I&M Bank Partners with Surecomp to Modernise Trade Finance Across East Africa

I&M Bank has partnered with global trade finance technology provider Surecomp to modernise its trade finance services and streamline how businesses access and manage trade finance across its regional network.

The partnership will see I&M Bank deploy Surecomp’s digital trade finance solutions to automate and streamline processes, improve turnaround times and provide businesses with a more seamless experience when trading across markets.

The rollout will begin in Kenya before expanding to Tanzania, Rwanda, Uganda and Bank One in Mauritius, extending the technology across I&M Group’s regional operations.

Digital Trade Finance Rollout

Surecomp’s technology will support the digitisation of trade finance processes, including the management and processing of instruments such as Letters of Credit and Guarantees.

By reducing reliance on manual processes, the technology is expected to help shorten processing times and reduce operational errors associated with traditional trade finance workflows.

The digital infrastructure will also provide greater visibility into transactions and data, supporting trade finance operations that require monitoring, compliance and documentation across multiple markets.

For corporate clients, faster processing can improve access to information on trade finance facilities and support more efficient working capital management.

Kenya to Lead Regional Deployment

Kenya will be the first market to receive the new digital trade finance solutions before the rollout extends to I&M Bank’s operations in Tanzania, Rwanda and Uganda.

The technology will subsequently be introduced at Bank One in Mauritius, linking the trade finance operations of the wider regional banking network.

The phased deployment allows I&M Group to extend a common digital approach to trade finance across markets while accounting for the operational requirements of individual countries.

What the Partnership Means for Businesses

Trade finance is used by businesses to facilitate transactions involving the import and export of goods and services, including through instruments such as Letters of Credit, Guarantees and other forms of trade financing.

Digitising these processes can reduce the time businesses spend submitting documents, following up on transactions and waiting for manual processing.

The technology is also intended to improve transaction tracking and reduce errors that can occur when trade finance activities depend heavily on manual intervention.

I&M Bank’s deployment of Surecomp’s technology forms part of its wider use of digital platforms to simplify banking services for businesses, including its I&M FX DIRECT platform