NDI owns a minority stake at I&M Bank Rwanda, the 2nd largest bank in Rwanda. IMR is licensed by the National Bank of Rwanda to provide corporate and retail banking services to corporate, SME and retail customers in Rwanda. Incorporated in 1963, the Bank is Rwanda’s oldest financial institution with over 50 years of existence. IMR has 17 branches, 10 being in Kigali and the rest across the major provinces of Rwanda. In 2012, a consortium consisting of I&M Holdings (a Nairobi Stock Exchange listed holding company) and two developmental financial institutions, namely DEG and Proparco, acquired an 80% stake in the Bank from the then-owner Actis Group. It was subsequently rebranded to I&M Bank Rwanda Limited. On 31st March 2017, IMR got listed on the Rwandan Stock Exchange.
NDI is considered one of the largest limited partners at TKF II alongside AFDB, DEG & IFC. TKF II is a USD63 million fund that was incorporated in 2014 in the Republic of Mauritius as a private company limited by shares and designated as a limited life fund with a life of 10 years. The fund has been established to make private equity and equity-related investments in Sub-Saharan Africa and in particular in the region comprising of East Africa, Southern Africa and the Islands of the Indian Ocean. TKF II is a multi-sector investment vehicle targeting the fast-growing SME and mid-market segment in that part of the African continent