Kenya: I&M Bank expands free MPESA transfers to sole proprietorships

I&M Bank has expanded its Ni Sare Kabisa free banking initiative to include M-PESA and Airtel Money transfers for solo business owners (sole proprietorships). Over a year ago, I&M Bank was the pioneer in Kenya by waiving bank-to-MPESA and Airtel Money transfer fees for all personal account holders.

Solo business owners now have the opportunity to benefit from this service extension. They can either visit any branch or utilize the I&M Bank App to digitally open an account and access the free money transfer feature.

Speaking on the extension of the free bank to MPESA transfers, Shameer Patel, Head of Personal and Business Banking at I&M commented, “Our new to bank customers who opened personal accounts last year have benefited tremendously from the Ni Sare Kabisa proposition. In addition 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% p.a. interest on savings via the I&M Savers Account. All these propositions are available digitally via the I&M Bank App.”

On his part, I&M Bank’s Head of Small Business Eunice Kinyanjui said, “We gathered insights which resulted in us extending the free transfers to Solo Biz owners. Many entrepreneurs have not separated their business and personal financial bank accounts and miss out on solutions that can grow their business. With this proposition, Solo Biz owners now have access to digital Unsecured Business Loans, Stock Financing, LPO financing and, Lipa na I&M Bank Paybill/Till number on our App.”