I&M Bank personal accounts are witnessing remarkable growth. In 2023, the bank nearly doubled its personal accounts, adding 68,666 new accounts, up from 33,359 in 2022. By December 2023, the total number of personal accounts had reached 326,054.
This growth is driven by three core strategies:
1. Eliminating Transaction Fees
In February 2023, I&M Bank Kenya permanently waived transaction fees for transfers on its digital platform, I&M On The Go, to M-PESA and Airtel Money. This made I&M the first Kenyan bank to offer zero fees for mobile money transactions, which typically range between Sh10 and Sh65.
This decision resonated strongly with customers, especially during challenging economic times. By offering zero transaction fees banking, the bank not only saved customers money but also encouraged wider adoption of digital banking services, a trend reshaping mobile banking in Kenya.
As Michael Mwangi, I&M Bank’s General Manager for Digital Business, rightly stated, this initiative aimed to “help customers during difficult economic times and encourage more customers to use mobile transactions.”
Additionally, this fee elimination bolstered other business lines, such as loan disbursements via mobile money, making I&M On The Go mobile banking a convenient and cost-effective option.
2. Prioritizing Customer-Centric Banking
I&M Bank Kenya has redefined customer-centric banking, offering tailored products that address evolving financial needs. A prime example is the Solo Biz account, designed specifically for small businesses:
- Flat monthly fees with no minimum balance requirement.
- Free ATM withdrawals at I&M ATMs.
- Free transfers to M-PESA and within the bank.
Another standout is the I&M Club Account, which provides unique benefits, such as:
- Personalized rewards programs.
- Free setup of standing orders.
- Access to professional networking forums and financial relationship managers.
These products exemplify affordable banking in Kenya, empowering individuals and small businesses while maintaining transparency with clear fees and no hidden charges.
3. Branch Expansion Strategy
While the rise of digital banking in Kenya continues, I&M Bank recognizes the importance of physical branches. By 2024, the bank aims to open over 20 new branches, targeting not only major cities like Nairobi but also underserved areas such as the Coast Region, Naivasha, and Kiambu.
This expansion enhances financial inclusion in rural Kenya, providing crucial banking services to those without reliable access. Additionally, these branches cater to customers who prefer face-to-face banking for personalized advice and complex transactions.
Diverse Account Options for Personal and Business Use
I&M Bank Kenya offers a range of personal accounts, ideal for various needs:
1. The MyGoalz account, perfect for saving toward specific goals or large expenses.
2. Savings accounts for long-term wealth building, with options like fixed deposits in Kenyan Shillings or foreign currencies.
3. The Flexi Deposit Builder, which automates savings and earns interest.
4. The Young Savers account, fostering savings habits in children.