I&M Bank Boosts Small Business Support with Free Bank to M-PESA Transfers

I&M Bank has announced a significant move to enhance support for small businesses in Kenya by extending free bank to M-PESA and Airtel Money transfers to Solo Business owners (sole proprietorships). This initiative highlights the bank’s dedication to fostering financial inclusion and empowering entrepreneurs.

Solo Business owners can now access this service by visiting any I&M Bank branch or by digitally opening an account through the I&M Bank App.

By leveraging these free transfers, entrepreneurs can efficiently manage their finances and invest in business growth opportunities.

Shameer Patel, Head of Personal & Business Banking at I&M Bank, emphasized the benefits that customers have enjoyed under the Ni Sare Kabisa proposition.

In addition to the free transfers, individual customers can access Unsecured Personal Loans, a new 30-Day loan product, and earn up to 12 percent p.a. interest on savings through the I&M Savers Account, all conveniently available via the I&M Bank App.

“To the free bank to M-PESA and Airtel Money transfers, individual customers will have access to Unsecured Personal Loans, a newly launched 30 Day loan and up to 12 percent p.a. interest on savings via the I&M Savers Account. All these propositions are available digitally via the I&M Bank App.” said Shameer

Eunice Kinyanjui, Head of Small Business at I&M Bank, explained the rationale behind extending the free transfers to Solo Business owners. Recognizing that many entrepreneurs combine personal and business finances, the bank aims to provide tailored solutions that facilitate business growth.

With this proposition, Solo Business owners gain access to digital Unsecured Business Loans, Stock Financing, LPO financing, and convenient payment options such as Lipa na I&M Bank Paybill/Till numbers via the app.

Gul Khan, CEO of I&M Bank Kenya, stressed the importance of supporting small businesses in driving economic growth. He highlighted the bank’s decision to extend free transfers to Solo Business owners as part of its commitment to the community. This move aims to reduce financial barriers for entrepreneurs, enabling them to invest more in business development.

As part of its 50th-anniversary celebrations in Kenya, I&M Bank’s ‘Ni Sare Kabisa’ proposition offers Solo Business owners the opportunity to optimize their expenses and channel more resources into business expansion.

Ben Muhati, Chairperson of the MSME Alliance, commended I&M Bank for its efforts to support small businesses.

He praised the bank’s decision to waive business registration search fees and provide free transfers, emphasizing the positive impact on the economy.

“Small business owners are the heartbeat of the economy and they contribute to over 80 percent of the employment in the country. They are conscious of each coin they spend as they seek to generate maximum business value for their hustles. The decision by I&M Bank to not only offer Free Bank to M-PESA and Airtel Money transfers but also waive the business registration search fees is a step in the right direction.” he stated

The launch event was followed by a customer activation in Gikomba, demonstrating I&M Bank’s commitment to engaging with small business owners and supporting their entrepreneurial endeavors.