Im Bank, Founded By Kenyan Tycoon Suresh Bhagwanji Shah, To Open Nine New Branches
- The bank is expanding into key economic zones, aiming to reach 100 branches by 2025 as part of its iMara 3.0 strategy.
- New branches in agribusiness and trade hubs, including Meru and Bungoma, will strengthen I Ms presence in Coastal, Central, and Western Kenya.
- I M is introducing modular container branches and waiving fees on mobile money transactions to enhance accessibility and minimize environmental impact.
I M Bank Kenya, the banking subsidiary of financial services conglomerate I M Group, founded by Kenyan businessman Suresh Bhagwanji, is accelerating its expansion drive with plans to open nine new branches across key economic zones. The move underscores its ambition to deepen market penetration while strengthening its nationwide presence.
This latest expansion aligns with I Ms iMara 3.0 strategy, which prioritizes enhanced accessibility for Micro, Small, and Medium Enterprises MSMEs and retail customers. By the end of next year, I M Bank aims to reach 100 branches, further cementing its status as one of Kenyas top-tier financial institutions.
Expanding footprint to capture growth marketsThe bank has already inaugurated new branches in Mtwapa, Kawangware, and ABC Mall in Nairobi, with six additional locations set to open in Kenol, Meru, Embu, Bungoma, Kakamega, and Kerichostrategic hubs for agribusiness, trade, and commercial activity.
According to Stanley Gachoki, I Ms head of distribution and premium banking, the expansion reinforces the banks footprint in high-growth regions, particularly Coastal, Central, and Western Kenya, to better serve entrepreneurs and businesses engaged in cross-border trade: This expansion reflects our commitment to supporting Kenyas thriving business environment by providing seamless banking solutions to entrepreneurs and individuals, He stated.
As part of its sustainability agenda, I M is integrating four modular container branches, repurposed from end-of-life shipping containers, to minimize environmental impact while maintaining high banking standards. Additionally, the lender has permanently waived fees on transactions from I M accounts to mobile money wallets such as M-Pesa and Airtel Money, further enhancing its retail banking appeal.