I&M: Kenyan bank offering free bank-to-M-Pesa transactions in expansion drive

• Under its three-year plan, iMara 3.0, I&M Bank hopes to increase its nationwide presence to 100 outlets by the end of the next year
• The bank noted that the current expansion drive, which will increase the number of branches to 61, focuses on important economic areas nationwide
• The lender has been growing its retail appeal by permanently removing fees on transactions from the bank to mobile money wallets like M-Pesa and Airtel Money

I&M Bank Kenya intends to open nine additional branches this quarter as part of its efforts to expand its retail banking operations.

Why I&M Bank is unveiling new branches

Under its three-year plan, iMara 3.0, the lender hopes to increase its nationwide presence to 100 outlets by the end of the next year.

The bank noted that the current expansion drive, which will increase the number of branches to 61, focuses on important economic areas nationwide and builds on the momentum from the previous year, when the bank expanded into four new counties.

I&M has already launched a branch in Mtwapa, Kilifi county, as part of the expansion drive, increasing the total number of outlets in the coastal region to nine.

Two more were unveiled on Monday, March 3, in Kawangware and Nairobi’s ABC Mall.

Other new branches will be unveiled in the Mt Kenya region (Kenol, Meru, and Embu) and the wider Western and Rift Valley regions (Bungoma, Kakamega, and Kericho).

The recent phase, which focuses on important economic zones nationwide, demonstrates the bank’s commitment to assisting Kenya’s emerging business hubs and expanding MSMEs’ and retail clients’ access to banking services. With these new branches, we continue to reinforce our commitment to supporting businesses and individuals with tailored financial solutions,” I&M Bank stated.

How many jobs did I&M Bank add?

By permanently removing fees on transactions from the bank to mobile money wallets like M-Pesa and Airtel Money, the lender has been growing its retail appeal.

The lender noted its decision to waive bank-to-mobile transaction fees was informed by consumer insight on the high cost of living.

Following the ambitious expansion effort, the bank’s parent company, I&M Group, hired 299 new employees in 2023, increasing the company’s overall personnel count to 2,827 from 2,528 the year before.

Due in part to increased revenue from lending to consumers, the group’s net profit increased 18% to KSh 9.1 billion in the nine months ending in September 2024 from KSh 7.7 billion in the same period in 2023.

How many personal accounts did I&M Bank open?

The number of personal accounts at I&M Bank increased after a year of offering free bank-to-M-Pesa transactions.

In 2023, the lender opened 68,666 new accounts, compared to 33,359 in 2022.

As of December 2023, I&M Bank had 326,054 personal accounts, up from 257,388 the year before.

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