For Immediate Release
I&M Bank Waives Bank to M-PESA Charges
Nairobi, 15th February 2023: I&M Bank has today announced a waiver of transaction charges from its digital banking platform I&M On The Go (OTG) to mobile money wallets.
The waiver will make I&M Bank the first lender in Kenya to officially offer zero fees for Bank to M-PESA and Airtel Money transactions following its reintroduction by the Central Bank of Kenya in January 2023 with plans underway to include T-Kash transactions for Telkom users.
Speaking during the press conference, I&M’s General Manager for Digital Business, Mr. Michael Mwangi commented:
“As part of our approach to service delivery, recent customer feedback showed that as much as our transaction rates are favourable, there was an opportunity to review our policies on bank to mobile money wallet charges for the digitally active customer. We believe this move will offer new and existing customers a huge relief during tough economic times and encourage more customers to transact on mobile,” said Mr. Mwangi.
The payment ecosystem between mobile money wallets and bank accounts expanded significantly when the transaction charges were waived in March 2020 because of the COVID pandemic emergency measures.
However, the reintroduction of the charges by the Central Bank of Kenya (CBK) in December 2022, albeit at significantly reduced rates of up to 61%, has increased the cost of living for Kenyans and I&M Bank Kenya is meeting consumer needs with zero fees on Bank to Mobile Money Wallet transfers.
“A key focus for the bank since the launch of our current iMara 2.0 strategy is to enhance our digital banking solutions to meet the needs of our customers. We look forward to seeing these numbers grow with digital transactions gaining favour among our digitally active customers,” concluded Mr. Mwangi.
Notes to the Editor
About I&M Bank Limited
I&M Bank is a leading Tier 1 commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania, Rwanda, and Uganda. Since its inception in 1974, the Bank has evolved from a community financial institution to a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client, and Personal financial services.
I&M Bank is wholly owned by I&M Group PLC which is listed on the Nairobi Securities Exchange. British International Investment (BII – Formerly CDC Group plc) owns approximately 10.68% of I&M Group PLC. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be Kenya’s Leading Financial Partner for Growth through provision of innovative and market driven banking solutions for its target segments.
For more information visit www.imbankgroup.com
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