I&M, a pan-African banking group, has introduced the free bank-to-mobile money transfers for solo entrepreneurs in Kenya, expanding its previous offer to personal account holders.
I&M Bank Offers Free Bank to Mobile Money Transfers to Solo Entrepreneurs
The initiative aims to support small businesses and foster financial inclusion in Kenya, where mobile money services have become integral to the financial landscape.
Headquartered in Nairobi, Kenya, I&M Group operates subsidiaries in Mauritius, Rwanda, Tanzania, and Uganda.
Mobile money services have played a crucial role in reaching the unbanked population and streamlining financial transactions across Africa.
Shameer Patel, Head of Personal and Business Banking at I&M, highlighted additional benefits for individual customers, including access to unsecured personal loans, a newly launched 30-day loan, and competitive interest rates of up to 12% p.a. on savings through the I&M Savers Account.
Gul Khan, CEO of I&M Bank, emphasized that the decision to offer free bank-to-mobile wallet transfers stemmed from customer feedback and a commitment to addressing the high cost of living.
Commitment to Providing Accessible Financial Services
Khan stated, “We listened to our customers’ concerns regarding the fees associated with bank to mobile wallet transfers and recognized the need to alleviate this burden. Extending this proposition to solo business owners reflects our dedication to supporting entrepreneurs and enhancing financial accessibility.”
The initiative underscores I&M’s commitment to providing accessible and affordable financial services to individuals and businesses, contributing to economic empowerment and growth in Kenya.
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