I&M Bank Limited Description
I&M Bank Limited, is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator. The Bank is a wholly owned subsidiary of I&M Holdings Limited, a publicly quoted company at the Nairobi Securities Exchange (NSE). It possesses a rich heritage in banking. Started in 1974, it evolved from a community financial institution to a publicly listed major regional commercial bank offering a full range of corporate and retail banking services.
In the year 1980, I&M, as the company was known at that time, was registered as a Financial Institution under the Banking Act. Following changes in the regulations of the Central Bank of Kenya, the banking regulator in the country, I&M became a commercial bank in 1996.
The present headquarters building, a 16-storey glass and steel skyscraper known as the I&M Bank Tower, was opened on Kenyatta Avenue, in 2002, in Nairobi’s central business district. The following year, I&M Bank acquired Biashara Bank of Kenya Limited, expanding I&M’s branch network, client base, and assets under management. In 2007 DEG and PROPARCO, two International development financial institutions, invested approximately US$4.5 million to acquire 11.96 percent shareholding in I&M Bank. That shareholding was later increased to 19.7 percent.
In 2008, I&M Bank acquired a 50 percent ownership in First City Bank Limited (FCB) of Mauritius. FCB has since rebranded itself as Bank One Mauritius. In 2010, I&M Bank acquired a controlling shareholding in CF Union Bank of Tanzania. CF Union Bank has since rebranded into I&M Bank (Tanzania). In July 2012, I&M Bank Group took a controlling interest in Commercial Bank of Rwanda (BCR), the second-largest commercial bank in the country at the time, for an undisclosed sum of money.
From June 2013, I&M Bank shares are publicly traded in the Nairobi Stock Exchange through the acquisition of its entire shareholding by I&M Holdings Ltd, a publicly listed company. I&M Bank is a dominant player in the Kenyan market that has been consistently growing and is innovative in terms of the type and range of products and services it offers.
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I&M Bank Limited Internet Banking
I-Click Retail Internet Banking allows you to manage your finances wherever you are, whenever you want. This means that you can access banking services from your house, at the airport, in the hotel, in your office and anywhere else. No need to visit the Bank or give written instructions! I-Click is safe, fast and convenient.
How to Register to I&M Bank Limited Internet Banking
The registration process for I-Click Internet Banking is easy!
- Register for our Nextgen facility and drop it to the nearest I&M Bank Branch (If your details i.e. Email and Mobile number are already maintained on the system, please proceed to Step2)
- Click on the Internet Banking link and follow instructions to register as a new user
- Proceed to enjoy the services
I&M Mobile is a convenient and secure way to do banking. It is available to Smartphone and basic phone users:
If you’re a smartphone user, download I&M App from your app store. (Android, Windows and IOS). This app will allow you to enjoy Mobile Banking, Bancassurance and Online Business Club. Android, Iphone and Windows users can also access I&M SafeCard – an app which will allow you to block and unblock your Debit/Credit card straight from your Smartphone. For Blackberry phones, download ‘I&M Mobile’ from the respective app store.
If using basic phone, you can access the service by dialing *458#
Download the app from the below links
Android (Google Play) | IOS (App Store) | Blackberry (App World) | Windows (Windows Store)
Easy and convenient I&M Mobile Banking now also supports 2 joint approvers to authorise transactions. (For joint account holders only)
I&M Mobile gives the following services:
- Balance Enquiry, Mini Statement, Account summary
- Funds Transfer (between Self Accounts and 3rd Party Accounts within I&M Bank)
- Mobile Airtime Top-up (to Safaricom, Airtel and Orange subscriber numbers)
- Transfer money from your I&M Bank account to an M-Pesa Account, and vice versa. Available for Safaricom subscribers only.
- Agency Banking (Cash withdrawal)
- Utility Bill Payment (KPLC, Zuku, DSTV, GOTV, Nairobi Water, Airtel Postpaid,Orange Postpaid, , Jamii Telkom) .
- Forex Rate Enquiry
- Stop Cheque
- Setting up standing orders
- Service Request (Cheque Book Request, Full Statement Request, Registration for Email Statement )
- SMS alerts for account transactions.
- Lifestyle features on I&M Mobile App (Traffic Cameras,Business tools and extras)
I&M Bank Limited Mobile banking Registration
To get Mobile Banking service, open an account with us and register for this service by downloading the application form below, fill it and drop it at the nearest I&M Bank branch or contact our Call Centre on +254 20 322 1000 or visit any of our branches and talk to a Customer Service Executive.
I&M Bank Limited Loans
The bank provides home loans and vehicle loans at flexible terms and competitive pricing. For home loans, they offer two variations – the fixed EMI repayment loan and the unique Step-Up Home loan which allows repayments in phased gradually increasing amounts, thereby making it possible to purchase a home earlier in life.
The I&M Step – Up Home Loan is designed to meet a wide range of needs such as purchase of property, undeveloped plot, construction, renovations etc. We offer 2 options for the Home Loan: EMI Payments and the unique Step – Up option.
Regular Home Loan (EMI Option)
EMI stands for Equated Monthly Installment which is an important part of your home loan. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. A longer loan tenure will reduces the Equated Monthly Installments.
With the unique Step-Up option available with this facility, you can choose to pay lesser monthly repayments in the initial years and higher amounts in later years, thereby matching your repayments to your future growing income.
One can borrow as little as Ksh 2million and as much Ksh 100 million payable for up to 20 years. All loans come with:
- Optional pre-approved Visa international credit card with a waiver on joining fees;
- Free fire insurance cover for the first year with GA Insurance Co Ltd;
- Pricing concessions for increased margin of financing.
- This facility is also available in US Dollars.
What can you borrow the I&M Step-Up Home Loan for?
- Purchase of new or existing residential property
- Purchase of undeveloped plot or land
- Construction of residential property on a previously purchased land
- Financing the purchase of a unit being built by a reputed developer
- Takeover of existing house loans from other financing institutions
- Top-up of existing Home Loan with I & M Bank
- Renovation, repairs or extension of existing property
- Equity release –raising funds from the value of your existing house
Who is eligible for the I&M Step-Up Home Loan?
- A Kenyan citizen (resident or non-resident) who is:
- A salaried employee meeting all specified requirements
- An employee or director of a reputable company or a well-established SME with verifiable monthly income
- A professional or consultant who earns a regular monthly income
- In any other occupation with a verifiable stable long term income source.
I&M Bank Limited Contacts
Business Name:I &M Bank Limited
Postal Address: I&M Bank, P.O. Box 30238 – 00100, Nairobi GPO,
City : Nairobi
Tel: +254 20 322 1000,+254 719 088 000,+254 732 100 000
Customer Care: firstname.lastname@example.org,email@example.com
I&M Bank Limited News
I&M Bank gets Sh4 billion for SME lending
Updated On: 2nd Feb2018
The European Investment Bank has given a Sh4.1 billion ($40 million) to I&M Bank to lend to Kenyan startups. According to European bank’s executive director in charge of business financing outside Europe, Robert Schofield, I&M Bank will advance the loans to startups that can afford to finance 50 per cent of the projects they are undertaking. “Eligible borrowers for this credit line will get a maximum of 50 per cent of the total cost of the project they are undertaking,” said Mr Schofield at the deal’s signing in Nairobi yesterday. I&M Chief Executive Kihara Maina (above) said the money would complement the bank’s ongoing lending activities for its corporate, institutional, and business banking segments.
“I&M Bank anchors its business model on being a partner of growth for all our key stakeholders. We believe that the funding line from the European Investment Bank will help our SME, corporate, and institutional customers accelerate their business growth and support their expansion efforts,” said Mr Kihara. The European Union (EU) ambassador to Keny, Stefano Dejak, said Kenya had a strong and vibrant private sector that was a key driving force of economic growth and employment. “The EU gives great importance to dialogue and engagement with this sector,” he said.
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