I&M Bank Rwanda unit lost $10.3 million (Sh1.41 billion) to fraudulent customer withdrawals in under three months, triggering investigations in an attempt to recover the amount.
The amount, which is more than the Sh1.04 billion net profit that I&M Group had generated from the Rwandan market in the financial year ended December 2022, was lost between November 1 last year and January 17.
