Mark Elliott, Mastercard’s Africa President, expressed enthusiasm about the extended collaboration, highlighting its pivotal role in advancing digital payments and financial inclusion in Kenya. The alliance is set to empower individuals and businesses alike with secure and convenient payment solutions, enabling them to thrive.

Gul Khan, CEO of I&M Bank, echoed this sentiment, particularly noting the celebration of the bank’s 50th anniversary. The expanded collaboration with Mastercard is geared towards providing an extensive range of lifestyle and travel benefits to corporate, retail, and business clients. This commitment underscores I&M Bank’s dedication to tailoring digital solutions to meet the diverse needs of its valued customers.

The extended collaboration introduces a diverse range of offerings, including Platinum Debit, World Elite Debit, World Debit, Multicurrency Prepaid Cards, and Credit Cards. These cards come with a plethora of travel benefits, privileges, and experiences, catering to various customer preferences. Depending on the card category, holders can access a host of lifestyle privileges locally and globally, including earning loyalty points, enjoying enhanced credit card limits, and utilizing multicurrency prepaid cards supporting up to three currencies. Moreover, customers benefit from robust card safety controls within the I&M On-The-Go mobile and internet banking applications, ensuring peace of mind in their transactions.

These cards boast world-class security and reliability, leveraging Mastercard’s trusted technology to safeguard customers’ interests. Innovative features like contactless payment further enhance the checkout experience, providing consumers with a seamless and secure payment method of choice.

Gul Khan, CEO of I&M Bank Kenya, emphasized the pivotal role small businesses play in driving economic growth, citing their significant contribution to employment in the country. Ben Muhati, Chairperson of the MSME Alliance, echoed this sentiment, praising initiatives tailored to support small-scale entrepreneurs who diligently manage their finances to maximize business value. Stakeholders lauded I&M Bank’s decision to waive business registration search fees as a positive step forward, anticipating its beneficial impact on the entrepreneurial landscape. With these measures, I&M Bank aims to empower small business owners by facilitating their financial transactions and providing access to essential financial services, thereby contributing to their growth and success.

Led by CEO Gul Khan, the expansion strategy underscores a concerted effort to cater to retail banking needs and establish global relevance within Kenya’s consumer landscape. Recent initiatives have seen the opening of eight new branches across strategic locations in Kenya, including coastal regions and Nairobi, with a focus on sustainability showcased through up-cycled shipping container branches. With plans to unveil more than twelve additional branches by year-end, the bank aims to surpass the milestone of one million customers, particularly targeting micro, small, and medium-sized enterprises (SMEs) to bolster financial inclusion and support economic growth.

In line with its sustainability goals, three of the newly opened branches are constructed from upcycled shipping containers, showcasing the bank’s commitment to environmentally friendly practices. Guided by an Environmental, Social, and Governance (ESG) policy framework, these branches use end-of-life shipping containers and solar power to significantly reduce their carbon footprint. This initiative reflects I&M Bank’s broader strategy, as outlined in its iMara Strategy, to prioritize retail service expansion, introduce innovative products, and eliminate certain transaction costs to bring its offerings closer to the people of Kenya. The bank, celebrating its 50th year, plans to further grow its countrywide network by adding 20 branches in 2024, emphasizing sustainable and inclusive growth.