I&M Bank has positioned itself as a trusted financial partner for small and medium enterprises (SMEs), startups, and sole proprietors by offering a comprehensive suite of business banking solutions tailored to meet the dynamic needs of growing ventures. With a range of accounts offering flexibility, cost-efficiency, and advanced features, I&M Bank is empowering businesses to thrive in today’s competitive environment.
1. I&M Solo Biz: Simplified Banking for Sole Proprietors
The I&M Solo Biz Account is designed with flexibility and convenience at its core, offering small business owners and sole proprietors the freedom to manage their finances without the burden of hefty fees. With no minimum balance, zero account maintenance or monthly fees, and free standing order setups, the I&M Solo Biz account is perfect for entrepreneurs looking for a lean and efficient banking solution.
Additional perks include daily SMS/email transaction alerts, free transfers within I&M, and free Bank-to-M-PESA transfers. An opening balance of just Sh 1,000 is required, and customers enjoy access to relationship managers, professional networking forums, and service guarantees such as cash compensation for failed RTGS or SWIFT transfers.
2. Business Premier Current Account: Advanced Solutions for Growing Enterprises
For SMEs scaling up their operations, the Business Premier Current Account offers a robust platform with a host of premium features. It includes free monthly statements, dedicated relationship managers, and access to internet banking and mobile app services.
While maintaining a Sh 10,000 minimum balance, businesses benefit from competitive ledger fees (Sh 10 per transaction, capped between Sh 300–3,000 per month). The Business Premier Current account also supports free e-commerce setup, insurance solutions, trade finance, and employee banking services, making it ideal for forward-looking businesses.
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3. Business Current Account: Cost-Effective and Efficient
The Business Current Account is ideal for SMEs and startups that require affordable yet feature-rich banking. With no minimum balance requirements and a KES 500 monthly fee (which includes the first 75 transactions free of ledger charges), this account is structured to support day-to-day business transactions effectively.
The Business Current Account holders enjoy free e-statements, daily SMS/email alerts, mobile and internet banking access, and integration options for management or accounting systems. Services such as asset finance, foreign exchange, trade finance, and unsecured loans are also available, along with cash compensation guarantees for failed money transfers.
4. Sapphire Foreign Currency Account: Global Transactions Made Easy
Businesses engaged in international trade can benefit from I&M’s Sapphire Foreign Currency Account, available in USD, GBP, EUR, and several other major currencies. The account offers zero maintenance charges, free electronic banking, and the option of a USD Visa Debit Card that earns attractive reward points.
Interest is accrued on daily balances and paid quarterly. Clients also enjoy free quarterly statements and access to multi-currency options, including Australian Dollar, Swiss Franc, Canadian Dollar, Japanese Yen, and South African Rand.
Read: A Comprehensive Guide to the National Bank of Kenya Loans
5. Business Diplomatic Account: Designed for Diplomatic Missions
Catering specifically to embassies, consulates, and diplomatic offices, the Business Diplomatic Account provides a high level of convenience and dedicated service. The account supports multiple currencies and includes free unlimited over-the-counter transactions, free monthly e-statements, and no ledger or maintenance fees.
Diplomatic entities benefit from customized flat monthly fees, access to I&M’s Internet Banking platform, and dedicated relationship managers.
6. Foreign Currency (FCY) Account: Multi-Currency Digital Banking
For businesses that prefer a digital-first approach to international transactions, the I&M Bank FCY Account is an ideal solution. Supporting currencies such as Chinese Yuan (CNH) and Arab Emirate Dirham (AED), this account offers zero maintenance charges, no ledger fees, and is tailored for electronic transactions only.
With minimal opening balances and no minimum balance fees, businesses can transact globally without incurring high operational costs.