I&M opens three more branches in local expansion strategy

 

I&M Bank has opened three new branches in Diani, Watamu and Kilifi, expanding its presence in the coastal region and raising its outlets in the country to 50.

The lender plans to grow its network by 12 more branches by the end of this year, with additional outlets across various counties.

The lender is among the few banks that are still opening new branches in places where they had little or no presence in search of new customers.

“I&M Bank is proud to extend its services to the counties. Our goal is to bring greater financial solutions accessibility to our customers, especially SMEs, by empowering them to achieve their financial goals,” said Gul Khan, chief executive of the company, a subsidiary of the Nairobi Securities Exchange-listed I&M Group.

The parent firm has operations in other markets, including Uganda and Rwanda.

“Our commitment to empower small and medium-sized enterprises (SMEs) has reached new heights as our banking portfolio now offers them a wider suite of transformative solutions,” he said.

I&M follows DTB Bank Kenya, which in mid-December 2023 opened eight new branches. Other lenders such as KCB Bank Kenya and Co-operative Bank of Kenya also opened new branches last year.

Banks have been aggressively expanding to new markets and digitising their offerings but many customers are still not ready to completely let go of the branches, which lenders are now increasingly using for business advisory services.

“We have introduced flexible working capital options, innovative business insurance products and supply chain financing solutions forged through strategic partnerships,” said Mr Khan.

“These initiatives are poised to fuel the growth of our SME clients, enabling them to grow their businesses and optimise efficiency by seamlessly managing cash flows and strategically deploying capital across the supply value chain.”

I&M Bank’s Coast Regional Manager James Ng’ang’a added that the three new branch locations were strategically picked to cater to the diverse needs of the surrounding communities, providing readily accessible banking services and financial products tailored to their unique entrepreneurial endeavours.

“Each branch reflects the specific needs and opportunities of its location, ensuring that it caters to the diverse population of the Kenyan coast and contributes to the region's sustainable development,” said Ng’ang’a

By EDNA MWENDA