
- 1/21/2026
- Effective date
- 12/10/2025
- Total FMO financing
- USD 10.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B