I&M Bank Extends FREE Bank to M-PESA Transfers to Solo Business Owners

Nairobi, April 8th, 2024 – Over one year ago, I&M Bank became the first and only bank to waive Bank to M-PESA and Airtel Money transfer fees for all personal account holders. Dubbed ‘Ni Sare Kabisa’, the free transfers have significantly reduced costs for consumers.

I&M Bank has today announced the free bank to M-PESA and Airtel Money transfers for personal customers will now also be extended to Solo Biz owners (sole proprietorships). This underscores I&M Bank’s commitment to supporting small businesses in Kenya and driving financial inclusion. Solo Biz owners can visit any branch or download the I&M Bank App and open an account digitally and start saving money with the free transfers.

Shameer Patel, Head of Personal & Business Banking 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.”

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.

I&M Bank Kenya CEO, Gul Khan, in a statement, emphasized the significance of supporting small businesses. “Early Last year, we listened to our personal customers on the high cost of living and their pain with paying fees for Bank to Mobile Wallet transfers and decided to make it free. We have now decided to significantly increase our support for Solo Biz owners and extend the same proposition to them. Small businesses in Kenya play a huge role in driving economic growth with their 40% contribution to GDP. As we celebrate 50 years of I&M Bank in Kenya, Solo Biz owners can now reduce their expenses and invest more into growing their business with the ‘Ni Sare Kabisa’ proposition.” stated Mr. Khan.

Mr. Ben Muhati, Chairperson of the MSME Alliance, while speaking at the launch event commended I&M Bank on the launch of the new proposition and recent branch expansion into Gikomba saying “Small business owners are the heartbeat of the economy and they contribute to over 80% 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.”

The small business traders, association representatives and I&M Bank staff thereafter proceeded to Gikomba for a customer activation.